3 Cybersecurity Stocks to Watch as Cybercrime Explodes

Even with all the warnings of cyberattacks, we’re still not prepared, which is a big reason to load up on these top cybersecurity stocks to buy.

An attack recently forced produce giant Dole to shut down production plants in North America and halt food shipments to grocery stores, according to CNN. The United States Marshals Service was attacked. The manufacturing industry saw 437 ransomware attacks in 2022, says Cyber Scoop.

The Biden Administration just released its National Cybersecurity Strategy, which will require minimum cybersecurity requirements for all industries.

All should be beneficial for these top cybersecurity stocks to buy.

BUG
Global X Cybersecurity ETF
$22.26
:PANW
Palo Alto Networks
$189.80
FTNT
Fortinet 
$61.88

Global X Cybersecurity ETF (BUG)

Source: Song_about_summer / Shutterstock

One of the top cybersecurity stocks to buy is an ETF. With an expense ratio of 0.50%, the Global X Cybersecurity ETF (NASDAQ:BUG) invests in companies that benefit from the increased adoption of cybersecurity technology.

Palo Alto Networks (PANW)

Source: Sundry Photography / Shutterstock.com

Palo Alto Networks (NASDAQ:PANW) is one of the top cybersecurity stocks to buy.

In its most recent quarter, the company reported revenue of $1.7 billion, which is up 26% year over year. It was also above the company’s own guidance range of $1.63 billion to $1.66 billion, and above Street estimates for $1.65 billion.

Billings were $2 billion, up 26%, and ahead of the company’s high end of guidance of $1.99 billion. Plus, at the end of February, Credit Suisse raised its price target to PANW to $235 from $225. Loop Capital raised from $200 to $225. And RBC Capital raised from $200 to $216.

Fortinet (FTNT)

Source: Sundry Photography / Shutterstock.com

Fortinet (NASDAQ:FTNT) is another one of the top cybersecurity stocks to buy.

Its 2022 revenue soared 32% year over year to $4.42 billion, while non-GAAP net income jumped 49% to $1.19 a share.

The company expects for growth to continue well into 2023, forecasting $5.4 billion revenue for the year. It also guided for EPS of $1.40 a share – which would be a 22% improvement over 2022.

Plus, it’s gaining market share after signing another 4,900 deals greater than $50,000 last quarter, a 29% increase year over year.

Numbers could get even better, with analysts at Canalys noting FTNT now has 6.7% market share. That follows Palo Alto, which has 8.4% market share, and Cisco, which has 6.9% market share.

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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