10 Best Performing Cybersecurity Stocks in 2024

4. CyberArk Software Ltd. (NASDAQ:CYBR)

Year-to-Date Performance as of November 8: 36.31%

Number of Hedge Fund Holders: 55

CyberArk Software Ltd. (NASDAQ:CYBR) is a leading cybersecurity company focused on identity management, helping firms across industries like financial services, energy, retail, healthcare, and government secure their most sensitive assets by controlling access to privileged accounts.

In early October, CyberArk Software Ltd. (NASDAQ:CYBR) completed its acquisition of Venafi, broadening its total addressable market by $10 billion to approximately $60 billion. This acquisition strengthens CyberArk’s standing in identity security by integrating Venafi’s expertise in machine identity management. This synergy enhances CyberArk’s security frameworks, paving the way for comprehensive solutions that address the growing need to protect machine identities, including workloads, applications, and IoT devices.

On October 22, Oppenheimer raised its price target for CyberArk Software Ltd. (NASDAQ:CYBR), expecting it to exceed third-quarter revenue guidance of $230 million to $236 million. Oppenheimer also highlighted strong demand for CyberArk’s Workforce Access and Secrets Management solutions. Similarly, Scotiabank initiated coverage of CyberArk Software Ltd. (NASDAQ:CYBR) with a Sector Outperform rating and a price target of $340, while Baird maintained its Outperform rating with a target of $315. These ratings follow CyberArk’s strong second-quarter 2024 performance, which reported a 28% growth in revenue to $224.7 million and a 50% increase in Annual Recurring Revenue (ARR), totaling $868 million.

Next Century Growth Small Cap Strategy stated the following regarding CyberArk Software Ltd. (NASDAQ:CYBR) in its first quarter 2024 investor letter:

“CyberArk Software Ltd. (NASDAQ:CYBR) is a leading identity security platform which helps companies protect against cybersecurity attacks. CYBR specializes in privileged access management (PAM) and has a full suite of products for identity security. As cyber attack sophistication increases, companies of all sizes need to upgrade from legacy solutions such as SSO (single sign on) and MFA (multi-factor authentication), which is leading to a strong demand environment for CYBR’s solutions. Given this end market backdrop, the company is growing revenue >20% and is delivering solid margin expansion.”