Top cyber stocks for May 2024: Invest wisely for security

May 11, 2024
1 min read

TLDR:

Investors should consider taking advantage of lower valuations in tech stocks to purchase cybersecurity stocks, which are currently experiencing a dip. Three top cybersecurity stocks to consider are ZScaler (ZS), Microsoft (MSFT), and Okta (OKTA). ZScaler has shown consistent growth in ARR, Microsoft is integrating cybersecurity into its suite of services, and Okta is focusing on strategic acquisitions and geographic expansion. These companies have strong potential for sustained growth and are well-positioned to capitalize on the evolving cybersecurity landscape.

Article Summary:

Following a decline in tech stocks, investors have the opportunity to invest in cybersecurity companies that are essential due to their mission-critical nature. Cybersecurity stocks have experienced lower valuations, providing a prime opportunity for investors to capitalize on potential gains. The three recommended cybersecurity stocks to buy include ZScaler, Microsoft, and Okta.

ZScaler (ZS):

ZScaler, a cloud-based enterprise and network security provider, has demonstrated robust growth in ARR, particularly among high-value enterprise customers. The company’s focus on cybersecurity solutions has driven its consistently growing customer base and positioned it for continued growth.

Microsoft (MSFT):

While Microsoft may not seem like a traditional cybersecurity pick, the company offers a range of cybersecurity solutions within its suite of services. Microsoft’s Azure Security Center and other products provide robust security offerings, making it a strong secondary play in the cybersecurity sector.

Okta (OKTA):

Okta targets a variety of identity management solutions for businesses and individual consumers, showing impressive financial growth and a focus on expanding market share. Recent acquisitions and AI investments demonstrate Okta’s commitment to strengthening its position in the identity security sector.

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