March 7, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a global news source and expert investing resource covering cybersecurity stocks issues a snapshot for the sector. With CrowdStrike recently posting better-than-expected fourth quarter results and guidance, the sector is on the watch list again according to some analysts.
CrowdStrike Holdings, Inc. (NASDAQ: CRWD) is trading at $325.66, down $3.91 or-1.19%.
Zscaler, Inc. (NASDAQ:ZS) is trading at $202.62, up 0.20 ; 0.10%.
SentinelOne, Inc. (NYSE:S) is trading at $27.17, up $0.41 gaining 1.51%.
Palo Alto Networks, Inc. (NASDAQ:PANW) is up for the day trading at $287.34, up $8.48 for a 3.04% win, with a day’s high of $287.60.
Analyst commentary:
Two weeks back, Trading.biz analyst Rahul Nambiampurath discussed how the dip in the valuation of Cybersecurity stocks could be a buying opportunity for short-term traders. Rahul indicated this possible shift in the wake of the Q4 2023 numbers released by Palo Alto Networks (PANW). Most cybersecurity stocks nosedived, along with PANW, led by a more conservative Q1 2024 guidance.
However, it is the first week of March, and most Cybersecurity stocks are giving out key buy signals, primarily led by CrowdStrike’s expectation-exceeding Q4 2023 numbers. This cloud-native service provider charted 48% subscription revenue growth compared to Q4 2022. It even managed to beat the earnings per share expectations by over 15%, hitting 95 cents on the dollar.
According to Rahul, the rise of Artificial Intelligence as a theme will also give hackers and malicious parties an advantage in 2024, which is why we might soon see a growing demand for cybersecurity tools.
“Even the Federal government is seen spending heavily on Cybersecurity as part of Biden’s 2024-focussed administration budget,” mentions Rahul. Here are the key numbers he emphasizes to showcase the popularity of cybersecurity as a sectoral theme:
- President Biden’s administration budget indicates a $26.2 billion allotment for cybersecurity purposes
- Federal civilian agencies are assigned $12.7 billion of this above-mentioned figure
- The Department of Homeland Security is expected to receive over $3 billion in the cybersecurity spending budget in 2023.
Key Stocks To Watch Out for in the Cybersecurity Space
Even though other stock options might soon push through, riding on the positive numbers reported by CrowdStrike, as a trader, here are the key plays to consider for the first quarter of 2024:
- Zscaler (ZS): Down 15.93%, week-on-week
- Cloudflare (NET): Down 0.52%, week-on-week
- SentinelOne (S): Down 6.63%, week-on-week
- Palo Alto Networks (PANW): Down 11.75%, week-on-week
Every stock on the list trades flat or at a discount on the 2023’s high price points. This might be a good option for buyers in the short-to-mid term.
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https://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp#CyberSecurity
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