This Cybersecurity Stock is an Appealing Buy in April

Global Market Insights recently released a report which projected impressive growth for the global cybersecurity market. This should come as no surprise to investors as demand for enhanced cybersecurity is soaring in the public and private sector, especially after several high-profile data breaches in 2017 and 2018. The report forecasts that the global cybersecurity market will eclipse $300 billion by 2024.

FireEye (NASDAQ:FEYE) is a California-based enterprise cybersecurity company. Shares of FireEye have fallen 1.7% in 2019 as of close on April 11. The stock is down 12% from the prior year.

FireEye released its fourth-quarter and full-year results for 2018 on February 6. For the full-year revenue increased 7% to $831 million which hit the high-end of FireEye’s guidance. Billings rose 12% year-over-year to $856 million and cash flow generated was flat from the prior year at $18 million. FireEye posted GAAP net loss per share of $1.27 in 2018 compared to net loss per share of $1.60 in 2017.

For 2019 the company forecasts revenue between $880 million and $890 million and billings between $910 million and $930 million. It also expects non-GAAP diluted net income per share in the range of $0.17 to $0.24.

FireEye stock is currently trading at the low end of its 52-week range. Shares last had an RSI of 39 which puts the stock close to oversold territory in mid-April. Investors looking for exposure to this fast-growing global sector should consider adding FireEye right now.