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As technology advances and its adoption becomes more and more massive, technological threats also grow. As important as it is to have good security in our homes so any intruder can not enter, we must do the same with our digital information — practically considered the gold of the new century. For this, we have cybersecurity companies in charge of doing the job very well. Here are three cybersecurity stocks you can consider adding to your portfolio.
Okta (OKTA)
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We start the list of the great companies in charge of taking care of our digital world with Okta (NASDAQ:OKTA), which specializes in protecting our second identity — that is, our digital identity.
Part of its latest creations has been Okta AI Identity Threat Protection, practically a guard in charge of protecting our data. Best of all, it is leveraged on the great technology of artificial intelligence (AI).
By leveraging AI, this company can ensure user sessions remain completely secure from any threat.
One of Okta’s best attributes is it offers a unified platform that takes care of simplifying security management. That may seem completely complex, but the company makes it much more practical, efficient and effective.
Best of all, OKTA does its job incredibly well and is responsible for training people in the great world of cybersecurity.
Zscaler (ZS)
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The next big guardian of the cyber world is Zscaler (NASDAQ:ZS), a great leader in cloud security. One of the incredible attributes that makes this company stand out is its innovative approach against cyber threats.
Financially, ZS is very stable and has had incredible growth. As it reported in its last quarterly report, the company increased its revenue by 40%, reaching $496.7 million. In addition to having wonderful growth, Zscaler decreased its net loss by about 50% year-over-year.
Part of Zscaler’s flagship product is Zscaler Zero Trust SASE, an amazing and completely innovative solution designed to simplify and improve the implementation of Zero Trust security in organizations.
The latest release, in conjunction with Zero Trust SD-WAN, demonstrated the company’s commitment to cutting-edge security.
Splunk (SPLK)
Splunk’s Impressive Financial Performance and Prospects for Acquisition by Cisco
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Financial Growth and Cloud Revenue Surge
Splunk (NASDAQ:SPLK) has displayed an impressive financial performance in its recent quarterly report. The total revenue surged to $1.067 billion, with an astonishing 26% growth in Cloud revenue. This remarkable growth signifies the company’s effective utilization of modern technology tools, which is a testament to its adaptability and innovation.
Annual Recurring Revenue and Operating Cash Flow
The company’s Annual Recurring Revenue (ARR) demonstrated robust growth, increasing by 15% year-over-year. Furthermore, Splunk’s operating cash flow witnessed a staggering rise of 182% over the same period, showcasing its strong financial position and efficient operational management. Even as operating expenses saw a minor uptick, the substantial growth in cash flow indicates the company’s prudent resource allocation and operational efficiency.
Potential Acquisition by Cisco
An intriguing development for Splunk is the potential acquisition by Cisco (NASDAQ:CSCO). The interest of a tech giant like Cisco in acquiring Splunk signifies a strong vote of confidence in the latter’s technological capabilities and market potential. The merger of these two entities holds the promise of synergistic operational and financial benefits, presenting an exciting prospect for investors.
These recent financial and strategic developments position Splunk as a compelling investment opportunity, signifying its resilience and potential for sustained growth in the dynamic tech industry.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
