Sun Sep 15 12:00:57 UTC 2024: ## State of New Jersey Pension Fund Cuts Stake in CyberArk Software

**[City, State] –** The State of New Jersey Common Pension Fund D has reduced its holdings in CyberArk Software Ltd. (NASDAQ:CYBR) by 37% during the second quarter, according to a recent 13F filing with the Securities and Exchange Commission. The fund now owns 36,889 shares of the technology company, valued at $10,086,000.

The news comes as several other hedge funds have adjusted their positions in CyberArk Software. Notably, Geneos Wealth Management Inc. increased its holdings by 64.7%, while Congress Asset Management Co. MA lifted its position by 29.3%. Meanwhile, Contour Asset Management LLC acquired a new stake in the company, and Russell Investments Group Ltd. grew its holdings by 58.3%.

CyberArk Software, a leading provider of identity security solutions, has seen its stock fluctuate in recent months. Shares opened at $271.53 on Friday, with a market capitalization of $11.47 billion. Despite a decline in price, analysts remain optimistic about the company’s prospects.

Guggenheim reiterated a “buy” rating and set a $300.00 price target, while Susquehanna lifted its target price from $310.00 to $320.00. Robert W. Baird also increased its price target to $315.00.

Overall, analysts have given CyberArk Software an average rating of “Moderate Buy” with a consensus target price of $290.83.

The State of New Jersey Common Pension Fund D’s decision to reduce its stake in CyberArk Software may reflect a broader strategy or specific market conditions. However, the continued positive outlook from analysts suggests that the company’s growth potential remains strong.

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