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.

Palo Alto Networks, Inc. (PANW)

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Palo Alto Networks is an 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. Cybersecurity has strong demand worldwide due to the rise of the digital economy and greater focus on preventing cyber attacks on strategic assets of companies. Palo Alto Networks is one of the market leaders in this space and the long-term prospects for the company look good.

A 7-year monthly chart of Palo Alto Networks shows the clear uptrend that the stock has been in since 2013. In February 2020, the stock fell significantly by 50% and briefly broke the bottom of the long term trend. However, the stock bounced back by 24% in April 2020 and has just passed a historical support level at 193.

The stock is poised for further upward movement to 250, which is a historical resistance level. The next target from there can then be 280, which is the top of the long term trend. A stop loss can be placed below 160, a significant area of value, as it is not only the bottom of the long-term trend, but also an important support level.

Position taken at $194.68 with stop loss 19.6% below at 156.51. Short term investors could take profits at the top of the long term trading range about $290. Giving a profit of 48%.