Intrinsic value of CyberArk Software - CYBR

Previous Close

$40.52

  Intrinsic Value

$75.69

stock screener

  Rating & Target

str. buy

+87%

  Value-price divergence*

-45%

Previous close

$40.52

 
Intrinsic value

$75.69

 
Up/down potential

+87%

 
Rating

str. buy

 
Value-price divergence*

-45%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CYBR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  34.78
  25.50
  23.45
  21.61
  19.94
  18.45
  17.11
  15.89
  14.81
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
Revenue, $m
  217
  272
  336
  409
  490
  581
  680
  788
  905
  1,030
  1,163
  1,305
  1,454
  1,611
  1,775
  1,947
  2,127
  2,314
  2,509
  2,712
  2,922
  3,141
  3,369
  3,605
  3,851
  4,106
  4,372
  4,649
  4,936
  5,236
  5,549
Variable operating expenses, $m
 
  216
  266
  323
  386
  457
  535
  619
  710
  808
  912
  1,019
  1,135
  1,258
  1,386
  1,521
  1,661
  1,807
  1,959
  2,117
  2,282
  2,453
  2,630
  2,815
  3,007
  3,207
  3,414
  3,630
  3,855
  4,089
  4,333
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  181
  216
  266
  323
  386
  457
  535
  619
  710
  808
  912
  1,019
  1,135
  1,258
  1,386
  1,521
  1,661
  1,807
  1,959
  2,117
  2,282
  2,453
  2,630
  2,815
  3,007
  3,207
  3,414
  3,630
  3,855
  4,089
  4,333
Operating income, $m
  36
  56
  70
  86
  104
  124
  146
  169
  195
  222
  251
  286
  319
  353
  389
  427
  466
  507
  550
  594
  640
  688
  738
  790
  844
  900
  958
  1,019
  1,082
  1,147
  1,216
EBITDA, $m
  42
  62
  77
  94
  112
  133
  156
  180
  207
  236
  266
  299
  333
  369
  406
  446
  487
  530
  574
  620
  669
  719
  771
  825
  881
  940
  1,000
  1,064
  1,130
  1,198
  1,270
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  6
  8
  10
  12
  14
  16
  19
  21
  24
  27
  30
  33
  36
  40
  43
  47
  50
  54
  58
  63
  67
  72
  77
  81
  87
Earnings before tax, $m
  36
  56
  69
  84
  101
  119
  139
  161
  185
  210
  237
  270
  300
  332
  365
  400
  436
  474
  514
  555
  597
  642
  688
  736
  785
  837
  891
  947
  1,005
  1,066
  1,129
Tax expense, $m
  8
  15
  19
  23
  27
  32
  38
  44
  50
  57
  64
  73
  81
  90
  99
  108
  118
  128
  139
  150
  161
  173
  186
  199
  212
  226
  241
  256
  271
  288
  305
Net income, $m
  28
  41
  51
  61
  73
  87
  102
  118
  135
  154
  173
  197
  219
  242
  266
  292
  318
  346
  375
  405
  436
  468
  502
  537
  573
  611
  650
  691
  734
  778
  824

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  275
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  403
  161
  198
  241
  289
  343
  401
  465
  534
  608
  686
  770
  858
  950
  1,047
  1,149
  1,255
  1,365
  1,480
  1,600
  1,724
  1,853
  1,987
  2,127
  2,272
  2,423
  2,579
  2,743
  2,912
  3,089
  3,274
Adjusted assets (=assets-cash), $m
  128
  161
  198
  241
  289
  343
  401
  465
  534
  608
  686
  770
  858
  950
  1,047
  1,149
  1,255
  1,365
  1,480
  1,600
  1,724
  1,853
  1,987
  2,127
  2,272
  2,423
  2,579
  2,743
  2,912
  3,089
  3,274
Revenue / Adjusted assets
  1.695
  1.689
  1.697
  1.697
  1.696
  1.694
  1.696
  1.695
  1.695
  1.694
  1.695
  1.695
  1.695
  1.696
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.696
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
Average production assets, $m
  21
  26
  33
  40
  48
  56
  66
  76
  88
  100
  113
  127
  141
  156
  172
  189
  206
  224
  243
  263
  283
  305
  327
  350
  374
  398
  424
  451
  479
  508
  538
Working capital, $m
  235
  -27
  -34
  -41
  -49
  -58
  -68
  -79
  -91
  -103
  -116
  -130
  -145
  -161
  -178
  -195
  -213
  -231
  -251
  -271
  -292
  -314
  -337
  -361
  -385
  -411
  -437
  -465
  -494
  -524
  -555
Total debt, $m
  0
  27
  59
  95
  135
  179
  228
  282
  339
  401
  467
  537
  610
  688
  769
  853
  942
  1,034
  1,130
  1,230
  1,334
  1,442
  1,554
  1,671
  1,792
  1,918
  2,049
  2,186
  2,328
  2,476
  2,630
Total liabilities, $m
  107
  134
  166
  202
  242
  286
  335
  389
  446
  508
  574
  644
  717
  795
  876
  960
  1,049
  1,141
  1,237
  1,337
  1,441
  1,549
  1,661
  1,778
  1,899
  2,025
  2,156
  2,293
  2,435
  2,583
  2,737
Total equity, $m
  296
  26
  33
  40
  47
  56
  66
  76
  88
  100
  113
  126
  141
  156
  172
  188
  206
  224
  243
  262
  283
  304
  326
  349
  373
  397
  423
  450
  478
  507
  537
Total liabilities and equity, $m
  403
  160
  199
  242
  289
  342
  401
  465
  534
  608
  687
  770
  858
  951
  1,048
  1,148
  1,255
  1,365
  1,480
  1,599
  1,724
  1,853
  1,987
  2,127
  2,272
  2,422
  2,579
  2,743
  2,913
  3,090
  3,274
Debt-to-equity ratio
  0.000
  1.040
  1.810
  2.390
  2.840
  3.190
  3.470
  3.690
  3.880
  4.020
  4.150
  4.250
  4.340
  4.410
  4.470
  4.530
  4.580
  4.620
  4.660
  4.690
  4.720
  4.750
  4.770
  4.790
  4.810
  4.830
  4.840
  4.860
  4.870
  4.890
  4.900
Adjusted equity ratio
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  41
  51
  61
  73
  87
  102
  118
  135
  154
  173
  197
  219
  242
  266
  292
  318
  346
  375
  405
  436
  468
  502
  537
  573
  611
  650
  691
  734
  778
  824
Depreciation, amort., depletion, $m
  6
  6
  7
  7
  8
  9
  10
  11
  12
  13
  15
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  33
  35
  37
  40
  42
  45
  48
  51
  54
Funds from operations, $m
  43
  47
  57
  69
  82
  96
  112
  129
  147
  167
  188
  209
  233
  258
  284
  311
  339
  369
  399
  431
  464
  499
  535
  572
  611
  651
  693
  736
  782
  829
  878
Change in working capital, $m
  -13
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
Cash from operations, $m
  56
  53
  64
  76
  90
  105
  122
  140
  159
  180
  201
  224
  248
  273
  300
  328
  357
  387
  419
  451
  485
  521
  557
  596
  635
  676
  719
  764
  810
  859
  909
Maintenance CAPEX, $m
  0
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -45
  -48
  -51
New CAPEX, $m
  -3
  -5
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
Cash from investing activities, $m
  -122
  -7
  -9
  -10
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
Free cash flow, $m
  -66
  45
  55
  66
  78
  92
  106
  123
  140
  159
  179
  199
  221
  244
  269
  294
  321
  348
  377
  407
  439
  471
  505
  540
  576
  614
  654
  695
  737
  782
  828
Issuance/(repayment) of debt, $m
  0
  27
  31
  36
  40
  45
  49
  53
  58
  62
  66
  70
  74
  77
  81
  85
  89
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  148
  154
Issuance/(repurchase) of shares, $m
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  4
  27
  31
  36
  40
  45
  49
  53
  58
  62
  66
  70
  74
  77
  81
  85
  89
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  148
  154
Total cash flow (excl. dividends), $m
  -62
  72
  86
  102
  118
  136
  155
  176
  198
  220
  244
  268
  294
  321
  350
  379
  409
  441
  473
  507
  543
  579
  617
  657
  698
  740
  785
  831
  879
  930
  982
Retained Cash Flow (-), $m
  -49
  -5
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
Prev. year cash balance distribution, $m
 
  275
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  342
  80
  95
  110
  127
  146
  165
  186
  208
  231
  255
  280
  306
  334
  362
  392
  423
  455
  488
  522
  558
  595
  634
  674
  716
  759
  804
  852
  901
  952
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  328
  73
  82
  91
  99
  106
  112
  116
  120
  121
  121
  119
  116
  112
  106
  100
  92
  84
  75
  66
  58
  49
  42
  34
  28
  22
  17
  13
  10
  7
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CyberArk Software Ltd. develops, markets, and sells software-based IT security solutions that protect organizations from cyber attacks in the United States and internationally. The company offers privileged account security solution to secure, manage, and monitor account access and activities. Its privileged account security solution consists of Enterprise Password Vault that provides a tool to manage and protect physical, virtual, or cloud-based assets; SSH Key Manager to store, rotate, and control access to SSH keys for preventing unauthorized access to privileged accounts; Privileged Session Manager that protects servers, applications, databases, and hypervisors from malware; and Privileged Threat Analytics that profiles and analyzes individual privileged user behavior and creates prioritized alerts when abnormal activity is detected. The company also provides Application Identity Manager, which addresses the challenges of hard-coded, embedded credentials, and cryptographic keys being hijacked and exploited by malicious insiders or external cyber attackers; Viewfinity that offers Windows least privilege management and application control software; Cybertinel, which provides cyber security services; and On-Demand Privileges Manager to limit the breadth of access of Unix/Linux administrative accounts. In addition, it offers Shared Technology Platform that integrates operating systems, databases, network devices, security appliances, hypervisors, applications, industrial control systems, and application servers in the datacenter or the cloud; sensitive information management solutions; and software maintenance and support, and consulting services. The company offers its products to energy and utilities, financial services, healthcare, manufacturing, retail, technology, and telecommunications industries, as well as government agencies through resellers and distributors. CyberArk Software Ltd. was founded in 1999 and is headquartered in Petach Tikva, Israel.

FINANCIAL RATIOS  of  CyberArk Software (CYBR)

Valuation Ratios
P/E Ratio 49.6
Price to Sales 6.4
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 24.8
Price to Free Cash Flow 26.2
Growth Rates
Sales Growth Rate 34.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 10.3%
Ret/ On T. Cap. - 3 Yr. Avg. 11.1%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 85.7%
Gross Margin - 3 Yr. Avg. 85.6%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 18.3%
Operating Margin 16.6%
Oper. Margin - 3 Yr. Avg. 18.8%
Pre-Tax Margin 16.6%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 22.2%
Eff/ Tax Rate - 3 Yr. Avg. 23.2%
Payout Ratio 0%

CYBR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CYBR stock intrinsic value calculation we used $217 million for the last fiscal year's total revenue generated by CyberArk Software. The default revenue input number comes from 2016 income statement of CyberArk Software. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CYBR stock valuation model: a) initial revenue growth rate of 25.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CYBR is calculated based on our internal credit rating of CyberArk Software, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CyberArk Software.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CYBR stock the variable cost ratio is equal to 79.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CYBR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for CyberArk Software.

Corporate tax rate of 27% is the nominal tax rate for CyberArk Software. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CYBR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CYBR are equal to 9.7%.

Life of production assets of 10 years is the average useful life of capital assets used in CyberArk Software operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CYBR is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $296 million for CyberArk Software - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 33.501 million for CyberArk Software is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CyberArk Software at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ How Boston Could Help CyberArk Grow Faster   [Aug-16-17 09:19AM  Forbes]
▶ Why CyberArk Software Ltd. Stock Dropped 16.6% in July   [Aug-12-17 02:21PM  Motley Fool]
▶ Problems Come in Pairs for CyberArk Software   [Aug-11-17 03:30PM  TheStreet.com]
▶ Problems Come in Pairs for CyberArk Software   [01:47PM  TheStreet.com]
▶ Deal Delays Dent CyberArk Software Ltd Earnings   [Aug-10-17 02:30PM  Motley Fool]
▶ CyberArk beats Street 2Q forecasts   [Aug-08-17 11:56PM  Associated Press]
▶ How to Invest in Cybersecurity Stocks   [Aug-07-17 08:18PM  Motley Fool]
▶ CyberArk to Present at Upcoming Investor Conference   [Aug-04-17 08:40AM  Business Wire]
▶ Short Sellers Grow More Selective on Cybersecurity Stocks   [Jul-26-17 10:30AM  24/7 Wall St.]
▶ Cybersecurity Stocks Near Buy Points Are Selling Off Today: Here's Why   [Jul-20-17 12:13PM  Investor's Business Daily]
▶ Is FireEye Inc (FEYE) Stock the Best IT Security Play?   [Jul-18-17 06:00AM  InvestorPlace]
▶ Company News for July 17, 2017   [10:00AM  Zacks]
▶ Will CyberArk Software Ltd. Sink or Swim?   [08:46AM  Motley Fool]
▶ Story Stocks from Briefing.com   [11:08AM  Briefing.com]
▶ Stocks Open Up/Down: Wal-Mart Leads Dow, JPMorgan Slides   [09:40AM  Investor's Business Daily]
▶ CyberArk Plunges After Preannouncing Q2 Revenue Miss   [Jul-13-17 06:08PM  Investor's Business Daily]
▶ Cyberark falls on Q2 warning   [04:17PM  CNBC Videos]
▶ CyberArk Software Is Stuck in the Twilight Zone   [Jul-07-17 01:44PM  TheStreet.com]
▶ 3 Top Cybersecurity Stocks to Buy in 2017   [Jun-27-17 08:16PM  Motley Fool]
▶ Ignore FireEye Inc -- Here Are 3 Better Stocks   [Jun-25-17 02:18PM  Motley Fool]
▶ Israeli cybersecurity firm opens U.S. HQ in Boston, sees IPO in future   [Jun-14-17 07:20AM  American City Business Journals]
▶ Cybersecurity: Palo Alto Networks's Big Surge   [Jun-01-17 01:03PM  Investopedia]
▶ CyberArk to Present at Upcoming Investor Conferences   [May-31-17 04:05PM  Business Wire]
▶ CyberArk Software Should Take On Water   [May-19-17 08:28AM  TheStreet.com]
▶ Vetr Issues Strong Buy As Cyberark Takes A Hit   [May-15-17 04:34PM  Benzinga]
▶ CyberArk Sinks Following Missed Guidance   [09:45AM  24/7 Wall St.]
▶ CyberArk acquires a Newton cybersecurity firm for $42M   [08:57AM  American City Business Journals]
▶ CyberArk Falls On Guidance, Announces Acquisition   [04:55PM  Investor's Business Daily]
▶ CyberArk beats Street 1Q forecasts   [04:21PM  Associated Press]
▶ CyberArk Secures Digital Transformation in the Cloud   [May-04-17 10:00AM  Business Wire]
▶ Cybersecurity Stocks See Increased Bets From Short Sellers   [Apr-12-17 09:40AM  24/7 Wall St.]
Stock chart of CYBR Financial statements of CYBR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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