Do You Have These Cybersecurity Stocks On Your Watchlist Right Now?
Unless you have been living under a rock, you would know that the stock market has been under pressure over the past few months. This is amid worries about inflation and rate hikes. Besides, the ongoing Russia-Ukraine tensions certainly have not helped with sentiments either. Many tech stocks have been retracing to levels that some may deem attractive. It’s worth noting that some of the companies within this space play critical roles in the day-to-day operations of businesses. A prime example would be cybersecurity stocks. Now, why is it so? Well, cybersecurity protects data from theft and damage. After all, as more companies move information to the cloud, they could face more cyber threats.
As such, it would not be surprising that cybersecurity companies like Palo Alto (NASDAQ: PANW) are performing well. PANW stock climbed as much as 7% in pre-market trading today after it announced its fiscal second-quarter financial update. Besides a stronger-than-expected quarterly earnings, the company also provided a robust outlook for 2022. So, with the industry seeing strong demand, beaten down cybersecurity giants such as Crowdstrike (NASDAQ: CRWD) could be worth a look for long-term gains at its current valuation. All in all, it is quite apparent that companies and enterprises will likely continue to rely on cybersecurity services going forward. With that in mind, here are some of the top cybersecurity stocks to watch in the stock market today.
Cybersecurity Stocks To Watch Before March 2022
- SentinelOne Inc (NYSE: S)
- Fortinet Inc (NASDAQ: FTNT)
- Qualys Inc (NASDAQ: QLYS)
SentinelOne
To kick start the list, we will be looking at the cybersecurity company SentinelOne. In detail, the company has developed an artificial intelligence (AI) extended detection and response (XDR) platform to enable autonomous cybersecurity defense. Through its Singularity Platform, it is able to defend against various types of cyberattacks. The platform ingests, correlates, and queries petabytes of structured and unstructured data from a myriad of external and internal sources in real time.
Earlier this month, SentinelOne announced a new integration with Zscaler (NASDAQ: ZS) to simplify enterprise security. The need for an in-depth defense against security challenges is rising by the day. So, this will enable enhanced end-to-end visibility, automated response, and conditional access. Both companies will collaborate to provide advanced threat detection and remediation across networks and cloud applications to keep users, devices, and applications secure.
Furthermore, SentinelOne also recently announced the launch of data analytics solution DataSet. DataSet has the ability to deliver a limitless enterprise data platform for live data queries, analytics, insights, and retention. Again, this is an important development as cybersecurity in today’s world needs split-second autonomous decisions to be effective. Given these exciting developments, would you be paying attention to S stock right now?
Fortinet
Another top cybersecurity company to note would be Fortinet. Essentially, its solutions cater to a variety of organizations that include enterprises, communication service providers, government organizations, and small businesses. Also, its Cloud Security portfolio includes securing applications such as email and Web. In fact, it is available for deployment in public and private cloud environments, including Amazon Web Services, Microsoft Azure, Google Cloud, and many more. Despite trading sideways over the past few months, FTNT stock has still risen by more than 75% over the past year.
Fortinet started the month of February by reporting its fourth-quarter and full-year 2021 financial results. The company continues to impress with its quarterly revenue of $963.6 million, up 29% year-over-year. For the full year, revenue was $3.34 billion, also up by 29% year-over-year. This also marks its third consecutive year with revenue growth of 20% or more. Meanwhile, its free cash flow for the year was a record $1.2 billion for the full year of 2021. As you would expect, its excellent performance is due to increasing demand for its cybersecurity solutions. With the exceptional execution from its sales teams and global operations, the potential for growth over the next few years is still very much intact.
Not to mention, the company recently announced a new Fortinet Firewall. The FortiGate 3000F is the latest Next-Generation Firewall powered by its very own purpose-built NP7 and CP9 security processing units. The new solution is designed to support organizations in building hybrid IT architectures that accelerate digital innovation and fuel business growth. Besides that, it also offers the highest performance figures in the industry with Security Compute Ratings of up to 6x greater connections per second than competitive offerings. All things considered, is FTNT stock a top cybersecurity stock to watch?
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Qualys
Similar to Fortinet, Qualys is a company that provides a cloud-based platform for cybersecurity. It delivers information technology (IT), security, and compliance solutions that enable organizations to identify security risks to their IT infrastructure. Hence, protecting their systems and applications from cyber threats. Now, the company has more than 10,000 subscription customers worldwide in more than 130 countries. Thus, it is understandable why Qualys is often in the discussion of being the cybersecurity provider of the future.
The cybersecurity space is constantly evolving and Qualys is showing every intention to keep up with the latest cybersecurity solutions. Far too often, XDR solutions deliver the data and expect the operator to rationalize it. So, Qualys recently unveiled the latest Context XDR solution and is the industry’s first context-aware XDR. Built on the highly scalable Qualys Cloud Platform, the solution combines native asset and vulnerability risk contexts, network and endpoint telemetry from the company’s sensors. As a result, it will be able to identify threats quickly and reduce alert fatigue.
In addition, Qualys also provided its fourth-quarter and full-year 2021 earnings report this month. The company reported revenue of $109.8 million for the quarter, an increase of 16% compared to the prior year’s quarter. Meanwhile, its GAAP net income was $21.8 million or $0.55 per diluted share. Overall, it was an encouraging quarter to end the year for the company. It is able to advance its go-to-market initiatives, significantly improve platform innovations and carry strong momentum into 2022. With all these in mind, would you be adding QLYS stock to your watchlist?
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