It’s no surprise that in today’s world, the need for cyber security is more important than ever. Cybersecurity is a rapidly growing industry. More and more businesses and individuals become aware of the need to protect their online data. This presents an opportunity for stock market investors to capitalize on this opportunity by turning their attention to cybersecurity stocks. For the unaware, cybersecurity stocks are a type of stock that represents ownership in a company that provides cybersecurity products or services.
There are a number of different types of cybersecurity stocks, including those that provide hardware, software, or cloud-based solutions. Some of the most popular cybersecurity stocks include names such as NortonLifeLock Inc (NASDAQ: NLOK), Palo Alto Networks Inc (NASDAQ: PANW), and Zscaler Inc. (NASDAQ: ZS). Cybersecurity stocks can be a great addition to any portfolio, and with the right research, investors can find stocks that offer both growth potential and income. If this has you interested in investing in [or avoiding] the cybersecurity industry, here are two companies to watch this month.
Cybersecurity Stocks To Watch Right Now
1. Okta (OKTA Stock)
Starting us off today is Okta Inc. (OKTA). In brief, Okta is a cloud-native security company that focuses on identity and access management. Okta’s cloud-based platform enables organizations to securely connect people to critical data, applications, and devices. Next, the company also provides tools for things such as; managing user identities, enforcing strong authentication policies, and auditing user activity.
OKTA Recent Stock News
Meanwhile, at the end of August, Okta reported a beat for its second quarter 2023 earnings results. In the report, the company posted a loss of $0.08, with revenue of $451.8 million. For context, the Street’s consensus estimate for Q2 2023 was a loss of $0.30 per share, with revenue estimates of $429.8 million. These revenue figures represent a 43.2% increase versus the same period a year prior. On top of that, Okta’s subscription revenue rose by 44% on a year-over-year basis.
Moreover, Todd McKinnon, CEO, and co-founder of Okta commented, “Identity has become a critical component of every organization’s strategy around zero trust security, digital transformation, and cloud adoption. These three mega trends continue to drive the identity market. Looking at the second half of the fiscal year, we’re focused on refining the go-to-market strategy for the combined Auth0 and Okta sales organization, strengthening our teams, and making strategic reductions to our spend to improve profitability.“
OKTA Stock Chart
As of Friday’s afternoon trading session, shares of OKTA stock are down 10.17%, trading at $45.06 a share.
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2. CrowdStrike (CRWD Stock)
Next, CrowdStrike Holdings Inc. (CRWD) is an American cybersecurity technology company. For starters, CrowdStrike provides endpoint security, threat intelligence, and cyber attack response services.
CRWD Recent Stock News
Just this week, the company announced that it will report its financial results for its third-quarter 2023 on Tuesday, November 29, 2022, after the stock market closes. To recap, in the previous quarter Q2, 2023 CrowdStrike reported earnings of $0.25 a share, with revenue of $535.2 million. This represented a 58.5% increase in revenue on a year-over-year basis.
Moreover, the company previously said in its second-quarter 2022 release, that it estimates third-quarter non-GAAP earnings of $0.30 to $0.32 per share on revenue of $569.1 million to $575.9 million.
CRWD Stock Chart
Continuing on, as of Friday afternoon, shares of CRWD stock are trading lower by 9.88% at $127.54 a share.
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