CyberArk Software Ltd. CYBR reported healthy fourth-quarter 2019 results, wherein both top and bottom lines beat estimates. Non-GAAP earnings per share of 97 cents surpassed the Zacks Consensus Estimate by 21.3%. The bottom line was also higher than the year-ago quarter’s 89 cents.CyberArk’s revenues grew 19% year over year to $129.7 million and beat the consensus mark of $126 million.Strong revenue growth across all geographical regions augmented the top line. Moreover, an expanding customer base was a tailwind.Increasing demand for privileged access security on the back of digital transformation and cloud migration strategies was a key growth driver. Moreover, strong demand across all verticals, particularly government, healthcare, IT services, media and pharmaceuticals (each grew more than 40%), boosted revenues.CyberArk Software Ltd. Price, Consensus and EPS Surprise CyberArk Software Ltd. price-consensus-eps-surprise-chart | CyberArk Software Ltd. QuoteQuarter DetailsSegment-wise, License revenues (59% of total revenues) increased 15% year over year to $76.5 million, primarily driven by new businesses in the Americas, and the Asia Pacific and Japan (APJ) region.The company’s products, Application Access Manager and Endpoint Privilege Manager, represented nearly 11% and 7% of license revenues, respectively.Maintenance and Professional Services (41%) revenues rose 26% to $53.1 million. Within the segment, professional services revenues came in at $9.3 million, representing 7% of total revenues.The company witnessed top-line growth in every region. On a year-over-year basis, revenues of $71.1 million from the Americas increased 17%. Revenues of $12.6 million from the APJ jumped 94%. EMEA revenues of $45.9 million rose 10%.CyberArk’s new SaaS solutions — CyberArk Privilege Cloud and Alero — are also witnessing significant growth.CyberArk ended the quarter with more than 5,300 customers, adding around 300 new logos.The company’s advisory, value-added reseller and technology partner ecosystem contributed more than 50% of revenues from the indirect channel.The company continued hiring and ended the quarter with 1,380 employees worldwide.Operating ResultsCyberArk’s non-GAAP gross profit was $115.6 million, representing year-over-year growth of 17.7%. Gross margin contracted 90 basis points (bps) to 89.1%.The company reported non-GAAP operating income of $42.1 million compared with $39.8 million in the year-ago quarter. Non-GAAP operating margin contracted 406 bps to 32.5%, partly due to continued investments in cloud infrastructure deployments.Balance Sheet & Cash FlowCyberArk exited the quarter with cash, cash equivalents, short-term deposits and marketable securities of approximately $1.1 billion, up from $555.1 million at the end of the previous quarter. The company’s balance sheet does not show any long-term debt.The company’s cash flow generated from operations was approximately $141.7 million, as of Dec 31, 2019, up from $88.6 million sequentially.2019 HighlightsFor the full year, CyberArk reported revenues of $433.9 million, up 26% year over year.License, and Maintenance and Professional Services revenues rose 24% and 30% year over year, respectively.Non-GAAP earnings of $2.77 per share were higher than the year-ago quarter’s earnings of $2.06.GuidanceFor 2020, CyberArk anticipates revenues of $511-$519 million, up from $419-$423 million, indicating 19% year-over-year growth at midpoint ($515 million).Expenses are expected to grow 30% during the year.Non-GAAP earnings per share for 2020 are expected in the $2.26-$2.38 band.For the first quarter of 2020, CyberArk estimates revenues of $125-$127 million, implying 15-16% year-over-year growth.Non-GAAP operating income is expected in a band of $38.5-$40 million. The company projects non-GAAP earnings in the 78-82 cents range.A difficult year-over-year comparison in the first quarter, particularly in the Americas and the APJ, is expected to be an overhang.An impact of $3 million is expected on the company’s top line in the first quarter due to an unfavorable mix of perpetual and SaaS business.CyberArk typically experiences a sequential revenue decline in the first quarter, moderate sequential growth in the second and third quarters, and highest revenues in the fourth quarter.Zacks Rank & Stocks to ConsiderThe company currently carries a Zacks Rank #3 (Hold).A few better-ranked stocks in the broader technology sector are CEVA, Inc. CEVA, SYNNEX SNX and Silicon Motion Technology Corporation SIMO, all sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Long-term earnings growth rate for CEVA, SYNNEX and Silicon Motion is currently pegged at 20%, 10.37% and 7%, respectively.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SYNNEX Corporation (SNX): Free Stock Analysis Report Silicon Motion Technology Corporation (SIMO): Free Stock Analysis Report CEVA, Inc. (CEVA): Free Stock Analysis Report CyberArk Software Ltd. (CYBR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research