• Wed. Feb 21st, 2024

Cyberark Surges to Record High on Wall Street, While Ondes Delists from Tel Aviv Exchange

ByEditor

Feb 11, 2024
Israeli Company Cyberark Surges 16% in Two Days: What Influence Did they Have on Wall Street Over the Weekend?

In the week ending on Wall Street, the S&P 500 index reached a new record, surpassing the 5,000-point mark for the first time. This was accomplished by rising 0.6% in the last two trading days of the week. While both NASDAQ and Dow Jones indices experienced slight declines, many Israeli companies traded on Wall Street saw strong performance.

One of these standout performers was Cyberark, which experienced a 15.7% increase in stock value over the past two trading days. The cyber security company now has a market value of $11.8 billion and is currently trading at a record high. Cyberark published reports last Thursday that exceeded analysts’ forecasts in both revenue and profit lines, with revenues growing by 31.9% to $223 million compared to an analyst forecast of $210 million. For the year, revenues grew by 27% to $752 million dollars.

Cyberark’s net profit in the quarter was recorded at $8.9 million dollars on a GAAP basis and $38.1 million dollars on a Non-GAAP basis, which is equivalent to 81 cents per share while analysts had expected only 47 cents per share. In the first quarter, Cyberark expects revenues of $209-215 million dollars, higher than analysts’ forecasts and with non-GAAP net profit per share projected to be between 21-31 cents per share versus an analyst forecast of 24 cents per share. For 2024, Cyberark projects growth of about 23% in revenues to be between $920-$930 million dollars with non-GAAP net profit per share projected to be between $1.63-$1.81 dollars per share which is similar to analyst forecasts.

Another American technology company announced its intention to delist from trading on Tel Aviv Stock Exchange where it has been listed since completing an acquisition of Israeli Aerobotics last year.

Ondes reported over weekend that it will delist from trading on May 9th.

The stock has fallen by approximately 31

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