• Thu. Feb 29th, 2024

Cyberark Shatters Wall Street Records with 31.9% Q4 Revenue Growth and $1.6 Billion Market Value

ByEditor

Feb 11, 2024
Israeli Company Cyberark Surges 16% in Two Days: What Influence Did they Have on Wall Street Over the Weekend?

In the final week of trading on Wall Street, the S&P 500 index reached a new record by surpassing the 5,000-point mark for the first time. The NASDAQ index strengthened with a 1.5% increase, while the Dow Jones index experienced a minor decline. Several Israeli companies traded on Wall Street saw notable gains, including Cyberark.

Cyberark’s stock price jumped 15.7% in the last two trading days of the week, and its value grew by $1.6 billion to reach a record high of 11.8 billion dollars. The cybersecurity company, founded by Udi Mokdi and currently led by Matt Cohen, is now fifth largest Israeli company on Wall Street after Mobileye, Check Point, Nice, and Teva. Cyberark published reports last Thursday that exceeded analysts’ forecasts in both revenue and profit lines. It also provided positive forecasts for the first quarter and 2024. Revenues in the fourth quarter grew by 31.9% to $223 million compared to analysts’ predictions of $210 million, while annual revenues grew by 27% to $752 million dollars. The net profit in the quarter was recorded at 8.9 million dollars on a GAAP basis and at 38.1 million dollars on a Non-GAAP basis per share (81 cents), which beat analysts’ expectations of only 47 cents per share

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