CyberArk Software Ltd. (CYBR), a global software-based IT security solutions yesterday reported their preliminary second quarter 2017 financial results.
CyberArk reported that they expect second quarter revenues to be in between $57 to $57.5 million which is down from previous guidance of $61 to $62 million.
CyberArk Software Ltd. CEO’s Comments
“We are disappointed that our results for the second quarter will be below the guidance we provided in May,” said Udi Mokady, CyberArk Chairman and CEO. “The primary reason for our revenue shortfall was our performance in EMEA, where certain deals that we anticipated would close did not close by the end of the quarter. We are actively working to determine and implement the appropriate steps to improve execution, drive stronger results and enhance visibility into our EMEA performance.”
“There were a number of positive trends in the quarter. The Americas and APJ continued to grow, our pipeline expanded and market fundamentals for privileged account security across all geographies continued to be robust. We believe that our significant greenfield opportunity, leadership position in the market, and strategy will deliver long term value to our shareholders,” concluded Mokady. Business Wire
CYBR Technical Analysis
CYBR opened trading yesterday at $50.30 which was down from the previous day’s trading close of $50.44. CYBR closed trading yesterday at $51.00 and spiked down after market to $42.40, equivalent to a 17% decrease from the closing price. Taking a look at the daily chart we can see the last time CYBR traded below these levels we have to go back to May 23rd, 2016 when it traded at $42.18.
Taking a closer look at the daily chart we can see that before the spike down CYBR had been in an overall upward trend dating back to May 22nd when it traded at $46.41. CYBR has a float of 28.09 million shares and traded below the normal daily trading volume on Thursday.
