3 Cybersecurity Stocks That Could Be Millionaire-Makers: May Edition

Cybersecurity Industry Overview - The U.S. Environmental Protection Agency (EPA) has warned that cyberattacks on water utilities are increasing in frequency and severity, prompting a call for immediate protective measures for drinking water systems [1] - The global cost of cybercrimes reached $8.44 trillion in 2022 and is projected to rise to $23.84 trillion by 2027, indicating a growing threat that necessitates serious attention from governments, businesses, and individuals [2] Company Highlights Radware (RDWR) - Radware's stock rose from $16.85 to a high of $20.42 after launching a new AI-powered DNS DDoS attack protection solution [3] - The company reported Q1 earnings per share (EPS) of 16 cents, beating estimates by three cents, with revenue of $65.1 million, down 5.7% year-over-year but exceeding expectations by $1.53 million [3] - CEO Roy Zisapel expressed optimism about capitalizing on growth in cloud security and partner channels, aiming for revenue growth and improved profitability in 2024 [4] Palo Alto Networks (PANW) - Palo Alto Networks' shares have increased from around $260 to $323.77 since February, with a target to refill a bearish gap at approximately $370 [5] - The company reported Q3 EPS of $1.23, beating estimates by seven cents, and revenue of $1.98 billion, up 15.1% year-over-year, exceeding expectations by $10 million [5] - For Q4, the company anticipates billings between $3.43 billion and $3.48 billion, reflecting a year-over-year growth of 9% to 10%, and total revenue expectations of $2.15 billion to $2.17 billion [5] - Palo Alto Networks has partnered with IBM to develop AI-powered security solutions [6] CyberArk (CYBR) - CyberArk's stock has rebounded from around $225 to $249.70, with potential for further gains if it surpasses its 50-day moving average [7] - The company acquired Venafi for $1.54 billion, which is seen as a significant step towards enhancing its identity security capabilities [7] - CyberArk reported Q1 EPS of 75 cents, beating estimates by 48 cents, and revenue of $221.6 million, up 37% year-over-year, exceeding expectations by $8.38 million [7] - The subscription portion of its annual recurring revenue (ARR) increased by 54% to $621 million year-over-year, with total ARR rising 69% to $156.2 million [7] - The company raised its revenue outlook for Q2 to between $215 million and $221 million, indicating a growth of 22% to 26%, and for the full year, it expects revenue between $928 million and $938 million, or 23% to 25% growth [8][9]