Top Stocks To Watch This Week? 3 Cybersecurity Stocks To Consider | #cloudsecurity

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This story originally appeared on StockMarket

Do You Have These Top Cybersecurity Stocks On Your June 2021 Watchlist?

In an increasingly digital world, cybersecurity continues to grow in importance. Understandably, it would not surprise me to see investors looking for the best cybersecurity stocks in the stock market today. After all, with more organizations transitioning towards the digital space, cybersecurity companies would be gaining addressable markets overall.

Even now, leaders in the industry foresee that the current focus on digital security could persist moving forward. Just last week, Palo Alto Networks (NYSE: PANW) CEO Nikesh Arora said, “work-from-home is here to stay”. According to Arora, this coupled with the prominent rise in cyberattacks has and continues to produce unparalleled demand for cybersecurity services. Evidently, Palo Alto Networks exceeded top and bottom-line estimates in its latest earnings release. At the same time, federal investments into more secure software are on the rise as well. We can see this in software giant Palantir’s (NYSE: PLTR) latest partnership. Namely, the company is now working with the U.S. Space Force and Air Force to run critical missions. The $32.5 million contract marks yet another win for the company as government bodies continue to rely on its secure data processing services.

Across the board, the threat posed by cyber-criminals is obvious. On top of the recent Colonial Pipeline hack, Ireland’s national health services were also hit with a cyberattack recently. Due to the supposedly “significant ransomware attack”, Ireland had to shut down its computer systems. All in all, the world’s data appears to be more vulnerable to cyber threats than ever. Because of this, cybersecurity companies and investors alike stand to benefit. If this has you keen on adding some top cybersecurity stocks to your watchlist, here are three in focus in the stock market this week.

Cybersecurity Stocks To Watch Right Now

CrowdStrike Holdings

CrowdStrike is a cybersecurity company that is based in California. The company’s Falcon platform provides the means to detect cybersecurity threats and stop breaches. In detail, its platform is the first multi-tenant, cloud-native, intelligent security solution that is capable of protecting different types of workloads. CRWD stock currently trades at $214.49 as of 12:39 p.m. ET and is up by over 160% in the last year.

Source: TD Ameritrade TOS

In March, the company reported its fourth-quarter and fiscal year 2021 financial results. Annual recurring revenue (ARR) surpassed $1 billion driven by a record net new ARR of $143 million. The company also enjoyed a net new customer growth of 1,480 new subscription customers. Total revenue for the quarter was $264.9 million, a 74% increase compared to a year ago. The company also ended the quarter with $1.92 billion in cash and cash equivalents. Recently, the company also acquired Humio, a leading provider of high-performance cloud log management and observability technology. The company says that its go-to-market engine has gained incredible momentum with both marquee enterprises and small businesses alike as it continues to expand its partnerships.

This in addition to strong secular tailwinds, including digital transformation and an unprecedented threat environment. For these reasons, CrowdStrike believes that it is in an ideal position to further extend its leadership in the Security Cloud category. Also, the company recently announced that Ernst & Young had selected its Falcon platform to expand its cybersecurity collaboration. The partnership will help to seamlessly integrate cybersecurity operations and risk management in global enterprises and boost business resiliency. For these reasons, will you consider watching CRWD stock?

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Okta Inc.

Okta is a leading independent identity provider. Its Okta Identity Cloud enables organizations to securely connect the right people to the right technologies. With over 7,000 pre-built integrations to applications and infrastructure providers, the company provides simple and secure access to organizations everywhere. Okta says that more than 10,000 organizations use its services to protect the identities of their workforces and customers. OKTA stock currently trades at $243.67 as of 12:40 p.m. ET.

top stocks to watch today (OKTA stock)
Source: TD Ameritrade TOS

Earlier in the month, the company announced that it has completed the acquisition of Auth0. Auth0 is a leading identity platform for application teams. Through this acquisition, Okta will be able to address a broad set of digital identity use cases. This would allow the company to provide secure access and enable everyone to safely use any technology. The transaction is valued at approximately $6.5 billion will no doubt help Okta accelerate growth in the $80 billion identity market. The company will also be reporting its first-quarter financials for fiscal 2022 tomorrow after the market closes.

In April, Okta announced the Okta Privileged Access, a new product that unifies identity management with flexible, least privileged access controls for critical infrastructure. The new product could help increase development speed, operational agility and improve Zero Trust security at the deepest levels of enterprise technology environments. This could ultimately help Okta grow for the long term as more customers turn to the company for its products and services. Given all of this, will you add OKTA stock to your watchlist?

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Zscaler Inc.

Zscaler is a cloud-based information security company that is based in California. In essence, the company provides a platform that is built as a multi-tenant, distributed cloud service. It is designed to scale and deliver real-time insights into security issues. Its Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting its users in any location. ZS stock currently trades at $173.48 as of 12:40 p.m. ET. The company will announce its third-quarter financials after the market closes today.

cybersecurity stocks to buy (ZS stock)
Source: TD Ameritrade TOS

For one thing, Zscaler has been hard at work recently. Just last week, the company released its latest ransomware report, featuring key ransomware trends and related details. Through its “ThreatLabZ” research division, Zscaler analyzed over 150 billion platform transactions and over 36 billion blocked attacks. If anything, Zscaler’s experience in the field is on full display here. 

Moreover, the company also made a significant expansion to its cloud security division last month. It acquired cloud infrastructure company, Trustdome. According to Zscaler, this acquisition allows it to offer more comprehensive solutions for reducing public cloud attacks. It seems that Zscaler is bolstering and showcasing its portfolio at an opportune time. Would you say this makes ZS stock a top cybersecurity stock to watch now?

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