With the rise of technology over the past decade, cybersecurity stocks have also been in high demand in the stock market. As many would know by now, cybersecurity involves defending against cybercriminals from gaining access to devices or networks. For instance, a cyberattack against a power plant could lead to a city-wide blackout. Meanwhile, a bank having a breach could affect millions of people. Naturally, as the world increasingly relies on the internet, the number of cyber threats also continues to rise. Whether we like it or not, cyber threats are here to stay and companies should be well prepared for them.

Safe to say, the demand for cybersecurity will continue to grow as long as technology continues to thrive. The likes of Cyberark Software (NASDAQ: CYBR) reported yet another strong quarter earlier this month. And soon, industry giants such as Okta Inc (NASDAQ: OKTA) and Crowdstrike Holdings Inc (NASDAQ: CRWD) will be reporting theirs to start the month of December. So, it is not surprising that investors are starting to pay close attention to the industry right now. With that in mind, here are four of the top cybersecurity stocks in the stock market today. 

Best Cybersecurity Stocks To Watch Right Now

Zscaler 

First, let us have a look at one of the top names in the industry, Zscaler. For the uninitiated, the company focuses on providing a cloud security platform with a zero-trust architecture. It allows users and devices to safely access authorized applications and services in the cloud through the Internet. ZS stock has been on an impressive run over the past year, rising more than 150% within the period.

Last week, the company enhanced its Zscaler Digital Experience. The enhancement comes with new Unified Communications as a Service application monitoring and digital workflow service integrations to automatically pinpoint and quickly remediate performance issues. Thus, the new integrations would allow security, networking, and help desk teams to work together to efficiently triage Microsoft Teams and Zoom quality issues. Ultimately, resulting in optimum employee productivity. 

Zscaler also ended its fiscal fourth quarter and fiscal year 2021 on a high. It posted a record number of large deals across diverse sectors driving 57% revenue growth and 70% billings growth year-over-year. The company will be posting its fiscal first-quarter 2022 earnings report on December 1. Would you be investing in ZS stock ahead of time? 

top cybersecurity stocks (ZS stock chart)
Source: TD Ameritrade TOS

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Fortinet 

Fortinet is a company that offers cyber security solutions. Its network security appliances are managed by its FortiOS network operating system. Also, the company’s cloud security offerings are available for deployment in public and private cloud environments, including Amazon Web Services, Microsoft Azure, and Google Cloud. FTNT stock is yet another company in the industry riding on a strong bull trend, climbing more than 130% since the start of the year.

The company recently unveiled predictions from the FortiGuard Labs global threat intelligence and research team about the landscape for 2022 and beyond. It predicts that cybercriminals will spend more time on reconnaissance and discovering zero-day capabilities to exploit new technologies. We could expect ransomware to be more destructive, and more cybercriminals to utilize AI to master deep fakes. Now, AI is already being used defensively in many ways. So, it would be in the realm of possibility that AI can also be used on the offense. Given these considerations, Fortinet’s products and services would likely continue to be in high demand.

During its third quarter, the company was able to exceed $1 billion in quarterly billings for the first time. This is coupled with total revenue of $867.2 million that represents an increase of 33% year-over-year. Meanwhile, its GAAP net income was $163.1 million, compared to $123.4 million in the prior year’s quarter. All things considered, Fortinet appears to be on track to end the year well. Hence, would you consider adding FTNT stock to your watchlist?

FTNT Stock
Source: TD Ameritrade TOS

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Palo Alto Networks

Following that, we have another top cybersecurity provider in Palo Alto Networks. Essentially, the company offers firewall appliances and software. The company’s Panorama is a security management solution that empowers its users with easy-to-implement, consolidated policy creation, and centralized management features. Since its strong fourth-quarter earnings report back in August, PANW stock has continued to edge higher.

Yesterday, Palo Alto announced its Cortex eXtended Managed Detection and Response (XMDR) Partner Specialization. Building on the demand for its pioneering Cortex XDR 3.0, the Cortex XMDR Specialization will enable MSSP partners to combine Cortex XDR with their managed services offerings. Thus, helping customers worldwide streamline security operations center (SOC) operations and quickly mitigate cyberthreats. 

Furthermore, it also introduced the Prisma Cloud 3.0. This will significantly improve organizations’ entire cloud security posture by reducing security risk at runtime. The company aims to help its customers stay one step ahead of attackers. Now, with Prisma Cloud 3.0, it takes that commitment even further. Given these exciting developments, would you say that PANW stock is a top cybersecurity stock to watch?

PANW stock chart
Source: TD Ameritrade TOS

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SentinelOne 

To sum it up, we have another cybersecurity company on the rise, SentinelOne. In detail, the company has developed an artificial intelligence (AI) extended detection and response platform to enable autonomous cybersecurity defense. Leveraging its Singularity Platform, it ingests, correlates, and queries petabytes of structure and unstructured data in real-time. Since going public in June this year, S stock has more than doubled from its initial public offering (IPO) price.

Earlier this month, the company announced the SentinelOne App for Azure Active Directory (Azure AD). This is a new solution combining endpoint security and identity capabilities to advance Zero Trust architecture. So, the Singularity App for Azure AD enables organizations using SentinelOne to automatically alert Azure AD when an endpoint is at risk. Therefore, protecting corporate resources and enabling organizations to enforce the principles of Zero Trust.

Now that we know the company will be announcing its third-quarter earnings report on December 7, let us take this opportunity to review its recent performance. Impressively, the company was able to grow its revenue by more than 120% during its second quarter. In addition, its total customer count also grew more than 75% year-over-year to over 5,400 customers. Well, do you think SentinelOne will be able to maintain its momentum? If so, would S stock be at the top of your watchlist?

NYSE S
Source: TD Ameritrade TOS

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