Cyberark Software Ltd (NASDAQ:CYBR), the company that protects organizations from cyber attacks that have made their way inside the network perimeter, today announced that its Board of Directors and shareholders elected Udi Mokady, CyberArk’s founder and CEO, as Chairman of the Board, effective June 30, 2016.
Mokady will succeed Gadi Tirosh, Managing Partner of Jerusalem Venture Partners (JVP), who will continue to serve on the Board of Directors as Lead Independent Director. David Campbell, Managing Director of Goldman Sachs’ Merchant Banking Division, is stepping down from the Board of Directors for personal reasons.
“Gadi has provided invaluable leadership and guidance since joining the Board in 2011,” stated Mokady. “I look forward to working with him in his new role as we continue to execute our global growth strategy, including capturing greenfield privileged account security market opportunities, and empowering our customers and partners with proactive cyber security solutions.”
As Lead Independent Director, Tirosh will play a key role on the Board by promoting strong independent leadership and maintaining high standards of corporate governance. Tirosh commented, “It was an honor and pleasure to serve as Chairman of CyberArk through its rapid growth and successful Initial Public Offering on NASDAQ. As founder, CEO and a long-standing Board member, Udi brings tremendous experience, strong execution and industry perspective to the role of Chairman. The Board and I are confident that this new structure will continue to provide strong alignment of vision and strategic execution at the Board and Chairman level.”
Mokady continued, “David’s extensive experience and counsel significantly contributed to our success by helping shape the company’s growth strategy while also focusing on profitability. On behalf of the Board and the company, we wish David success in his future endeavors.”
Mokady has served as President and Chief Executive Officer since 2005; prior to that he held the position of Chief Operating Officer. As the company’s co-founder, Mokady helped establish and grow the global privileged account security market. Mokady was previously general counsel at Tadiran Spectralink Ltd., a producer of secure wireless communication systems. Mokady also served in a military intelligence unit in the Israel Defense Forces. Mokady received the New England EY Entrepreneur Of The Year™ 2014 Award in the Technology Security category.
Tirosh has served as a member of the CyberArk Board since June 2011 and as Chairman since July 2013. Tirosh is Managing Partner at JVP, one of the leading international Venture Capital Funds with a strong focus on cyber security investments, as well as an early investor in CyberArk. Previously, Tirosh served as Corporate Vice President of Product Marketing and as a member of the executive committee for NDS Group Ltd. (Original Source)
Shares of CyberArk Software are up 2.25% to $49.46 in pre-market trading. CYBR has a 1-year high of $64.30 and a 1-year low of $31.50. The stock’s 50-day moving average is $45.95 and its 200-day moving average is $42.06.
On the ratings front, CyberArk has been the subject of a number of recent research reports. In a report released today, Barclays analyst Saket Kalia upgraded CYBR to Buy, with a price target of $60, which represents a potential upside of 24.0% from where the stock is currently trading. Separately, on June 29, Summit Research’s Srini Nandury assigned a Buy rating to the stock and has a price target of $55.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Saket Kalia and Srini Nandury have a total average return of -6.1% and -11.1% respectively. Kalia has a success rate of 36% and is ranked #3424 out of 4010 analysts, while Nandury has a success rate of 35% and is ranked #3728.
The street is mostly Bullish on CYBR stock. Out of 8 analysts who cover the stock, 7 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $57.50, which represents a potential upside of 19% from where the stock is currently trading.
CyberArk Software Ltd. engages in the development, market, and sale of software based security solutions for enterprise. Its offers shared technology platform, account security, and sensitive information management solutions.