As we begin another week of trading, cybersecurity stocks could be among the top stocks to buy in the stock market right now. This could be a result of the recent cybersecurity attack on Colonial Pipeline, the operator of the largest U.S. fuel pipeline. Namely, Colonial Pipeline was hit with ransomware over the weekend, forcing all operations to a screeching halt. Just how bad is the damage here? Well, in particular, the company is responsible for supplying nearly half of the East Coast’s fuel supply. Given the severity of this cyberattack, the top cybersecurity stocks would be in the spotlight now.
Evidently, as the number of cyber threats in our tech-dependent world rises, cybersecurity companies continue to evolve as well. For instance, we could look at the likes of Zscaler (NASDAQ: ZS) and Palo Alto Networks (NYSE: PANW). Just last month, both companies unveiled significant upgrades to their core services. On one hand, Zscaler announced a new platform designed to secure digital businesses. On the other hand, Palo Alto expanded its cloud offerings to help organizations secure any unprotected cloud workloads.
For one thing, the business world appears to be gearing up to navigate the dangers of the digital world now. This would especially be the case seeing as most companies are now operating digitally amidst the pandemic. Given all of this, I could see investors flocking to cybersecurity stocks moving forward. If you are looking to join them, here are four trending names to know in the stock market today.Top Cybersecurity Stocks To Watch In May
- Palantir Technologies Inc. (NYSE: PLTR)
- CACI International Inc. (NYSE: CACI)
- Okta Inc. (NASDAQ: OKTA)
- CrowdStrike Holdings Inc. (NASDAQ: CRWD)
Palantir is a software company that builds enterprise data platforms. Its platforms are used by organizations with complex and sensitive data environments. The company’s products and services are used for a wide range of applications. From building safer cars and planes to combating terrorism and discovering new drugs, Palantir helps its customers across many sectors. PLTR stock currently trades at $18.82 as of 12:21 p.m. ET and has doubled in the last year.Source: TD Ameritrade TOS
Last week, the company announced that it will be renewing its contracts with the United Kingdom’s Royal Navy for its Palantir Foundry platform. The navy uses the software across a broad spectrum of areas from strategic workforce planning to supply chain management and coronavirus response. Palantir has certainly been firing on all cylinders as it continues to forge new partnerships and extend old ones.
Last month, the company announced it has extended its digital transformation partnership with Ringier AG. Ringier is a digitalized and diversified Swiss media company. Given the excitement surrounding Palantir and the recent dip in valuation, will you consider buying PLTR stock?CACI International Inc.
CACI is a cybersecurity company that provides unique expertise and distinctive technology to address its customers’ greatest enterprise and mission challenges. The company provides many services to the branches of the U.S. federal government. Namely, this would include defense, homeland security, intelligence, and health care. CACI stock currently trades at $265.34 as of 12:21 p.m. ET. Late last month, the company announced that it was awarded a $447 million contract by the National Security Agency. CACI will provide process and mission technology in support of the signals intelligence and cybersecurity missions that provide its military the means to defend vital networks.Source: TD Ameritrade TOS
The company also reported its third-quarter financials last month. Net income for the quarter was $120.3 million, a 49.4% increase year-over-year. It also reported quarterly revenue of $1.9 billion, up by 5.9% year-over-year. Impressively, it also ended the quarter with $108.7 million in cash.
Contracts awarded for the quarter were worth $1.6 billion, approximately 60% were new business to the company. These awards exclude ceiling values of multi-award, indefinite-delivery, indefinite-quantity contracts. The company has delivered solid organic growth and continues to show strong profitability. All things considered, will you watch CACI stock?
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Okta is a company that provides cloud software that helps companies manage and secure user authentication into applications. It also helps developers to build identity control into their applications, website web services, and devices. With over 3,600 employees around the world, the company has over 10,000 customers on the Okta Platform. OKTA stock currently trades at $232.94 as of 12:22 p.m. ET.Source: TD Ameritrade TOS
In March, the company reported strong fourth quarter and fiscal year 2021 financial results. Firstly, its fourth-quarter revenue grew by 40% year-over-year. Subscription revenue grew by 42% in that same period. Its fiscal year 2021 revenue totaled $835 million and grew by 43% as well year-over-year. Also, its remaining performance obligations or subscription backlog was $1.8 billion, an increase of 49% year-over-year. It also ended the year with $2.56 billion in cash. With that in mind, will you add OKTA stock to your watchlist?
[Read More] Hot Stocks To Buy? 4 Growth Stocks To WatchCrowdStrike Holdings Inc.
Another top name in the cybersecurity industry now would be CrowdStrike. For the uninitiated, the company primarily provides cloud workload and endpoint security, threat intelligence, and cyberattack response services. Not only is CrowdStrike a global cybersecurity leader, but it also boasts experience dealing with cyber threats of massive scales. Recall the massive cyberattack spanning the federal and private sectors that occurred late last year. Notably, CrowdStrike played a crucial role in understanding the full scope of the attack. Sure, thanks to all this, CRWD stock is currently looking at gains of over 130% in the past year. With the latest cyberattack, could investors be eyeing it again?Source: TD Ameritrade TOS
For the most part, CrowdStrike appears to be keen on keeping up its current momentum. Earlier today, the company revealed that it would be extending its existing partnership with Google’s (NASDAQ: GOOGL) Google Cloud division. Specifically, the duo aims to “tightly integrate” the CrowdStrike Falcon platform with Google Cloud’s suite of security products. According to CrowdStrike, this will help maintain high levels of security across any shared customers’ entire cloud or hybrid environments.
By and large, this is a fantastic play by CrowdStrike, given the rising demand for cybersecurity services. Not to mention, it is partnering with one of the biggest names in tech. Given all of this, will you be adding CRWD stock to your portfolio?