February 24, 2024 2:02 pm
Israeli Company Cyberark Surges 16% in Two Days: What Influence Did they Have on Wall Street Over the Weekend?

Wall Street ended the week on a high note, with the S&P 500 index breaking past the 5,000 point mark for the first time. The NASDAQ and Dow Jones indices also performed well, with gains of 1.5% and minor declines respectively. Cyberark was among the Israeli companies traded on Wall Street that had a standout performance.

Cyberark’s stock jumped 15.7% in two trading days, adding $1.6 billion to its value, and is now trading at a record value of 11.8 billion dollars. This makes Cyberark the fifth largest Israeli company on Wall Street after Mobileye, Check Point, Nice and Teva. The company surpassed analysts’ forecasts in both revenue and profit lines last Thursday, with revenues growing by 31.9% in the fourth quarter to $223 million compared to analysts’ forecasts of $210 million. In an annual summary, revenues grew by 27% to 752 million dollars.

According to generally accepted accounting rules (GAAP), Cyberark recorded a net profit of 8.9 million dollars in the quarter and a Non-GAAP profit of 38.1 million dollars per share, which is higher than analysts expected of only 47 cents per share. For the first quarter, Cyberark expects revenues of $209-$215 million, higher than analysts’ forecasts, and the Non-GAAP net profit per share will be between 21-31 cents per share when analysts expected only 24 cents per share. In five years from now, it is projected that revenues will grow by about 23% for approximately $920-$930 million dollars while maintaining or increasing profits per share similar to what was forecasted earlier this year.

In other news on Wall Street, American technology company Onds announced its intention to delist from trading on the Tel Aviv Stock Exchange where it has been traded since completing an acquisition of Israeli Aerobotics last year.

Ondes shares are simultaneously traded on Nasdaq and rose by over 8% over the weekend reflecting market value of $88 million while its stock price has fallen by around 31.5% since January when it began trading on Tel Aviv Stock Exchange.

Stixspay also had a significant jump in stock price over two days by around 17%, following news that they have received permission from NYSE management to implement a plan that would meet their trading conditions again until May end of May

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