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Why CyberArk Software Stock Popped 11% in November

Chris Neiger, The Motley Fool
Updated

What happened

Shares of CyberArk Software Ltd. (NASDAQ: CYBR) jumped 11.1% in November, according to data provided by S&P; Global Market Intelligence, after the cybersecurity company's third-quarter earnings report surpassed analysts' estimates for both CyberArk's top and bottom lines.

So what

Revenue increased 18% year over year to $64.8 million, which was higher than Wall Street's expectations of $63 million. CyberArk also outpaced analysts' consensus earnings estimate of $0.19 per share and instead had non-GAAP earnings of $0.25 per share.

Woman pointing at charts on a smartphone and tablet.
Woman pointing at charts on a smartphone and tablet.

Image source: Getty Images.

Part of the growth in the quarter came from CyberArk's ability to grow both new and existing customers. The company's CEO Udi Mokady said in a statement that, "Our results were driven by both new and add-on business. We are making early progress executing our strategy to globalize the sales organization, which we believe will position us to capitalize on the long term opportunity for Privileged Account Security."

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Investors were clearly pleased that CyberArk ended the quarter with 3,450 customers and also the fact that the company had the largest number of seven-figure new business customers in its history.

Now what

The company expects revenue to be between $75 million and $76 million in the fourth quarter, which would be an 18% year-over-year jump at the high end of guidance. CyberArk's management also expects non-GAAP earnings per share between $0.35 and $0.36.

CyberArk's ability to add new customers is clearly paying off considering the company's growth in the quarter, but CyberArk's shares are still down nearly 9% over the past 12 months. The company will have to put up a few more strong quarters before some investors will be truly pleased with November's gains.

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Chris Neiger has no position in any of the stocks mentioned. The Motley Fool recommends CyberArk Software. The Motley Fool has a disclosure policy.