Are These The Best Cybersecurity Stocks To Watch Now?
Cybersecurity stocks have become increasingly popular among stock market investors in recent years. For starters, cybersecurity stocks are related to businesses that provide internet security. In addition, cybersecurity is important because it helps protect people’s information online. As the world becomes increasingly interconnected, the need for strong cybersecurity measures becomes more apparent. Cyberattacks can have a devastating impact on individuals, businesses, and even entire governments. Some of the more popular cybersecurity companies today are Zscaler, Inc. (NASDAQ: ZS), Okta Inc., (NASDAQ: OKTA), and Fortinet Inc.(NASDAQ: FTNT) to name a couple.
There are many different types of cybersecurity businesses, and they all have different ways of providing security. Some businesses make software that helps to protect people’s computers from viruses, while other businesses provide services that help to keep people’s data safe. As a result, cybersecurity stocks can be a good investment because the demand for cybersecurity products and services is expected to grow in the future. With that, here are two top cybersecurity stocks to check out now.
Top Cybersecurity Stocks To Buy [Or Avoid] Now
- CrowdStrike Holdings Inc. (NASDAQ: CRWD)
- Palo Alto Networks Inc. (NASDAQ: PANW)
CrowdStrike Holdings (CRWD Stock)
First, CrowdStrike Holdings Inc. (CRWD) is a cybersecurity technology company based in Sunnyvale, California. The company develops a cloud-based security platform for businesses and organizations to detect, prevent, and respond to cyber threats. Its CrowdStrike Falcon platform uses artificial intelligence (AI) and machine learning to identify malware and unusual activity and provides real-time visibility into what is happening across an organization’s assets. After the market closed on Tuesday, CRWD announced stronger-than-expected second-quarter 2022 financial results.
Diving in, the company reported Q2 2022 earnings per share of $0.36, with revenue of $535.2 million. This is versus wall street analysts’ earnings estimate of $0.27 per share and revenue estimates of $515.5 million. What’s more, the company posted a 58.5% increase in revenue during the same period, in 2021. Moreover, CRWD said it expects third-quarter non-GAAP earnings of $0.30 to $0.32 per share on revenue of $569.1 million to $575.9 million. CrowdStrike also said it projects fiscal 2023 non-GAAP earnings of $1.31 to $1.33 per share, with revenue of $2.223 billion to $2.232 billion.
George Kurtz, CrowdStrike’s co-founder and chief executive officer commented in his letter to shareholders, “As organizations respond to macroeconomic conditions, they are prioritizing investments and looking to standardize with a security partner they can trust to achieve better protection with less time, fewer resources and lower total cost of ownership. Our ability to deliver immediate ROI and consolidate the security and IT stack significantly sets us apart from the competition.” As of Tuesday’s closing bell, shares of CRWD are currently trading at $193.30. Following this strong quarter, will you be watching CRWD stock in the stock market now?
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Palo Alto Networks (PANW Stock)
Next, Palo Alto Networks Inc. (PANW) is an American multinational cybersecurity company with headquarters in Palo Alto, California. The company provides a range of network security products, including next-generation firewalls, advanced endpoint protection, and cloud security.
Just last week, the company announced better-than-estimated 4th quarter 2022 financial results. In detail, Palo Alto posted fourth-quarter earnings per share of $2.39, with revenue of $1.6 billion. For context, analysts’ consensus estimates were earnings per share of $2.30 and revenue of $1.5 billion. What’s more, Palo Alto reported a revenue increase of 27.2% during the same period, the year prior. While its fiscal year 2022 revenue increased 29% year-over-year to $5.5 billion.
On top of that, Palo Alto Networks also announced that its board of directors approved a 3-for-1 stock split. Chairman & CEO of PANW Nikesh Arora stated, “We were pleased by our fourth quarter results, which included GAAP profitability for the first time in four years. Next-Generation Security growth, driven by our rapid pace of innovation and strong sales execution, drove our results. As cybersecurity posture remains critical, our integrated three-platform strategy continues to drive large deal momentum as we consolidate and simplify our customers’ security architectures.” As of Tuesday’s closing bell shares of PANW stock are currently trading at $559.68 per share. Considering this, will you be watching PANW stock right now?
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