There is major digital transformation happening all over the world. Most of us live a significant portion of our lives online. Our personal data is online as well. Therefore, there is a big demand to protect that sensitive data from hackers and data thefts. Top cybersecurity stocks are now the flavor of the hour.
If you are wondering which are the best cybersecurity stocks to buy now, then Palo Alto Networks and Fortinet are two of the most popular choices among investors. Palo Alto Networks is a leading American cybersecurity company. Its main products include advanced firewalls as well as cloud-based security products. The company has over 60,000 customers spread out across 150 countries.
Palo Alto Networks stock has doubled since hitting a low in March 2020. The company last reported its Q32020 earnings in May 2020. At that time, revenues were up 20% Y-o-Y to $869.4 million. However, GAAP net loss widened to $74.8 million as compared to $20.2 million in Q32019.
Fortinet is also a popular name among cybersecurity stocks to buy now. Headquartered in Sunnyvale, California, Fortinet is best known for its firewall, anti-virus, endpoint security, and intrusion prevention products. Fortinet’s customers comprise of government entities as well as small and midsized companies. About 43% of Fortinet’s revenues come from the Americas with the rest coming from international markets.
Fortinet’s stock has gained about 84% since hitting a low in March 2020. The company recently reported its Q22020 earnings. Revenue was up 18% Y-o-Y to $615 million while earnings were up 41% to $0.82 per share.
Other companies to consider are cloud technology specialist Zscaler Inc. and cloud security specialist Qualys Inc.