What happened

Shares of CyberArk Software Ltd. (NASDAQ:CYBR) jumped 11.1% in November, according to data provided by S&P Global Market Intelligence, after the cybersecurity company's third-quarter earnings report surpassed analysts' estimates for both CyberArk's top and bottom lines.

So what

Revenue increased 18% year over year to $64.8 million, which was higher than Wall Street's expectations of $63 million. CyberArk also outpaced analysts' consensus earnings estimate of $0.19 per share and instead had non-GAAP earnings of $0.25 per share.

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Part of the growth in the quarter came from CyberArk's ability to grow both new and existing customers. The company's CEO Udi Mokady said in a statement that, "Our results were driven by both new and add-on business. We are making early progress executing our strategy to globalize the sales organization, which we believe will position us to capitalize on the long term opportunity for Privileged Account Security."

Investors were clearly pleased that CyberArk ended the quarter with 3,450 customers and also the fact that the company had the largest number of seven-figure new business customers in its history.

Now what

The company expects revenue to be between $75 million and $76 million in the fourth quarter, which would be an 18% year-over-year jump at the high end of guidance. CyberArk's management also expects non-GAAP earnings per share between $0.35 and $0.36.

CyberArk's ability to add new customers is clearly paying off considering the company's growth in the quarter, but CyberArk's shares are still down nearly 9% over the past 12 months. The company will have to put up a few more strong quarters before some investors will be truly pleased with November's gains.

Chris Neiger has no position in any of the stocks mentioned. The Motley Fool recommends CyberArk Software. The Motley Fool has a disclosure policy.