Cybersecurity company CyberArk Software (Nasdaq: CYBR), headed by Matt Cohen, reached an all-time market cap of $16.7 billion last week, making it the fourth most valuable Israeli company traded on Wall Street, after Teva, Check Point, and Mobileye. In the last two sessions of the week, the company’s share price rose by 1.9%, to complete a rise of nearly 6% for the week.
Two positive developments are in the background to the rise. One is that Wells Fargo Bank raised its price target for the stock on Thursday from $350 to $410, 20.8% above the current price, and said that 2025 could be very positive for the company and that it was likely to exceed expectations.
Meanwhile, the Simply Wall Street website mentioned CyberArk as one of a number of companies currently undervalued, and wrote that its revenue and profits were growing faster than those of the market as a whole. Also, analysts at Morgan Stanley estimated that CyberArk could benefit from a reported hack by Chinese agents of computers at the US Department of the Treasury, since the systems that were hacked were those of its privately-held rival BeyondTrust.
Published by Globes, Israel business news - en.globes.co.il - on January 6, 2025.
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