In early March, Okta agreed to shell out $6.5 billion in stock to purchase Auth0 – a creator of technology that makes it easy for developers to implement identity management in their own applications. Okta counts more than 10,000 customers that include small businesses and large enterprises, such as FedEx ( FDX) and T-Mobile ( TMUS). In 2020, revenue jumped 43% to $835.4 million and operating cash flows came to $128.0 million, compared to $55.6 million in the year prior. Okta has been aggressive in building a rich ecosystem with integrations in over 7,000 cloud, mobile and web applications.Īnd during the COVID-19 pandemic, there has been even more demand for the company's platform due to the need to secure remote workers. The company was founded in 2009, and it has been one of the beneficiaries of the megatrend in cloud computing. One of the leaders in the enterprise IT systems space is Okta ( OKTA, $279.30). It's a massive business and it is continuing to grow at a healthy clip. Identity management is about securing logins for enterprise information technology (IT) systems. We've compiled a list of the five of the best cybersecurity stocks to buy as growth in the sector ramps up. So which cybersecurity stocks stand to benefit from this boost in spending? And which look attractive right now? The ongoing threats and risks with cybersecurity puts companies under increased pressure to guard against these threats, and in its 2021 global cybersecurity forecast, Canalys predicted cybersecurity spending will increase 10% this year worldwide to $60.2 billion. More broadly, a report from research firm Canalys notes 12 billion records were breached last year, while ransomware attacks spiked 60%. The SolarWinds hack lasted roughly nine months and involved the accessing of highly sensitive information, and it's still not clear just how extensive the breach was. government, foreign governments and over 16,000 private-sector companies were penetrated – allegedly at the hands of the Russian Foreign Intelligence Service (SVR). Just look at last year's SolarWinds ( SWI) breach, where the computer systems of the U.S. The fact is, though, that online threats are becoming more frequent and more severe. Take cybersecurity stocks, for example, which pulled back drastically in the first quarter. But the intense selling has presented some compelling opportunities for investors that may be looking to buy on the dip. It was a rough start to the year for growth stocks, which sold off sharply as bond yields spiked.
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