CyberArk Is Closest Peer To Rapid7, Says HACK ETF Manager

Rapid7 Inc RPD opened for trading on the NASDAQ on Friday and what a morning it's had. Shares are up more than 60 percent from its IPO price of $16 in the first half-hour of trading.

With offices in the Americas, Europe, the Middle East, Africa and Australia, Rapid7 describes itself as a firm that collects and correlates security data related to "threat exposure" and real-time compromise detection. The company was started in 2000 and serves 30 percent of the Fortune 1000, according to its site.

The stock's current valuation gives it a market valuation just under $1 billion, about half the size of Cyberark Software Ltd CYBR, and much smaller than peers Symantec Corporation SYMC and FireEye Inc FEYE.

Speaking to Benzinga, PureFunds CEO Andrew Chanin said Rapid7's closest comparable peer is CyberArk. The stock has seen volatile trading activity Friday morning, and is up 0.4 percent after Chanin's comments went public.

Related Link: PureFunds CEO On Direction Of Cybersecurity

The PureFunds ISE Cyber Security ETF HACK is flat on the day.

In an interview earlier this month, Chanin said he expects cybersecurity's investment floor to increase as the space receives more exposure. Data-related problems, like the one that plagued the New York Stock Exchange last weeks ago, may also add to the industry's allure. The HACK ETF, Chanin added, is an "immediate tactical play."

CyberArk last traded near the $57 mark on Friday morning. Shares have nearly doubled in the past year.