NEW YORK (TheStreet) -- Cyberark Software (CYBR) shares are up 0.12% to $73.98 in afternoon trading on Thursday after the company was mentioned in an analyst note from Merrill Lynch today in which they raised the price targets for multiple cyber security companies.
Analysts at the firm raised the company's price target to $80 from $70 as the firm sees the company growing revenue at a 25% annual rate over the next several years.
Cyberark supplies security for about 35% of the Fortune 100, and 17 of the world's top 20 banks.
Merrill Lynch expects cyber security to become a rapidly growing market as new high profile hacking scandals have become more frequent in recent months.
Insight From TheStreet Research Team:
Cyberark is the James Deporre's pick for the stock of the week and Real Money Pro's Robert Lang believes that FierEye (FEYE) and Cyberark are some of the best bets in the sector.
Here is what Bob Lang had to say:
Cybersecurity has become big business. Every week, it seems we are hearing about some breach of important data files by some hacker threatening to steal information that could cost someone many millions of dollars. In fact, last week we heard of not one but two such intrusions into Federal employee files. If it's easy for the government to be victimized then really anyone or anything is vulnerable.
FireEye and others in this group like CyberArk and Palo Alto Networks are all the rage this year, as they are the perceived victors of investment by companies in their own protection. As it relates to the charts, the market believes it as well. FireEye is well off its all-time highs, but is at yearly highs in this very sloppy and choppy market, which is quite the feat. This is a stock that has potential for growth but is just in the proving stages.