The cyber security sector has demonstrated impressive growth over the past decade. Meanwhile, entities in the public and private sector have suffered escalating cyber attacks. Hackers are growing more sophisticated, which means that defenders need to be up to the task. A recent report from Grand View Research projected that the global cyber security market would deliver a CAGR of 10% from 2020 to 2027. Today, I want to quickly look at two cyber security stocks that are worth snatching up.
CrowdStrike (NASDAQ:CRWD) is one of the top names in the cyber security space. Its shares had climbed 150% year-over-year as of close on February 25. However, the stock has encountered turbulence due to the recent bout of volatility. This may be the perfect time for investors to buy low.
The company will release its final batch of 2020 results on March 16. In Q3 2020, the company saw revenue increase 86% year-over-year to $232 million. Meanwhile, it added nearly 1,200 new subscription customers. CrowdStrike has established itself as a strong leader in this fast-growing subsector.
Palo Alto Networks (NASDAQ:PANW) is another cyber security stock that is worth watching right now. Its stock has increased 170% in the year-over-year period. However, its shares have dropped 9.6% week over week. In Q2 fiscal 2021, the company achieved revenue of $1 billion.
This was up from $816 million in the prior year. Billings rose 22% to $1.2 billion and deferred revenue climbed 30% to $4.2 billion. Investors should look to buy the dip in these top cyber security firms as volatility picks up.
