Maven Securities Dives Into Cybersecurity With 15,000 CyberArk Software Shares. Was It an Arbitrage Play?
Key Points
Maven Securities bought 15,000 shares of CyberArk Software Ltd for an estimated value of $6.5 million.
The transaction represents 1.45% of 13F reportable assets under management.
The 15,000 share stake was valued at $7.25 million as of Sept. 30.
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What happened
According to a Nov. 20, 2025 SEC filing, Maven Securities initiated a new equity stake in CyberArk Software Ltd. (NASDAQ:CYBR) by adding 15,000 shares. The estimated value of the position is approximately $6.5 million, based on the average share price in Q3.
What else to know
This new position represents 1.5% of Maven's reportable assets under management, outside its top five holdings.
Top equity (non-options) holdings after the filing:
- Tesla: $42.1 million (8.4% of AUM)
- Financial Select Sector SPDR Fund: $35.6 million (7.1% of AUM)
- Consumer Discretionary Select Sector SPDR Fund: $28.6 million (5.7% of AUM)
- Alphabet: $26 million(5.2% of AUM)
- ARK Innovation ETF: $25.3 million (5.1% of AUM)
As of Nov. 19, 2025, shares of CyberArk Software Ltd. were priced at $475.67, up 51% over the past year, outperforming the S&P 500 by 43 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.30 billion |
| Net Income (TTM) | ($227 million) |
| Price (as of market close 11/19/25) | $475.67 |
| One-Year Price Change | 51.01% |
Company Snapshot
- CyberArk provides privileged access management, endpoint security, cloud entitlements, and identity management solutions, delivered as both on-premises and SaaS offerings.
- The company generates revenue primarily through software licensing, subscription-based SaaS, and maintenance and support services.
- Its core customers include enterprises in financial services, healthcare, manufacturing, energy, and government sectors seeking advanced cybersecurity and identity protection.
CyberArk Software Ltd. is a leading provider of privileged access management and identity security solutions, serving a global enterprise client base. The company leverages a broad portfolio of security products to address evolving threats across cloud and hybrid environments.
Foolish take
Maven Securities' purchase of CyberArk Software shares came at an interesting time. On July 30, the company announced it entered into an agreement to be acquired by fellow cybersecurity firm Palo Alto Networks. It was announced last week that CyberArk shareholders approved the deal.
Maven's transaction could have been an arbitrage play. The deal valued CyberArk at $25 billion when the company was trading at a $22 billion valuation at the time of the announced deal.
CyberArk shares did, in fact, march higher to beyond the $25 billion market cap valuation in Q3. A general sell-off in tech stocks has since brought it back down to near where it was trading in late July.
Investors won't know if Maven took the quick gains, selling out of the stock after it achieved the deal's valuation, until it files another Form 13F showing Q4 holdings. It may have successfully boosted returns with a successful arbitrage play and moved on.
Glossary
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
13F Reportable Assets: U.S. securities that institutional investment managers must disclose in quarterly SEC filings if they exceed a certain threshold.
Position: The amount of a particular security or asset held in a portfolio by an investor or fund.
Stake: The ownership interest or share held in a company by an investor or institution.
Holdings: The individual securities or assets owned within an investment portfolio.
Privileged Access Management: Security solutions that control and monitor access to critical systems by users with elevated permissions.
Endpoint Security: Protection of devices like computers and smartphones from cyber threats and unauthorized access.
Cloud Entitlements: Permissions and access rights assigned to users or applications within cloud computing environments.
SaaS (Software as a Service): Software delivered online via subscription, accessed through a web browser rather than installed locally.
Subscription-based SaaS: A business model where customers pay recurring fees to use cloud-hosted software.
TTM: The 12-month period ending with the most recent quarterly report.
Outperforming: Achieving better returns or growth than a benchmark, such as the S&P 500 index.
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Howard Smith has positions in Alphabet and Tesla. The Motley Fool has positions in and recommends Alphabet and Tesla. The Motley Fool recommends Palo Alto Networks. The Motley Fool has a disclosure policy.
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