Overview

• CyberArk Q2 revenue rises 46% yr/yr, beating analyst expectations

• GAAP net loss widens due to one-time tax payment related to Venafi acquisition

• Co to be acquired by Palo Alto Networks in a $25 bln deal

• Palo Alto to pay $45 cash and 2.2005 in stock for each CyberArk share

Outlook

• CyberArk withdraws financial guidance due to pending acquisition by Palo Alto Networks

Result Drivers

• IDENTITY SECURITY DEMAND - Strong demand for identity security solutions drove revenue growth, per CEO Matt Cohen

• ACQUISITIONS - Revenue growth includes contributions from Venafi and Zilla Security acquisitions

• SUBSCRIPTION REVENUE - Subscription revenue increased 66% yr/yr, reflecting shift towards recurring revenue models

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 38 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the software peer group is "buy"

• Wall Street's median 12-month price target for Cyberark Software Ltd is $447.50, about 2.9% above its July 29 closing price of $434.48

Press Release: ID:nBw9HHghha

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)