The increasing embrace of digitization globally has heightened the incidence of cybercrimes and online threats at an unprecedented pace. This has accelerated the need for organizations (and individuals) to maintain sophisticated cybersecurity measures to protect sensitive information and create secure digital environments. Predicated on this trend, we think that the demand for cyber safety solutions offered by Fortinet (NASDAQ:FTNT) and NortonLifeLock (NASDAQ:NLOK) should continue to surge. But let’s find out which of these stocks is a better buy now.Sunnyvale, Calif.-based Fortinet, Inc. (FTNT) and NortonLifeLock Inc. (NLOK) in Mountain View, Calif. are two of the most prominent integrated and automated cyber safety solutions providers, operating in the United States, Europe and internationally. FTNT provides FortiSwitch, FortiAnalyzer, FortiToken and FortiAuthenticator and various other security and networking functions and anti-spam solutions. NLOK offers Norton Secure VPN solution, Norton 360, Privacy Monitor Assistant and LifeLock identity theft protection solution to its customers.
As the administrative paradigm shift toward digitization continues worldwide , the importance of strong authentication methods and cloud-based cybersecurity solutions has increased substantially in recent years. In fact, an increased reliance on remote servers and web-based applications has heightened the risk of cyberattacks and cloud vulnerability. As such, it is no surprise that organizations and government agencies are now prioritizing advanced cybersecurity measures for protection against ransomware attacks and malicious hacking. We believe that this need should continue propelling the demand for cyber safety and security solutions offered by FTNT and NLOK.
FTNT has gained 66.3% so far this year, while NLOK has returned 30.1% over the same period. Also, in terms of past three months’ performance, FTNT is the clear winner with 35.2% gains versus NLOK’s 25.1% returns. But which of these stocks is a better pick now? Let’s find out.