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            <liveTestFlag>LIVE</liveTestFlag>



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        <issuerInfo>
            <issuerCik>0001598110</issuerCik>
            <issuerName>CYBERARK SOFTWARE LTD.</issuerName>
            <secFileNumber>001-36625</secFileNumber>
            <issuerAddress>
                <ns2:street1>9 Hapsagot St.</ns2:street1>
                <ns2:street2>Park Ofer B, P.O. BOX 3143</ns2:street2>
                <ns2:city>PETACH-TIKVA</ns2:city>
                <ns2:stateOrCountry>L3</ns2:stateOrCountry>
                <ns2:zipCode>4951040</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>97239180000</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>EHUD MOKADY</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Director</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>38th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>3724</noOfUnitsSold>
            <aggregateMarketValue>594967.47</aggregateMarketValue>
            <noOfUnitsOutstanding>41765066</noOfUnitsOutstanding>
            <approxSaleDate>08/15/2023</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>08/15/2023</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1471</amountOfSecuritiesAcquired>
            <paymentDate>08/15/2023</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>08/15/2023</acquiredDate>
            <natureOfAcquisitionTransaction>Performance Shares</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>2253</amountOfSecuritiesAcquired>
            <paymentDate>08/15/2023</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>EHUD MOKADY</name>
                <address>
                    <ns2:street1>9 Hapsagot St.</ns2:street1>
                    <ns2:street2>Park Ofer B, P.O. BOX 3143</ns2:street2>
                    <ns2:city>PETACH-TIKVA</ns2:city>
                    <ns2:stateOrCountry>L3</ns2:stateOrCountry>
                    <ns2:zipCode>4951040</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>07/14/2023</saleDate>
            <amountOfSecuritiesSold>2177</amountOfSecuritiesSold>
            <grossProceeds>353603.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>EHUD MOKADY</name>
                <address>
                    <ns2:street1>9 Hapsagot St.</ns2:street1>
                    <ns2:street2>Park Ofer B, P.O. BOX 3143</ns2:street2>
                    <ns2:city>PETACH-TIKVA</ns2:city>
                    <ns2:stateOrCountry>L3</ns2:stateOrCountry>
                    <ns2:zipCode>4951040</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>07/05/2023</saleDate>
            <amountOfSecuritiesSold>2177</amountOfSecuritiesSold>
            <grossProceeds>341264.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>EHUD MOKADY</name>
                <address>
                    <ns2:street1>9 Hapsagot St.</ns2:street1>
                    <ns2:street2>Park Ofer B, P.O. BOX 3143</ns2:street2>
                    <ns2:city>PETACH-TIKVA</ns2:city>
                    <ns2:stateOrCountry>L3</ns2:stateOrCountry>
                    <ns2:zipCode>4951040</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>06/15/2023</saleDate>
            <amountOfSecuritiesSold>690</amountOfSecuritiesSold>
            <grossProceeds>104245.06</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>EHUD MOKADY</name>
                <address>
                    <ns2:street1>9 Hapsagot St.</ns2:street1>
                    <ns2:street2>Park Ofer B, P.O. BOX 3143</ns2:street2>
                    <ns2:city>PETACH-TIKVA</ns2:city>
                    <ns2:stateOrCountry>L3</ns2:stateOrCountry>
                    <ns2:zipCode>4951040</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>06/14/2023</saleDate>
            <amountOfSecuritiesSold>2177</amountOfSecuritiesSold>
            <grossProceeds>329630.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>EHUD MOKADY</name>
                <address>
                    <ns2:street1>9 Hapsagot St.</ns2:street1>
                    <ns2:street2>Park Ofer B, P.O. BOX 3143</ns2:street2>
                    <ns2:city>PETACH-TIKVA</ns2:city>
                    <ns2:stateOrCountry>L3</ns2:stateOrCountry>
                    <ns2:zipCode>4951040</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>06/05/2023</saleDate>
            <amountOfSecuritiesSold>2177</amountOfSecuritiesSold>
            <grossProceeds>325113.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>EHUD MOKADY</name>
                <address>
                    <ns2:street1>9 Hapsagot St.</ns2:street1>
                    <ns2:street2>Park Ofer B, P.O. BOX 3143</ns2:street2>
                    <ns2:city>PETACH-TIKVA</ns2:city>
                    <ns2:stateOrCountry>L3</ns2:stateOrCountry>
                    <ns2:zipCode>4951040</ns2:zipCode>
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            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>05/19/2023</saleDate>
            <amountOfSecuritiesSold>13076</amountOfSecuritiesSold>
            <grossProceeds>1974007.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>08/15/2023</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Ehud Mokady</signature>
        </noticeSignature>
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144
0001969276
XXXXXXXX
LIVE
0001598110
CYBERARK SOFTWARE LTD.
001-36625
9 Hapsagot St.
Park Ofer B, P.O. BOX 3143
PETACH-TIKVA
L3
4951040
97239180000
EHUD MOKADY
Director
Common
Morgan Stanley Smith Barney LLC
1 New York Plaza
38th Floor
New York
NY
10004
3724
594967.47
41765066
08/15/2023
NASDAQ
Common
08/15/2023
Restricted Stock
Issuer
N
1471
08/15/2023
Not Applicable
Common
08/15/2023
Performance Shares
Issuer
N
2253
08/15/2023
Not Applicable
N
EHUD MOKADY
9 Hapsagot St.
Park Ofer B, P.O. BOX 3143
PETACH-TIKVA
L3
4951040
Common
07/14/2023
2177
353603.00
EHUD MOKADY
9 Hapsagot St.
Park Ofer B, P.O. BOX 3143
PETACH-TIKVA
L3
4951040
Common
07/05/2023
2177
341264.00
EHUD MOKADY
9 Hapsagot St.
Park Ofer B, P.O. BOX 3143
PETACH-TIKVA
L3
4951040
Common
06/15/2023
690
104245.06
EHUD MOKADY
9 Hapsagot St.
Park Ofer B, P.O. BOX 3143
PETACH-TIKVA
L3
4951040
Common
06/14/2023
2177
329630.00
EHUD MOKADY
9 Hapsagot St.
Park Ofer B, P.O. BOX 3143
PETACH-TIKVA
L3
4951040
Common
06/05/2023
2177
325113.00
EHUD MOKADY
9 Hapsagot St.
Park Ofer B, P.O. BOX 3143
PETACH-TIKVA
L3
4951040
Common
05/19/2023
13076
1974007.00
08/15/2023
/s/ Ehud Mokady