The Top 7 Cybersecurity Stocks to Invest in for June 2024
Investing in cybersecurity stocks is crucial in today’s digital age, where cyber attacks are becoming increasingly common. Despite the growing threat of cybercrime, many businesses and government agencies are still ill-prepared to tackle these issues. With global cybercrime damage costs expected to reach $10.5 trillion annually by 2025, the need for robust cybersecurity measures has never been more apparent.
Here are seven of the best cybersecurity stocks that investors should consider for their portfolios:
Cybersecurity Stocks to Invest in: Cloudflare (NET)
Cloudflare (NASDAQ:NET) is a leading provider of cloud platform services, offering a range of network services globally. With a strong focus on expanding its user base and reach, Cloudflare is well-positioned for future growth. The company’s projected revenue for 2024 is expected to grow by 22-24% year-over-year, making it an attractive investment option.
Fortinet (FTNT)
Fortinet (NASDAQ:FTNT) is another cybersecurity stock worth considering, despite its relatively high market cap. With a positive outlook for the short term and strong financial performance, Fortinet is expected to see revenue growth in the coming years. The company’s focus on cybersecurity consolidation aligns with industry trends, making it a promising investment opportunity.
Cybersecurity Stocks to Invest in: Zscaler (ZS)
Zscaler (NASDAQ:ZS) is recognized for its Zero Trust Exchange platform, catering to a wide range of Fortune 500 and Fortune 1000 companies. With a focus on eliminating security vulnerabilities, Zscaler is well-positioned to prevent cyber threats and protect sensitive data for enterprises. The company’s strong quarterly revenue growth indicates a rapidly expanding business, making it an attractive investment option for investors.
Rapid7 (RPD)
Rapid7 (NASDAQ:RPD) specializes in vulnerability management and detection solutions, with a strong focus on cybersecurity. Despite some challenges in meeting revenue expectations, Rapid7 has demonstrated positive financial performance and growth potential. With shares trading at an attractive valuation, now could be the right time for investors to consider adding Rapid7 to their portfolios.
Cybersecurity Stocks to Invest in: Tenable (TENB)
Tenable (NASDAQ:TENB) is known for its Nessus vulnerability scanner and focus on securing operational technology. With strong quarterly revenue growth and positive analyst sentiment, Tenable presents a compelling investment case. The company’s recent financial performance exceeding expectations indicates a promising future for investors.
CyberArk (CYBR)
CyberArk (NASDAQ:CYBR) specializes in identity security and privileged access management, with a strong track record of revenue growth. Despite a slight dip in quarterly earnings growth, CyberArk’s financial position remains healthy, making it a solid investment choice for investors. With strong analyst ratings and a positive outlook, CyberArk is poised for future growth.
Varonis Systems (VRNS)
Varonis Systems (NASDAQ:VRNS) offers data security and analytics solutions, focusing on protecting sensitive data from cyber threats. With a positive revenue growth outlook and strong financial performance, Varonis is a promising mid to small-cap cybersecurity stock for investors to consider. The company’s projected revenue for 2024 reflects continued growth potential, making it a stock to watch in the cybersecurity sector.
