Record S&P 500 Mark Surpassed as Cyberark and Onds Shine on Wall Street

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

The 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. Meanwhile, the NASDAQ index strengthened by 1.5%, while the Dow Jones index traded in a minor decline.

Among Israeli companies traded on Wall Street, Cyberark stood out as one of the most prominent stocks during this week. Its stock jumped 15.7% in the last two trading days following good reports that it surpassed analysts’ forecasts both in revenue and profit lines. Revenues for the fourth quarter grew by 31.9% to $223 million, compared to analysts’ forecasts of $210 million, with net profit recorded at $8.9 million on a GAAP basis and $38.1 million on a non-GAAP basis, or 81 cents per share, which was higher than analysts expected (47 cents). Looking forward to Q1 2023, Cyberark expects revenues of $209-215 million with Non-GAAP net profit per share ranging from $21-31 cents (compared to analysts’ forecast of $24 cents). In 2024, Cyberark projects growth of about 23% for revenues between $920-930 million dollars with net profit per share ranging from $1.63-$1.81 dollars (similar to analysts’ forecasts).

Another notable event during this trading week was Onds’ announcement that it intends to be delisted from trading on the Tel Aviv Stock Exchange (TASE) on May 9th due to being a dual company listed both there and Nasdaq. As an American technology company that completed an acquisition of Israeli Aerobotics last year and has been trading on TASE since January, Ondes saw its stock fall by over 31% since its listing date despite rising by almost 8% over the weekend reflecting a market value of $88 million after being delisted from TASE trading will be relatively straightforward and includes three months notice given in advance before any official decision is made

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