NEW YORK (TheStreet) -- CyberArk Software (CYBR) - Get Report shares are up 6% Monday after an upgrade to buy from hold. Deutsche Bank analyst Karl Keirstead assigned a price target of $65 and called the recent selloff overdone. 

While cyber security is one of the fastest-growing segments in software, it hasn't been immune to the recent selloff, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, noted on CNBC's "Stop Trading" segment. 

CyberArk Software is no exception, with shares still down nearly 35% from their recent highs. But while the stock has struggled, he said CyberArk Software is still one of the best plays in the cyber security industry. 


CyberArk Software CYBR data by YCharts

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There are a lot of stocks that are, technically speaking, in a bear market, Cramer said. Bear markets, generally described as a stock that's down 20% or more, has wreaked havoc on the broader markets. 

So is it fair to say the overall market is in a bear market? Not to Cramer. He says there are still buying opportunities, but investors need to more specific and use more care than in previous years. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.