10 March 2021

CyberArk Software

CyberArk shares are traded in America, although the company can trace its origins to the Israeli defence forces.

by John Royden

Head of Research

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Price
$146.83
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52 Week High-Low
$169.70—$69.51
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Net Yield
0.00%
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Hist / Pros Per
NA—217.85
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Equity Market Cap
$5,686

Its software ensures that only appropriate users are granted access to critical assets and systems such as administration accounts, databases and servers, which are often referred to as “the keys to the IT kingdom”.  CyberArk is the leader in this Privileged Access Management (PAM) market. 

CyberArk records the actions any user makes for real time monitoring and an analysis of privileged sessions to ensure the privileged user is behaving in a normal way. They have built an impressive customer base that includes more than 50% of the Fortune 500 list of US companies and greater than 35% of the Global 2000 list. Their customers include just about every major bank in the world.  Banks are one of the sectors most likely to suffer from a cyberattack and so the installed base is testament to CyberArk’s leadership in this area.

Sales grew at a 20% CAGR from FY17 to FY20E. However, management recently announced a business change from a license to a subscription model.  The jury is still out on how shareholder value creating this change will be.

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Spring Issue Thirty Four