Cybersecurity stocks have been sending mixed signals as of late…Mostly negative like much of tech. But some, such as Palo Alto Networks, despite a tough go of it recently, have held up better than most tech names. Others like CrowdStrike had been outperforming broader tech in March but then flipped in May. Okta’s performance was somewhat tracking along with CrowdStrike for most of the past several months but then the Okta hack changed the trajectory of that name. Zscaler has crossed the critical $1B ARR revenue milestone and sees a path to $5B, but the company’s stock fell sharply after its last earnings report and has been on a downtrend since last November…Meanwhile CyberArk’s recent beat and raise was encouraging and the stock acted well after its last report.
Security remains the #1 initiative priority amongst IT organizations and the spending momentum for many high flying cyber names remains strong. So what gives in cybersecurity? In this Breaking Analysis we focus on security and will update you on the latest data from ETR to try and make sense out of the market and read into what this all means in both the near and long term for some of our favorite names in the sector.