With high-profile hackings, from customers’ credit card information lifted from Home Depot and Target sites, to nude celebrity photos snatched from iCloud, demand for state-of-the-art cybersecurity is growing. Mad Money’s top cybersecurity pick has been Palo Alto Networks (PANW), but since the stock has risen 114% in one year, Jim Cramer searched for a solid cybersecurity stock that isn’t so richly valued.
CyberArk (CYBR) had its IPO a few weeks ago, and rose 87% on its first day of trading. Since the recent selloff in stocks, CYBR is down 5%, and it might be worth buying here as a trade on the end of the “quiet period” in late October, when analysts from investment banks can start coverage on the stock; Cramer expects plenty of Buy ratings. For a long-term investment, Cramer cautioned it is best to see how well it does in its first earnings report.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
CyberArk has proprietary technology that concentrates on cutting off access to hackers once they have made security breaches. It tracks closely privileged accounts that contain a gold mine of business data and are the “holy grail” for cyber criminals. It contains multiple layers of security protection and can stop those who have already gained illegal access in their tracks. The company has seen revenues grow by 33%, and while not cheap, is less expensive than Palo Alto.
