CyberArk (CYBR) & Accenture Team Up to Expand Security Platform
CyberArk CYBR announced that its client, Accenture ACN, is expanding the use of CYBR's Identity Security Platform by adding CyberArk Privileged Cloud to its toolkit.
With the integration of CyberArk Privileged Cloud into its own cyber defence strategy, Accenture can now manage and watch over special access rights across cloud, hybrid infrastructures and on-premises. The solution will enable CYBR to not only oversee the clients but also its own IT infrastructure.
CyberArk Privileged Cloud Platform makes it possible for all users to securely access any resource. The solution applies smart privilege controls and prevents potential threats.
CyberArk Software Ltd. Price and Consensus
CyberArk Software Ltd. price-consensus-chart | CyberArk Software Ltd. Quote
Strong Demand and Robust Portfolio Aid Top-Line Growth
Shares of CyberArk have rallied 33.4% year to date. The stock has appreciated on continued optimism surrounding the demand for its products and solutions. The company is benefiting from rising demand for cyber security solutions owing to the long list of data breaches.
Increasing demand for privileged access security on the back of digital transformation and cloud migration strategies remain a key growth driver. Strong presence across verticals, such as banking, healthcare, government and utilities is driving its revenues.
Furthermore, CyberArk’s robust product portfolio is helping it gain new customer accounts. Many businesses are signing up for its platform, which includes various solutions like Privileged Access Management that continues to be the principal landing point.
The company has added around 235 new accounts during second-quarter 2023 and half of them are using multiple CyberArk solutions. Among these new clients, there are two Fortune 500 companies, one in transportation and the other in the energy sector.
CYBR’s second-quarter revenues jumped 24% year over year to $175.8 million. The company’s revenues surpassed the Zacks Consensus Estimate of $173.2 million. Around 90% of its quarterly revenues were recurring in nature, which increased 31% year over year to $158 million.
For fiscal 2024, CYBR expects revenues in the band of $726-$736 million. The Zacks Consensus Estimate is pegged at $735.53 million, indicating year-over-year growth of 23.63%.
Zacks Rank & Stocks to Consider
CyberArk and Accenture carry a Zacks Rank #3 (Hold) each. Shares of ACN have gained 18.8% year to date.
Some better-ranked stocks from the broader technology sector are NVIDIA NVDA and Manhattan Associates MANH, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NVIDIA's third-quarter fiscal 2024 earnings has been revised upward by 43.1% to $3.32 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 33.4% to $10.67 per share in the past 30 days.
NVIDIA’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, the average surprise being 9.8%. Shares of NVDA have surged 189.1% year to date.
The Zacks Consensus Estimate for Manhattan Associates’ third-quarter 2023 earnings per share has been revised 5 cents northward to 77 cents in the past 60 days. For 2023, earnings estimates have moved 22 cents upward to $3.09 per share in the past 60 days.
Manhattan Associates’ earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 31.6%. Shares of MANH have surged 67% year to date.
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