NEW YORK (TheStreet) -- Shares of CyberArk Software (CYBR) - Get Report were falling 5.9% to $52.30 on heavy trading volume Thursday after the business software company priced the 4 million ordinary shares sold by shareholders in a secondary offering.

CyberArk Software priced the 4 million ordinary shares in the secondary offering at $51 a share. The underwriters of the offering have a 30-day option to buy up to 600,000 ordinary shares at the offering price.

The business software company will not receive any proceeds from the secondary offering, as all of the shares in the secondary offering are being sold by CyberArk Software shareholders.

About 4.6 million shares of CyberArk Software were traded by 10:21 a.m. Thursday, above the average trading volume of about 1.5 million shares a day.

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