Cyberark Software (NASDAQ:CYBR) rose 7% on Thursday after beating third-quarter estimates and fourth-quarter forecasts.
For the third quarter, adjusted earnings of 42 cents per share beat the average analyst estimate by 19 cents, while revenue of $191.2M beat by $6.61M.
For the fourth-quarter, revenue is expected to be in the range of $206.5M and $211.5M compared to the $209.33M consensus estimate. Adjusted net income per share is expected to be in the range of 41 to 50 cents, per share, with the mid-point above the 41-cent-per-share estimate.
For the full year, revenue is expected to be in the range of $735.3M to $740.3M, well above $731.52M consensus. Earnings per share, excluding one-time items, are forecast to be between 72 and 80 cents per share, well above the estimate of 55 cents per share.
“We delivered one of the best financial performances in the company’s history in the third quarter and our business accelerated,” Chief Executive Officer Matt Cohen said in a statement. “The durable demand for our solutions is the result of the severe threat landscape paired with the exponential growth of identities and environments.”
“We have a tremendous opportunity in front of us and are well positioned to deliver strong long-term growth, profitability and cash flow.”
Last month, JP Morgan upgraded CyberArk (CYBR) on accelerating demand for its products and services, saying it’s one of the best positioned security software vendors to benefit from increasing demand.
Other cybersecurity stocks were mostly higher in the wake of CyberArk's results, as Sentinelone (S), Palo Alto Networks (PANW) and Fortinet (FTNT) rose 3.6%, 2.8% and 0.5%, respectively. Check Point Software (CHKP) bucked the trend and fell fractionally in early trading.
Fortinet (FTNT) is slated to report quarterly results after the close of trading.
More on CyberArk
- CyberArk Software Ltd. 2023 Q3 - Results - Earnings Call Presentation
- CyberArk: Will Its Ark Be A Safe Place For Your Investment?
- CyberArk Software: Transition Complete, ARR Growth Accelerates
- CyberArk Non-GAAP EPS of $0.42 beats by $0.19, revenue of $191.2M beats by $6.61M
- CyberArk Q3 2023 Earnings Preview