June 24, 2024

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3 Cybersecurity Stocks You Can Buy and Hold for the Next Decade

2 min read

Cybersecurity will be a vital part of the digital economy moving forward. Companies are financially incentivized to use the best security tools to protect their data and systems. Did you know the average breach can cost a company nearly $4.5 million? That’s according to an annual study by IBM.

However, legacy products like antivirus software often don’t do the job anymore. That’s where next-generation solutions come into the picture. Investors have a variety of cybersecurity stocks to choose from, but after some due diligence, three emerged as potential long-term winners.

Here are the three cybersecurity stocks you can buy and hold for the next decade.

1. Palo Alto Networks

The firewall has been critical to security for years, and that’s where Palo Alto Networks (NASDAQ: PANW) specializes. A firewall is like the security detail at a party checking the guest list to ensure only the invited people get in. Firewalls monitor incoming and outgoing network traffic, looking for anything that doesn’t belong. Palo Alto Networks’ firewall security is top-notch; third-party firms like Gartner‘s prestigious Magic Quadrant rankings have named it a leader in its category.

Today, Palo Alto Networks has over 70,000 active customers and is growing by expanding its product offerings to include additional security categories on two other platforms. That gives the company three platforms: Network Security, Cloud Security, and Security Operations. Currently, just half of the company’s customers use two of three platforms, and just 13% use all three, so there are opportunities to cross-sell.

PANW Revenue (TTM) Chart

PANW Revenue (TTM) Chart

Palo Alto is one of the largest security companies, with over $7.5 billion in annual revenue. Earnings have exploded in recent years, and analysts believe profits will continue to grow, averaging 22% annualized for the next three to five years. The company’s large customer base and size give it a strong hand as it competes for customers’ security budget dollars over the next…

2024-05-27 07:45:00

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