CyberArk Software Exceeds Forecasts with Impressive Business Figures

Shares of CyberArk Software rose by 2.7% after the company released quarterly figures that significantly exceeded expectations. The identity security specialist reported earnings per share of $0.94 for the third quarter, while analysts had expected only $0.46. Revenue also surpassed predictions, reaching $240.1 million compared to the forecasted $234.1 million. CEO Matt Cohen highlighted the company's success with strong execution and leading market position in the field of identity security. The demand for their solutions remains high, as customers increasingly rely on top offerings for workforce, IT, developer, and machine identities. CyberArk is also optimistic for the fourth quarter. The company forecasts earnings per share between $0.65 and $0.75 and expects revenues of $297 to $303 million, significantly exceeding the consensus estimate of $259.1 million. For the full year, CyberArk anticipates a net earnings per share of $2.85 to $2.96 and total revenue of $983 to $989 million, representing a growth of 31% to 32% compared to 2023. Analysts at Truist Securities praise CyberArk's strong positioning due to its ability to manage all types of identities across different deployment environments. BTIG analysts reaffirmed their buy recommendation, noting that it is a strong report in an otherwise quite restrained earnings season. In addition to the positive business figures, CyberArk announced a change in financial leadership: CFO Josh Siegel will step down on January 1, 2025. He will be succeeded by Erica Smith, currently Deputy CFO.