CyberArk (CYBR) Surges 3.8%: Is This an Indication of Further Gains?
CyberArk CYBR shares ended the last trading session 3.8% higher at $172.94. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.1% gain over the past four weeks.
CyberArk’s stock 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. Moreover, strong presence across verticals such as banking, healthcare, government and utilities, are safeguarding CyberArk from negative effects of the macroeconomic and geopolitical headwinds.
This maker of software that detects attacks on privileged accounts is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +500%. Revenues are expected to be $184.55 million, up 20.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For CyberArk, the consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CYBR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
CyberArk belongs to the Zacks Computers - IT Services industry. Another stock from the same industry, ASGN Inc. ASGN, closed the last trading session 0.6% lower at $80.55. Over the past month, ASGN has returned 2.2%.
ASGN Inc's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.56. Compared to the company's year-ago EPS, this represents a change of -12.9%. ASGN Inc currently boasts a Zacks Rank of #3 (Hold).
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