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Israelis on Wall Street: Cyberark Soars 16% in Two Days

ByEditor

Feb 11, 2024

The trading week on Wall Street ended with a record in the S&P 500 index, which surpassed the 5,000 point mark for the first time, after rising 0.6% in the last two trading days of the week. At the same time, the NASDAQ index strengthened by 1.5% and the Dow Jones index traded in a minor decline.

Even among the Israeli companies traded on Wall Street, there were a number of prominent stocks in the trade. The good reports of Cyberark caused its stock to jump 15.7% in the last two trading days of the week, and the cyber security company added $1.6 billion to its value. The company, founded by the active chairman Udi Mokdi and currently managed by Matt Cohen, is now trading at a record value of 11.8 billion dollars and is the fifth largest Israeli company on Wall Street, after Mobileye, Check Point, Nice and Teva.

Cyberark published reports last Thursday, in which it surpassed analysts’ forecasts both in the revenue line and in the profit line. Revenues in the fourth quarter grew by 31.9% to $223 million, compared to analysts’ forecast of $210 million. In an annual summary, revenues grew by 27% to 752 million dollars.

According to generally accepted accounting rules (GAAP), the net profit in the quarter was 8.9 million dollars and on a Non-GAAP basis a profit was recorded at 38.1 million dollars, which is 81 cents per share, while the analysts expected only 47 cents. In the first quarter, Cyberark expects revenues of 209-215 million dollars, higher than the analysts’ forecast, and the Non-GAAP net profit per share will be 21-31 cents, when the analysts’ forecast is 24 cents. In 2024, the forecast is for a growth of about 23% for revenues of 920-930 million dollars, higher than the analysts’ forecasts, and the net profit per share will be 1.63-1.81 dollars, similar to the forecasts.

American technology company Onds announced its intention to be delisted from trading on the Tel Aviv Stock Exchange, where it has been traded since completing the acquisition of Israeli Aerobotics last year. Ondes reported over the weekend that it intends to be delisted on May 9. As a dual company, the delisting process is relatively easy and includes three months notice in advance. Ondes shares are simultaneously traded on Nasdaq and on Friday its shares rose by 8.4% to a price of $1.42, reflecting a market value of $88 million.

Since it began trading on the Tel Aviv Stock Exchange last January, the stock has fallen by 31.5%. The company, managed by Eric Brock, provides technological solutions for communication and information analysis to government and industrial clients. Another American company, the defense company Leonardo DRS, made a similar move by being delisted from Tel Aviv trading.

Stocks of Stixpay jumped on Thursday and Friday by 17%. The company, which deals in technology for satellite communications, previously received a warning from the New York Stock Exchange that it does not meet the conditions to continue trading on the NYSE American, the trading list of the small companies, but last week it reported that it had received permission from the management of the stock exchange to implement a plan to meet the conditions again, until the end May 2025. Stixpay stated in its announcement that the approved plan is based in part on business and technology developments it anticipates, including future positive reports of new customers and new orders, which it estimates will lead to a higher market value. Even after the jump in the stock, Stixpay’s stock price is less than one dollar, and stands at 43 cents. The price reflects a value of 35 million dollars for the company managed by Nir Barkan. The company was merged into a SPAC in 2022 at a value of $365 million.

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By Editor

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