3 cybersecurity stocks to buy as cybercrime soars
Even with all the warnings of cyberattacks, we’re still unprepared, which is a big reason to buy these top cybersecurity stocks.
According to CNN, an attack recently forced production giant Dole to close production plants in North America and halt food shipments to grocery stores. The United States Marshals Service has been attacked. The manufacturing industry saw 437 ransomware attacks in 2022, according to Cyber Scoop.
The Biden administration has just released its National Cybersecurity Strategy, which will mandate minimum cybersecurity requirements for all industries.
All should be beneficial for these cybersecurity stocks to buy.
|BUG||Global X Cybersecurity ETF||$22.26|
|:PANW||Palo Alto Networks||$189.80|
ETF Global X Cybersecurity (BUG)
One of the best cybersecurity stocks to buy is an ETF. With a fee rate of 0.50%, the Global X Cybersecurity ETF (NASDAQ:BUG) invests in companies that benefit from the increased adoption of cybersecurity technologies.
Palo Alto Networks (PANW)
Palo Alto Networks (NASDAQ:PANW) is one of the best cybersecurity stocks to buy.
In its most recent quarter, the company reported revenue of $1.7 billion, up 26% year-over-year. It was also above the company’s guidance range of $1.63 billion to $1.66 billion, and above Street’s estimate of $1.65 billion.
Billings were $2 billion, up 26%, ahead of the company’s lofty forecast of $1.99 billion. Additionally, in late February, Credit Suisse raised its price target of PANW to $235 from $225. Loop Capital raised $200 to $225. And RBC Capital raised $200 to $216.
Fortinet (NASDAQ:FTNT) is another of the best cybersecurity stocks to buy.
Its 2022 revenue climbed 32% year-over-year to $4.42 billion, while non-GAAP net income jumped 49% to $1.19 per share .
The company expects growth to continue through 2023, forecasting revenue of $5.4 billion for the year. It also guided EPS of $1.40 per share, which would represent a 22% improvement over 2022.
Additionally, it is gaining market share after signing another 4,900 deals above $50,000 last quarter, a 29% year-over-year increase.
The numbers could improve further, with Canalys analysts noting that FTNT now has a 6.7% market share. This follows Palo Alto, which has 8.4% market share, and Cisco, which has 6.9% market share.
At the date of publication, Ian Cooper had (neither directly nor indirectly) any position in the securities mentioned. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.