Analysts see this as the time to buy, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
The bank's analysts initiated coverage on the stock with a buy rating and $60 price target.
The cybersecurity industry has been a "great growth" group, Cramer said, but the trade has "cooled off" in recent weeks.
Perhaps this will be the catalyst to help turn things around.
Bank of America/Merrill Lynch analysts didn't stop at CyberArk Software, as they also issued a positive research report on Yahoo! (YHOO) .
This is important, because of the catalysts that the analysts cited, Cramer said.
They are looking at Tumblr becoming a much more relevant platform for Yahoo!, one which could drive growth next year.
The analysts maintained their buy rating and $66 price target on Yahoo!.
Finally, Cramer touched on biotechnology stocks, which are in the midst of a pullback. The iShares Nasdaq Biotech ETF is down 1.6% Monday, after falling as much as 2.5% in early trading.
"Expect it, live with it, we'll come out of it," Cramer said of the sector's impending correction.
At the time of publication, Cramer's Action Alerts PLUS had no position in the companies mentioned.