The eight cybersecurity stocks that could soar in value by 2023 are covered in this article. From small businesses to big corporations, schools, hospitals, and even the US government, we are all becoming more and more susceptible to cyberattacks. Even worse, confidential information like banking information and social security numbers can be used as hacker bait. According to statistics, the cost of cybercrime has considerably increased globally since 2015 and is predicted to grow at an alarming rate of 15% annually through 2025, reaching a staggering $10.5 trillion.
Due to the rise in cyberattacks and data breaches, the cybersecurity industry is growing quickly. The demand for efficient cybersecurity solutions has increased as hackers’ assaults become more sophisticated and technology becomes more pervasive. Small businesses and big corporations of all sizes are investing heavily in cybersecurity solutions to safeguard their data and networks.
One of the best and most undervalued cybersecurity stocks is Fortinet (NASDAQ: FTNT). With its comprehensive portfolio of goods and services, it enjoys a solid reputation for offering dependable and secure solutions. Businesses from a wide range of industries have embraced its portfolio, which includes everything from firewalls to endpoint security to network security solutions.
CrowdStrike ( NASDAQ: CRWD) is one of the cybersecurity stocks that could soar in 2023. The business can easily detect and tackle threats thanks to its innovative cloud-based security platform and advanced AI-powered technology, keeping data secure and preventing malicious actors from breaching networks. It is one of the most reliable companies in its industry, with a 5-year top-line growth rate of over 90%.
Palo Alto (PANW)
To maintain its place as the industry’s most innovative leader, Palo Alto (NASDAQ: PANW) is positioning itself ahead of the competition. Palo is one of the cybersecurity stocks that could soar in 2023. It is a top tech company with high profitability, and its commitment to R&D is paying off as it positions data security as a market leader. According to analytics research company Canalys, Palo Alto has reclaimed its proper position as the top global vendor in the field of cyber security. This was primarily made possible by their extensive network of clients who buy and uses their products.
SentinelOne (NYSE:S), a security company, offers innovative technologies to protect its clients from the dynamic nature of cyber threats. Its Singularity platform, which uses artificial intelligence for improved security and quicker reaction times, is a game-changer. In today’s digital world, this platform has become essential for many businesses in risk management and data security.
Investors reacted positively to the news that the company’s third-quarter profits beat forecasts. An adjusted EPS of 16 cents was produced by a 106% increase in sales, bringing in much-needed windfall profits. This was made possible by a positive take-up of its cloud services, with revenue continuing to increase into the fourth quarter, where it may surpass $125 million, exceeding forecasts by 4%.
Global X Cybersecurity ETF (BUG)
For many people, investing in the defense industry can be daunting. The Global X Cybersecurity ETF (NASDAQ: BUG) is a fantastic choice for those looking to get a foot in this quickly expanding sector. The fund offers individual investors a simple, effective, and affordable method to access the wide market of cybersecurity stocks. It will undoubtedly provide an invaluable tool as investors navigate the rapidly changing technology landscape.
The Global X Cybersecurity ETF is a highly concentrated fund that offers investors a dependable source of exposure to 27 cybersecurity stocks.
Palantir (NYSE: PLTR) has carved out a unique position among the top cybersecurity stocks. For one, the company’s nearly limitless growth potential in the private sector speaks volumes. Also, it excelled in its solutions for private clients, generating triple-digit growth in the segment in its most recent quarter. Moreover, Palantir also enjoys a secure and reliable revenue stream from government contracts, a boon for any enterprise invested in long-term growth.
Many investors continue to remain confident in PLTR’s prospects because of its long-standing relationship with the U.S. government and its capacity to consistently generate reliable revenue. Numerous analysts continue to have faith that Palantir will be able to achieve significant growth in terms of sales and earnings in the future, despite the company’s immediate problems.
In terms of cybersecurity, Zscaler (NASDAQ: ZS) is undoubtedly in the lead thanks to its impressive analytics and security services tailored particularly to businesses’ requirements. Its products provide thorough security, keeping valuable information and resources secure. Organizations can monitor traffic in real-time and react swiftly to unforeseen threats because of its capabilities. The business also gains from increased demand as businesses depend more on remote labor during the pandemic.
Zscaler has experienced exceptional success recently, and its revenue development is nothing short of remarkable. The staggering $1.09 billion in annual revenue in 2022 represents a 62% rise from the previous year.
Cloudflare, Inc. (NYSE: NET)
Internet infrastructure provider Cloudflare, Inc. (NYSE: NET) offers services to both businesses and individuals. The business offers content delivery, security, and performance optimization services for websites, mobile applications, and network services. Customers’ websites, applications, and APIs are secured and protected by the company’s goods and services from malicious activities like DDoS attacks, data breaches, and malicious botnets. Cloudflare, Inc. (NYSE: NET) is one of the cybersecurity stocks that will soar in 2023.
The modern economy cannot function without the cybersecurity industry, which is anticipated to keep expanding in future years. The need for strong protection solutions will even increase as organizations rely more on digital technologies.