Shares of identity security solutions provider CyberArk (NASDAQ:CYBR) are soaring higher today after its second-quarter revenue rose 23.5% year-over-year to $175.8 million. Additionally, EPS of $0.03 landed well past estimates of -$0.13 for the quarter.
On the back of a healthy demand for its identity security platform, the company clocked a 77% jump in subscription ARR to $451 million. Further, the total ARR rose by 40% to $653 million. During the quarter, while subscription revenue jumped by 61% to $106.2 million, Maintenance and professional services revenue declined marginally to $64.6 million.
Looking ahead, for the third quarter, the company sees revenue landing between $181.5 million and $186.5 million alongside EPS in the range of $0.19 to $0.27. For full-year 2023, revenue is anticipated between $726 million and $736 million, pointing to a 23% to 24% jump over the prior year. EPS is expected between $0.44 and $0.63.
Additionally, ARR at the end of the year is expected to be in the range of $743 million to $753 million, implying an increase of 30% to 32% from the previous year.
Overall, the Street has a $178.28 consensus price target on CYBR alongside a Strong Buy consensus rating. Shares of the company have now climbed nearly 13.5% so far this year.
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