Why CyberArk Software Stock Jumped 18% in January
What happened
Shares of CyberArk Software (NASDAQ: CYBR) leapt 18.4% last month, according to data provided by S&P Global Market Intelligence. The move furthered a sharp rise in the cybersecurity leader's stock price following its strong third-quarter earnings report.
So what
CyberArk crushed Wall Street's earnings estimates when it reported its Q3 financial results in November. The cybersecurity star saw its revenue climb 31% year over year to $84.7 million. That helped to drive a 100% increase in adjusted net income to $17.8 million, and a 92% rise in adjusted earnings per share to $0.48.
"We exceeded our financial outlook across all guided metrics, while generating record revenue and non-GAAP operating income in the third quarter," chairman and CEO Udi Mokady said in a press release.
CyberArk also boosted its full-year revenue and earnings forecast. The company now expects total revenue to grow 26% to as much as $330.4 million in 2018. Adjusted earnings per share, meanwhile, are projected to come in between $1.75 and $1.77.
Now what
With shares up another 2% so far in February, CyberArk's stock is now up more than 100% over the past year. Whether these impressive gains continue will likely be determined by the quality of CyberArk fourth-quarter financial results, which are scheduled to be released on Feb. 14.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends CyberArk Software. The Motley Fool has a disclosure policy.