Cyberark Software Ltd Stock Price, News & Analysis

CyberArk, the identity security company, celebrates its 10th anniversary of going public on NASDAQ. CEO Matt Cohen and founder Udi Mokady will ring the Opening Bell at the NASDAQ Stock Exchange on September 24. Over the past decade, CyberArk has achieved significant milestones:

- Revenue growth from $103 million in 2014 to over $750 million in 2023
- Stock performance with a cumulative return of more than 700% since IPO
- Customer base expansion from 1,550 to over 8,800 globally
- Employee growth from fewer than 400 to more than 3,200 worldwide
- Consistent recognition as a leader in privileged access management and identity security

CyberArk's total addressable market has expanded to more than $60 billion, including $10 billion from the pending Venafi acquisition announced in May 2024. The company remains committed to securing every identity with the right level of privilege controls and continues to innovate in the identity security space.

CyberArk (NASDAQ: CYBR) has been named a Leader in the 2024 Gartner® Magic Quadrant™ for Privileged Access Management for the sixth consecutive time. The company is positioned furthest in Completeness of Vision, highlighting its strength in offering strategy, innovation, and market understanding.

Key points:

• CyberArk's Identity Security Platform secures various identity types, including workforce, IT, developer, and machine identities.
• The platform offers advanced PAM, secrets management, and endpoint privilege security capabilities.
• CyberArk recently introduced new features, including support for secure standing access and zero standing privileges.
• The company launched CORA AI™ for enhanced identity threat detection and response.
• CyberArk's partner ecosystem includes over 1,300 partners and 200 certified integrations.

Proofpoint and CyberArk (NASDAQ: CYBR) have expanded their strategic partnership to enhance identity security in hybrid and multi-cloud environments. The collaboration aims to address critical cyber challenges by launching new integrations and solutions. Key highlights include:

1. Combining layered defenses to stop threats before reaching users and applying preventative policies.

2. Integration of Proofpoint's ZenWeb Browser Extension with CyberArk's Secure Browser to protect against malicious URLs in real-time.

3. Leveraging Proofpoint's Nexus TI to identify email threats and pass them to CyberArk Identity Flows for adaptive response.

4. Automating privileged account discovery and management through CyberArk.

This partnership addresses the growing importance of identity-centric security strategies in today's evolving threat landscape.

CyberArk (NASDAQ: CYBR) announced that Technological University Dublin (TU Dublin) has implemented the CyberArk Identity Security Platform to enhance security in their hybrid environment. TU Dublin, Ireland's first technological university with nearly 30,000 students, faced challenges managing privileged identities across self-hosted and cloud infrastructures. Following a ransomware attack in 2021, TU Dublin turned to CyberArk for a modern identity security approach.

The implementation has improved visibility and reduced risk across TU Dublin's hybrid environment. High-risk domain controllers and admin accounts are now protected using a multi-layered strategy, including multi-factor authentication and just-in-time access. CyberArk's solution also streamlined third-party vendor access without relying on VPNs, reducing costs and complexities.

CyberArk (NASDAQ: CYBR) announced that RBL Finserve, a leading Indian financial institution, has chosen the CyberArk Identity Security Platform to enhance its cybersecurity measures. RBL Finserve implemented CyberArk Privileged Access Manager and CyberArk Workforce Identity to protect credentials, manage privileged accounts, and enforce least privilege policies. The company also adopted CyberArk's Single Sign-On (SSO) and Adaptive Multifactor Authentication (MFA) solutions.

This implementation allows RBL Finserve to manage IT administrators' privileged access, isolate and monitor sessions, and continuously rotate credentials. The move aims to safeguard customer data, ensure business continuity, and boost cyber resilience in response to the evolving threat landscape and increased reliance on third-party services, cloud computing, and remote work.

CyberArk (NASDAQ: CYBR), the identity security company, has been named a Trusted Cloud Provider by the Cloud Security Alliance (CSA). This internationally-recognized certification reaffirms CyberArk's commitment to cloud security. The company offers zero standing privileges capabilities for multi-cloud environments, streamlining and safeguarding workforce and high-risk user access.

CyberArk's identity security platform protects human and machine credentials in all environments, addressing the increasing urgency around securing multi-cloud environments. The CSA Trusted Cloud Provider trustmark is a testament to CyberArk's leadership in identity security and its mission to help customers stay ahead of cyberattackers with intelligent privilege controls.

CyberArk (NASDAQ: CYBR), the identity security company, has announced its participation in two upcoming investor conferences. The company will present at the Citi Global TMT Conference in New York on September 5, 2024, at 8:20 a.m. ET, and at the Piper Sandler Growth Frontiers Conference in Nashville, Tennessee, on September 10, 2024, at 9:00 a.m. CT.

Both presentations will be webcast live and archived for a time on CyberArk's investor relations website under the 'Events & Presentations' section. This provides an opportunity for investors and interested parties to gain insights into CyberArk's business strategies and market position.

CyberArk (NASDAQ: CYBR) announced that SAP Enterprise Cloud Services (ECS) will implement CyberArk's Identity Security Platform to secure privileged and sensitive access to their cloud services. SAP ECS, the world's largest private cloud, runs core operations for over 6,000 major organizations globally. The implementation includes CyberArk Secure Cloud Access, enforcing zero standing privileges for all sessions related to cloud consoles, applications, and database access.

This partnership aims to enhance cyber resilience and protect client data by eliminating default entitlements and always-on access. Roland Costea, CISO at SAP ECS, emphasized the goal of building next-generation identity security to provide the highest level of protection for their global customer base. CyberArk's CEO, Matt Cohen, highlighted the importance of securing every identity with appropriate privilege controls in response to the rise in identity-based attacks.

CyberArk (NASDAQ: CYBR) announced strong Q2 2024 results, exceeding all guided metrics. The company's subscription ARR grew 50% YoY to $677 million, and total ARR grew 33% YoY to $868 million. Subscription revenue increased 49% YoY to $158.4 million, while total revenue grew 28% YoY to $224.7 million.

GAAP net loss was $(12.9) million, or $(0.30) per share, improving from $(25.8) million, or $(0.62) per share, YoY. Non-GAAP net income was $26.1 million, or $0.54 per share, up from $1.3 million, or $0.03 per share, YoY.

Cash and equivalents totaled $1.4 billion as of June 30, 2024. The company reported net cash from operating activities of $113 million for the first half of 2024.

CyberArk raised its full-year 2024 guidance, expecting total revenue between $932 million and $942 million, and non-GAAP net income per share between $2.17 and $2.36.