3 Cyber Security Stocks To Watch In The Stock Market Today

3 Top Cyber Security Stocks To Check Out Now

Cyber security stocks are a type of investment that is becoming increasingly popular in the stock market as the world becomes more reliant on technology. For the uninitiated, Cyber security stocks are companies that provide products or services that help to protect against cyber attacks. These companies can range from small start-ups to large multinational corporations. Some of the most popular cyber security stocks in the stock market today are names like Crowdstrike Holdings Inc. (NASDAQ: CRWD) and Datadog Inc. (NASDAQ: DDOG). While there is no guarantee that investing in cyber security stocks will be profitable, many experts believe that they offer a high potential for growth.

Additionally, many people believe that cyber security will become an increasingly important issue in the years to come. As a result, investing in cyber security stocks now may help to ensure a healthy return on investment in the future. With that being said, if you’re interested in investing in cyber security stocks, here are three for your watchlist this week.

Cyber Security Stocks To Buy [Or Avoid] Right Now

1. Fortinet Inc. (NASDAQ: FTNT)
2. Palo Alto Networks Inc. (NASDAQ: PANW)
3. Okta Inc. (NASDAQ: OKTA)

Fortinet (NASDAQ: FTNT)

Fortinet Inc. (FTNT) is an American multinational corporation that provides cybersecurity solutions for businesses and organizations of all sizes. Notably, Fortinet’s primary product is FortiGate, which is a powerful unified threat management system that provides users with complete protection from online threats. Fortinet also offers a wide range of other security products, including FortiAnalyzer and FortiManager, which help businesses effectively manage their network security. In addition to its products, Fortinet also provides services such as managed services, professional services, and training.

Earlier this month, FTNT reported a beat for its second quarter 2022 financial results. Diving in, the company posted second-quarter earnings per share of $0.25 per share. In addition, the company announced a 28.6% revenue increase on a year-over-basis to $1.03 billion. Moreover, Fortinet finished the quarter with bookings of $1.38 billion, which reflects a 42% increase year-over-year. “We delivered strong revenue and billings growth in the second quarter driven by an over 50% year-over-year increase in the number of transactions larger than one million dollars. Large enterprise companies continue to favor Fortinet’s industry leading cost for performance advantage and integrated platform strategy,” commented Ken Xie, Founder, Chairman, and Chief Executive Officer.

Shares of FTNT stock are down 23% year-to-date and currently trade at $50.88 on Tuesday afternoon. With that, could now be a good time to buy FTNT stock at a discount?

[Read More] Stock Market Today: Dow Jones, S&P 500 Mixed; Palo Alto Networks Rallies On Earnings

Palo Alto Networks (NASDAQ: PANW)

Next up, 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.

On Monday after market close the company reported stronger-than-expected Q4 2022 financial results. In the report, PANW reported fourth-quarter earnings of $2.39 per share, along with revenue of $1.6 billion. Wall Street consensus estimates were earnings of $2.30 per share, on revenue of $1.5 billion. Additionally, Palo Alto recorded a revenue increase of 27.2% on a year-over-year basis. Meanwhile, 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 Palo Alto Networks Nikesh Arora commented, “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.“ On Tuesday afternoon, shares of PANW stock rallied over 11% at $568.56 per share.

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Okta (NASDAQ: OKTA)

Following that, we have, Okta (OKTA). In brief, Okta sells solutions for identity and access management. Its workforce offerings include products to protect and enable employees, contractors, and partners. In addition, the company’s software solutions are delivered via the cloud, and its integrated network provides customers security protection and access across a broad range of applications that are essential to business and government needs. Moving along, earlier this month Okta announced it will report its second quarter fiscal year 2023 financial results on August 31, 2022. In the meantime, let’s recap the company’s most recent quarter’s performance.

During the first quarter of 2023, the company posted revenue of $415 million. This represents a 65% increase year-over-year. Additionally, Okta saw a significant increase in its subscription revenue, which grew 66% year-over-year in Q1 2023. Separate from that, the company previously announced its financial outlook for the second quarter of fiscal 2023. In them, the company estimates total revenue of $428 to $430 million, which signifies a 36% growth rate year-over-year.

Needless to say, investors will likely be paying close tabs on OKTA stock ahead of its August 31st. Similar to the other names mentioned in this article, shares of OKTA stock have been beaten down over 50% year-to-date at $94.27 on Tuesday afternoon. Could this be an opportunity to pick up shares of OKTA stock at value prices?

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