Israeli cyber security firm CyberArk has seen its stock jump in value after the company reported a strong third quarter.
Its shares rose 16% on Thursday and another 3.4% on Friday.
CyberArk reported a record $28 million revenue in the third quarter of 2014. This was almost a 70% increase from the $16.9 million reported in the same period one year ago.
CyberArk’s stock has now almost tripled in value since the company first went public back in September going from $16 per share to $44.37 per share. It now has a market cap of $384.16 million.
The firm says that it is the only security company focused on eliminating the most advanced cyber threats; those that use insider privileges to attack the heart of the enterprise. CyberArk proactively secures against cyber threats before attacks can escalate and do irreparable damage. More than 1, 600 global businesses trust CyberArk to protect their highest value assets, enabling them to master audit and IT compliance requirements.
CyberArk predicted that its total revenue for the fourth quarter will be in the range of $26.0 million to $27.0 million which represents 30% to 35% year-over-year growth. Non-GAAP operating income is expected to be in the range of $1.6 million to $2.5 million. Non-GAAP income per share is expected to be in the range of $0.04 to $0.06. This assumes 34.7 million diluted shares outstanding.
For the full Year 2014 it expects total revenue to be in the range of $92.7 million to $93.7 million which represents 40% to 42% year-over-year growth. Non-GAAP operating income is expected to in the range of $13.6 million to $14.5 million. Non-GAAP income per share is expected to be in the range of $0.33 to $0.35. This assumes 30.0 million diluted shares outstanding.
Udi Mokady, CyberArk CEO, said, “We are very pleased with our strong performance in the third quarter, the first quarter we have completed as a public company. Our solid execution, combined with our industry-leading solutions and our profitable, scalable go-to-market model continue to drive our success across the diverse set of customers in our large and under-penetrated available market.”