Cybersecurity stocks remain one of the most bullish industries in the stock market today. Due to the pandemic, many companies are gearing towards a hybrid workforce. More people are now working from home but companies are well aware of the risk of such settings. From company assets to personal data, the number of viable targets for cyberattacks has and continues to increase significantly. Thus, the importance of cybersecurity has been highlighted repeatedly.
On top of that, we are also witnessing online transactions being made more than ever and one on the rise would be cryptocurrencies. Cloudflare’s (NYSE: NET) CEO, Matthew Prince believes that with the rising popularity of cryptocurrencies, they have become popular targets for cybercriminals. After all, it makes sense for cybercriminals to follow the money. So, it would be an understatement to say that cybersecurity is a priority for many companies right now. Given these thoughts, would a list of the top four cybersecurity stocks in the stock market today garner your interest?Best Cybersecurity Stocks To Buy [Or Sell] This Week
- Zscaler Inc (NASDAQ: ZS)
- Radware Ltd (NASDAQ: RDWR)
- Crowdstrike Holdings Inc (NASDAQ: CRWD)
- Fortinet Inc (NASDAQ: FTNT)
Zscaler is a company that focuses on providing a cloud security platform that is designed on a zero-trust architecture. Its architecture allows users and devices to safely access authorized applications and services in the cloud. Zscaler’s security and user experience solutions are purpose-built on a multi-tenant, distributed cloud exchange that secures access for users and devices to applications and services, regardless of location.
Last Friday, the leading cloud security company announced its fiscal fourth-quarter earnings report. The company posted yet another impressive result with a record number of large deals across diverse sectors. Zscaler posted revenue of $197.1 million, an increase of 57% year-over-year. In addition, its calculated billings growth was $332.2 million, up 70% compared to the prior year’s quarter. With this, the company ended the fiscal year with strong business momentum.
It is noteworthy that the company was selected by Schmitz Cargobull AG to protect its users, applications, and workloads for 5,800 of its employees worldwide. Zscaler will act as the foundation of Schmitz’s overall digitalization and transformation initiative to modernize the company’s IT security infrastructure. Also, Schmitz will gain a multilayered security approach and encrypted traffic inspection to protect against fast-moving threats. With these exciting developments, would you consider adding ZS stock to your portfolio?Source: TD Ameritrade TOS
Following that, we have the provider of cyber security and application delivery solutions company, Radware. The company’s solutions incorporate Distributed Denial of Service protection, Web application firewall (WAF), and Application Delivery Controllers (ADC) technologies to enable its customers to provide cyber-attack mitigation solutions for a range of applications. RDWR stock has risen more than 30% since the start of the year.
According to CNBC, Radware is in talks to sell itself to private equity firm Siris Capital. As cyber threats are increasing by the day, private equity firms have become increasingly interested in cybersecurity companies as well. Although the deal is not confirmed and talks may still fall apart, there are reasons to be optimistic about the potential deal.
Furthermore, the company has recently partnered with Azion, a global leader in edge computing in Brazil. This partnership will strengthen Radware’s global presence as well as offer Azion customers Radware’s Bot Manager solution. With the increase in cyber threats today along with the acceleration of digital transformation, Radware’s offerings would help its customers to prevent malicious bot attacks across multiple platforms. All things considered, would it be a good time to buy RDWR stock?Source: TD Ameritrade TOS CrowdStrike Holdings
CrowdStrike Holdings is another big name to consider in the cybersecurity market today. For the most part, organizations and investors alike would be familiar with the company’s industry-leading offerings. In detail, CrowdStrike provides artificial intelligence (AI)-powered cybersecurity solutions. This ranges from its cloud workload and endpoint security services to its proactive threat intelligence offerings.
Notably, the company provides all of these services to organizations across the globe. Like most of its industry peers, CRWD stock has skyrocketed in value since its pandemic era low. Evidently, the company’s shares are looking at massive gains of over 500% since then. Now, the real question is, is CRWD stock worth buying at its current price point?
Well, with the ongoing rise in both high-profile and day-to-day cybercrimes CrowdStrikes offerings would likely remain in demand. On one hand, the company posted a total revenue of $337.69 million in its most recent quarter. That marked a solid 69% year-over-year increase. On the other hand, CrowdStrike recently revealed that it is now working with Nihon Kohden, a Tokyo-based medical device manufacturer. Given all of this, would CRWD stock be a top pick in the stock market for you?Source: TD Ameritrade TOS Fortinet
Last but not least, we will be taking a look at Fortinet. Essentially, the California-based company develops and sells cybersecurity solutions. The likes of which mainly include a wide array of firewalls and software services. All of this is available to Fortinet customers via the company’s Fortinet Security Fabric platform. Through this platform, Fortinet delivers broad, integrated, and automated protections across the entire digital attack surface.
Put simply, the company’s wares cover critical devices throughout digital environments ranging from the data center to the cloud and even home offices. As such, it would not surprise me to see investors keeping a close eye on FTNT stock now. If anything, this appears to be the case as FTNT stock has already doubled in value just this year. Despite its current momentum, the company is certainly not resting on its laurels.
Just yesterday, Fortinet unveiled a groundbreaking enterprise software solution. Via its joint venture with networking hardware firm Linksys, the company delivered a first-of-its-kind secure enterprise solution. Through the solution known as HomeWRK, enterprises can provide employees with an easy-to-deploy at-home solution that establishes both corporate and personal networks. With Fortinet looking to enable IT teams, regardless of size, throughout the current pandemic, will you be investing in FTNT stock?Source: TD Ameritrade TOS