Shares of CyberArk Software (CYBR - Free Report) fell in afternoon trading on Friday, closing the day down 16.31% to $42.68 a share after JPMorgan (JPM - Free Report) downgraded the security software firm from “overweight” to “neutral.”
JPMorgan analyst Sterling Auty said that today’s downgrade is a result of the company’s shortfall in its second quarter financial results.
CyberArk now forecasts Q2 revenues of $57 to $57.5 million, down from its previous guidance of $61 to $62 million it reported May 11. This reduction amounts to a $4.25 million hit, falling nearly 7%.
The company blames the inability to close deals in Europe, the Middle East and Africa for the loss of revenue. Auty noted that several large deals in the UK and Northern Europe fell through during the quarter as the company’s deals became “backend loaded.” As a result, deals took longer to close and the company failed to execute.
JMP Securities analyst Erik Suppiger says that the company’s European market is ‘volatile,” likely from the recent wave of ransomware attacks that has been hitting the continent.
CYBR remains a Zacks Rank #3 (Hold), with a Growth score of ‘B.’ CyberArk will provide full financial results and updated guidance during its conference call on August 8.
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Shares of CyberArk Software (CYBR - Free Report) fell in afternoon trading on Friday, closing the day down 16.31% to $42.68 a share after JPMorgan (JPM - Free Report) downgraded the security software firm from “overweight” to “neutral.”
JPMorgan analyst Sterling Auty said that today’s downgrade is a result of the company’s shortfall in its second quarter financial results.
CyberArk now forecasts Q2 revenues of $57 to $57.5 million, down from its previous guidance of $61 to $62 million it reported May 11. This reduction amounts to a $4.25 million hit, falling nearly 7%.
The company blames the inability to close deals in Europe, the Middle East and Africa for the loss of revenue. Auty noted that several large deals in the UK and Northern Europe fell through during the quarter as the company’s deals became “backend loaded.” As a result, deals took longer to close and the company failed to execute.
JMP Securities analyst Erik Suppiger says that the company’s European market is ‘volatile,” likely from the recent wave of ransomware attacks that has been hitting the continent.
CYBR remains a Zacks Rank #3 (Hold), with a Growth score of ‘B.’ CyberArk will provide full financial results and updated guidance during its conference call on August 8.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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