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Strong second-quarter results and guidance from CyberArk Software (NASDAQ:CYBR) led cybersecurity stocks higher on Thursday, as the Newton, Massachusetts-based company predicted strong growth for the rest of the year.
CyberArk (CYBR) raised its full-year annual recurring revenue guidance to be between $743M and $753M, up from an initial range of $735M to $745M, based on new identities, new environments and new threats.
Full-year revenue is expected to be within a range of $726M to $736M, with the mid-point above the $730.45M estimate. It also expects to earn between 44 and 63 cents per share on an adjusted basis, above the 29 cent-per-share estimate.
“The explosion of new identities, new environments and new attack methods has rapidly expanded the attack surface, creating an acute need for organizations to secure all identities, humans and machines,” CEO Matt Cohen, said in a statement.
“Today, organizations are turning to CyberArk to address their most pressing cybersecurity challenges. We have a tremendous opportunity in front of us and are executing our strategy.”
Wedbush Securities analyst Dan Ives boosted his price target to $185 from $170 after the results, adding that the company’s momentum is “gaining steam.”
“Overall, CYBR remains one of our top cyber names with its wide range of product offerings putting the company in a strong position to capture the increasing demand seen in the market with its strong install base,” Ives wrote in an investor note.
For the third-quarter, CyberArk (CYBR) said it expects total revenue to be between $181.5M and $186.5M, up between 19% and 22% year-over-year.
During the second-quarter, the company earned 3 cents per share, excluding one-time items, as revenue rose 23.5% year-over-year to $175.8M. Analysts were expecting a loss of 13 cents per share and sales of $173.54M.
CyberArk (CYBR) shares rose nearly 14% in mid-market trading on back of the results, while other cybersecurity stocks were largely higher, including Fortinet (FTNT), Palo Alto Networks (PANW), Zscaler (ZS) and CrowdStrike Holdings (CRWD).
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