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Forget IronNet, Buy These 3 Cybersecurity Stocks Instead

Stock MarketsSep 23, 2021 02:30PM ET
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© Reuters. Forget IronNet, Buy These 3 Cybersecurity Stocks Instead

Increasing cybercrimes have heightened the need for cybersecurity globally. So, governments and private organizations have been taking active steps to safeguard their systems. Given the expanding cybersecurity market, we think investors drawn to IronNet (IRNT) could instead consider betting on Check Point (CHKP), Trend Micro (OTC:TMICY), and Radware (NASDAQ:RDWR), which have better growth prospects. Let’s discuss.Cybercrimes are on the rise. In July, President Biden issued a national security memorandum aimed at strengthening cybersecurity for critical infrastructure. This followed a ransomware attack that breached networks across the United States and an attack on Colonial Pipeline, forcing the company to shut down approximately 5,500 miles of oil pipeline.

Amid the increasing need for cybersecurity, IronNet, Inc. (IRNT) has been gaining traction. Shares of the company garnered investors’ attention, reaching a year-to-date high on September 16 after the company reaffirmed its fiscal year 2022 revenue and annual recurring revenue guidance on September 14. However, the stock could not sustain its momentum and has slipped 8.5% in price over the past five days and 5% intraday to close its last trading session at $29.41. Furthermore, analysts expect its EPS to remain negative at least until the next fiscal year.

However, given the expanding market for cybersecurity solutions, we think investors looking to cash in on the industry’s solid growth prospects could consider betting on Check Point Software Technologies Ltd. (NASDAQ:CHKP), Trend Micro Incorporated (TMICY), and Radware Ltd. (RDWR).

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Forget IronNet, Buy These 3 Cybersecurity Stocks Instead

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