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Fan Yang

CyberArk (CYBR) Surges After Q3 Earnings Report

Cybersecurity company CyberArk $CYBR released Q3 earnings after the 11/7 session. With bottom line beating estimates and guidance being raised, the earnings report boosted CYBR share price during the 11/8 session.

Here's an excerpt fromZacks.com's report on the CYBR earnings report.

CyberArk Software Ltd. (CYBR - Free Report) reported third-quarter 2018 non-GAAP earnings of 48 cents, which surpassed the Zacks Consensus Estimate of 27 cents and were way higher than the year-ago quarter’s figure of 7 cents.

CyberArk’s revenues were up 31% year over year to $85 million and came ahead of the Zacks Consensus Estimate of $79 million. The top line mainly benefited from better sales execution, customer acquisitions and add-on business from existing clients.

Increasing demand for privileged access security on the back of digital transformation and cloud migration strategies is a key growth driver. Management noted that the enhanced functionality of Version 10 of the company’s core privileged access security solutions coupled with its new simplified pricing model is helping it drive customer acquisition.

Buoyed by splendid third-quarter results, the company issued an encouraging view for the fourth quarter and raised the full-year guidance.

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From Zacks.com

CYBR Daily Chart

(click to enlarge)

New All Time High:
- CYBR's share rrice jumped from a close price $72 a share to $84 at the start of the 11/8 session.
- This is a new all-time high since the company IPOed in 2014. 
- Looking at the daily chart, we can see that there is some initial sell-off after the 11/8 session surge. 
- Perhaps we will see some more retracement in the short-term, but I think the overall market will remain bullish after some consolidation.
- In this scenario, I would anticipate support at or above the $72 area. 
- A break below $72 would suggest a more significant consolidation or correction.
- I would also anticipate the daily RSI to be supported at or above 40, which would reflect maintenance of the bullish momentum.