Best Cybersecurity Stocks To Buy Right Now? 3 In Focus

Given all the recent cyberattacks across the globe, could these cybersecurity companies be safe bets now?
Best Cybersecurity Stocks To Buy Right Now? 3 In Focus
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Should Investors Be Watching These Top Cybersecurity Stocks Right Now?

With investors on the lookout for inflation data this week, most tech stocks in the stock market today would be in focus. Namely, one sector to possibly watch now would be cybersecurity stocks. This would be the case given the rapid rise in ransomware and digital attacks on systems across the globe. Now, cybersecurity services are in demand more than ever as most organizations across industries go digital. Because of this, cybersecurity stocks could continue to ride their pandemic-fueled tailwinds.

For one thing, there are no shortages of new attacks to refer to. Earlier today, there was an update on the recent JBS (OTCMKTS: JBSAY) ransomware attack. According to JBS, an $11 million ransom was paid to the hackers. Notably, this is more than double of what the Colonial Pipeline company paid in ransom last month. As more critical infrastructure appears to be in cybercriminals’ sights now, most would be turning to cybersecurity companies now. Likewise, I could see investors looking for the top cybersecurity stocks in the stock market now as well.

Even now, institutional investors remain optimistic about the industry. Just this morning, investment banking firm Credit Suisse provided a rosy update on F5 Networks (NASDAQ: FFIV). The firm hit FFIV stock with an Outperform rating and a price target of $235. Elsewhere, CrowdStrike (NASDAQ: CRWD) CEO George Kurtz set the current stage for cybersecurity services today. In an interview with CNBC’s Jim Cramer, Kurtz said, “When we think about all the small businesses, all the large enterprises, there isn’t anyone in this world who doesn’t need cybersecurity.” With all this in mind, here are three cybersecurity stocks to consider now.

Cybersecurity Stocks To Watch This Week

Palantir Technologies Inc.

To begin with, Palantir is a cybersecurity company that specializes in big data analytics and security. In short, the company helps institutions to utilize their data to make the best decisions for safety, stability, and prosperity. Palantir will allow organizations to integrate their data, decisions, and their operations into one platform. It also plays a vital role in preserving the fundamental principles of privacy and civil liberties when using company data.

On Tuesday, the company announced that the U.S. Centers for Disease Control and Prevention (CDC) renewed its partnership with Palantir. The $7.4 million one-year contract will have Palantir continue to provide an outbreak response and disease surveillance solution for the Data Collation and Integration for Public Health Event Response (DCIPHER) Program. DCIPHER is designed to assist public health experts in routine disease surveillance and outbreak management for real-time events. In retrospect, Palantir’s software is versatile and has a wide array of applications.

Late in May, the company was awarded $111 million in contracts to provide a mission control platform for the U.S. Special Operations Command (USSOCOM) as well. Palantir’s platform has been used by USSOCOM in real-time mission operations to interoperate with other components of the global situational awareness architecture since 2016. The company says that the partnership with USSOCOM is one of the first in the U.S. military and the company is honored to continue providing technology that gets the job done. Given all of this, will you consider adding PLTR stock to your watchlist?

cybersecurity stocks (PLTR stock)
Source: TD Ameritrade TOS

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

Okta Inc.

Okta is a cybersecurity company that provides cloud software to companies to help manage and secure user authentication into applications. It boasts more than 10,000 organizations that trust Okta’s software and APIs to sign in, authorize, and manage users. Its software also has scale and flexibility for the world’s largest organizations. In late May, the company announced strong first-quarter financials.

In detail, the company’s revenue grew by 37% year-over-year to $251 million. Subscription revenue made the bulk of the revenue at $240 million, increasing by 38% year-over-year. The company’s subscription backlog at the end of the quarter was an impressive $1.89 billion, an increase of 52% year-over-year. Okta also ended the quarter with $2.69 billion in cash, cash equivalents, and short-term investments. Given the strong start to the year. In its financial outlook for its second quarter, the company expects total revenue of $295 million to $297 million, representing a growth rate of 47% to 48% year-over-year.

On May 3, 2021, the company also announced that it had completed the acquisition of Auth0, a leading identity platform for application teams. Together, both companies will address a broad set of digital identity use cases, providing secure access, and enabling everyone to safely use the technology. The stock transaction, valued at approximately $6.5 billion, will accelerate Okta’s growth in the $80 billion identity market. All things considered, will you watch OKTA stock?

top cybersecurity stocks (OKTA stock)
Source: TD Ameritrade TOS

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Palo Alto Networks Inc.

Following that, we will be looking at Palo Alto Networks Inc. In brief, the California-based cybersecurity titan primarily operates via its advanced cloud firewall offerings. The likes of which protect customers from evolving cyber threats across environments, including the remotest parts of the cloud. It does so via cutting-edge tech in the fields of artificial intelligence, analytics, automation, and orchestration. All of this is neatly integrated into Palo Alto’s core platform which protects tens of thousands of organizations globally. Could now be the time to invest?

If anything, the company appears to be keeping up with the times now. Earlier this week, Palo Alto revealed new additions to its core Prisma Cloud service. According to the company, it can now minimize false network alerts, detect data exfiltration, and provide more comprehensive coverage to clients. Simply put, these updates will, ideally, help cover cloud blind spots while decreasing false alarms, freeing up customer security teams. No doubt, Palo Alto appears to be gearing up for busy times ahead as the world of cybercrime evolves.

On the financial front, the company also wowed investors in its recent quarter fiscal posted last month. In it, Palo Alto posted earnings per share of $1.38 on revenue of $1.07 billion, beating estimates across the board. According to CEO Nikesh Arora, the current rise in cybersecurity anxiety could result in more customers turning to Palo Alto’s premium services. Having read all of this, would you consider PANW stock worth watching now?

best cybersecurity stocks (PANW stock)
Source: TD Ameritrade TOS
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