Cyberark Software (CYBR) Stock Is the 'Chart of the Day'

NEW YORK (TheStreet) -- Shares of Cyberark Software (CYBR) were gaining, up 6.2% to $70.35 on heavy volume in midday trading Monday, after TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio recommended the cyber security name for investors last Friday, as hacking and cybersecurity make headlines.

Last Thursday, U.S. officials revealed a data breach may have leaked personal information of roughly 4 million current and formal federal workers after hackers got into government computers, according to Reuters.

The Office of Personnel Management first discovered the cyber attack in April.

The Department of Homeland Security said it concluded that the agency's data had been compromised in early May, Reuters added.

Similarly, shares of FireEye (FEYE) are up 1.47% to $51.78, while Palo Alto Networks (PANW) stock is climbing 0.55% to $174.55 today.

About 3.31 million shares have changed hands as of 11:57 a.m. ET today, compared to its average trading volume of about 1.74 million shares a day.

Israel-based Cyberark Software provides information technology security solutions that protect organizations from cyber attacks. The company also provides enterprise class integration for devices, networks, applications, and servers.

CyberArk focuses on privileged account security. The company's technology is deployed worldwide primarily in the financial services, energy, retail, and healthcare markets.

Insight from TheStreet's Research Team:

Bryan Ashenberg and Bob Lang have identified Cyberark as the TrifectaStocks.com Chart of the Day. Here is what Ashenberg and Lang had to say about the stock's chart:

As we research for the Trifecta Stocks portfolio we look at hundreds of stocks. While only a few meet our requirements for addition to the portfolio, we come across many interesting technical opportunities in a host of names.

In response to subscribers' requests, we will be sharing a Chart of the Day. While these stocks may not be in the Trifecta portfolio, we hope this technical analysis will provide you with more value. But we are not recommending any investor action.

Cybersecurity has never been more important to corporations and the government. Just last Friday, another data breach was reported, when hackers managed to steal personal records from more than four million accounts held on government computers at the Office of Personnel Management. The news sent cybersecurity stocks like Cyberark Software (CYBR) soaring.

Cyberark's chart shows nice consolidation and a pullback from the highs reached in February (that was an amazing run!). Those levels were nearly matched in early May. The 15% pullback seems normal and necessary after such a strong move upward (more than a 100% run in a month, earlier in the year).

The stock consolidated in a tight range and broke the triangle to the upside, and we could see this continue higher. The Moving Average Convergence Divergence is about to cross and the %R says there is more room. With the stock just 5% off the all-time highs, it seems a run higher toward $70 is next.

DISCLOSURE: Trifecta Stocks has no position in CYBR. This Alert is a technical analysis of the company's chart, and we are not taking any action in the stock at this time.

- Bryan Ashenberg and Bob Lang, "Chart of the Day: CYBR," originally published 6/8/15 on TrifectaStocks.com

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