CyberArk Stock Eyes Fourth Straight After Bull Note

Cowen sees CyberArk as a leader in the Privilege Access Security segment

Managing Editor
Aug 21, 2019 at 10:23 AM
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The shares of CyberArk Software Ltd (NASDAQ:CYBR) are up 3% to trade at $119.46 this morning, after Cowen initiated coverage on the software name with an "outperform" rating and $145 price target, a 20% premium to its current perch. The analyst in coverage glowed about CyberArk's market position in the Privilege Access Security segment. 

The bull note is helping CyberArk stock toward a fourth-straight win. Since a July 26 record high of $148.74, CYBR has declined 16% in August thus far thanks in part to a post-earnings bear gap on Aug. 7. However, the shares have found support at their 160-day moving average, a trendline that has only been breached once in 2019. Year-to-date, the security is up 56%.

Options traders have been focusing on calls lately. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CYBR's 10-day call/put volume ratio of 2.42 indicates long calls have doubled puts in the past two weeks. Given that short interest increased by almost 33% in the most recent reporting period, its possible some of this call buying could be shorts hedging.

Whatever the motive, the good news for options traders is that CyberArk's Schaeffer's Volatility Index (SVI) was perched at 35% and registers in the 14th percentile of its annual range. This indicates the equity's front-month at-the-money options have priced in lower volatility expectations just 14% of the time over the last year.


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