CyberArk Software Catches Institutional Attention: TREMBLANT's $29 Million Bet on Cybersecurity Leader

The Investment Move

TREMBLANT CAPITAL GROUP established a fresh stake in CyberArk Software Ltd. (NASDAQ:CYBR), accumulating 60,201 shares valued at approximately $29.09 million as of September 30, 2025. According to SEC disclosures filed on November 14, 2025, this position represents 3% of the fund’s $968.95 million in reportable domestic equities, immediately becoming the group’s 14th most significant holding.

Why CyberArk Caught the Institutional Eye

CyberArk Software stands as a dominant force in the identity security and privileged access management space. The company’s comprehensive portfolio spans privileged access management, identity security architecture, endpoint privilege controls, and cloud entitlement solutions. Revenue streams flow primarily through software licensing agreements, subscription-based SaaS models, and ongoing maintenance services, delivered via both direct channels and a sprawling partner ecosystem.

The firm’s market reach extends across financial services, healthcare, manufacturing, energy, retail, technology, telecommunications, and government sectors worldwide. As organizations worldwide prioritize infrastructure protection and data safeguarding, CyberArk’s adaptive authentication and cloud-native security solutions position it strategically within a rapidly evolving threat landscape.

Market Performance and Valuation Context

As of November 13, 2025, CyberArk’s stock traded at $487.29, representing a robust 67.1% annual climb that outpaced the S&P 500 by 49.43 percentage points. The company maintains a market capitalization of $24.60 billion, with trailing twelve-month revenues reaching $1.30 billion, though net income stands at -$226.92 million.

Trading at a price-to-sales multiple of 17, the valuation reflects market confidence in the cybersecurity sector’s growth trajectory, though it’s hardly a bargain metric.

Portfolio Context and Strategic Implications

TREMBLANT’s Q3 2025 activity reveals aggressive capital deployment. The CyberArk purchase represented the fund’s largest single transaction that quarter, surpassing the $26.3 million Chipotle investment and the $20.5 million Warner Bros. Discovery addition. Following the closure of seven positions earlier in the quarter, the fund maintained substantial dry powder for strategic acquisitions.

Notably, Palo Alto Networks announced acquisition plans for CyberArk in July 2025. Whether this pending transaction influenced TREMBLANT’s conviction remains unclear. The investment thesis could potentially benefit if regulatory approval proceeds, though deal uncertainty adds an element to consider.

Portfolio Composition Snapshot

CyberArk slots into TREMBLANT’s 39-stock portfolio alongside a heavy concentration in technology and consumer sectors:

• Warner Bros. Discovery (NASDAQ:WBD): $59.30 million (6.12% of AUM)
• Grab Holdings (NASDAQ:GRAB): $57.59 million (5.94% of AUM)
• DoorDash (NASDAQ:DASH): $53.59 million (5.53% of AUM)
• Spotify Technology (NYSE:SPOT): $52.23 million (5.39% of AUM)
• TKO Group Holdings (NYSE:TKO): $50.39 million (5.20% of AUM)

The CyberArk entry maintains stylistic consistency with TREMBLANT’s established investment preferences, tilting toward growth-oriented, digitally-native enterprises.

The Bottom Line

TREMBLANT’s entrance into CyberArk reflects confidence in cybersecurity fundamentals and the company’s market positioning. While valuation multiples aren’t modest, the criticality of identity security infrastructure and potential strategic developments make this a calculated bet. Whether the position ultimately validates depends partly on macroeconomic conditions, deal closure timing, and CyberArk’s ability to sustain growth momentum amid competitive pressures.