This company is at the forefront of cybersecurity and has awesome growth potential. Ping Identity Holding Corp. (NYSE: PING) is a leader in identity access and management. Its products safeguard enterprise applications and data by providing controls around user authentication, access and more.
Ping’s single-sign-on technology helps streamline user workflow by providing a single password for multiple applications to reduce log-ins. Additional product features include consumer identity management, Internet of Things and application programming interface management. Ping differentiates with a history of complex deployments across hybrid networks.
The analysts have a Strong Buy rating on the shares and said this:
We believe the combination of
1) favorable secular market trends that are in the early innings, but poised to accelerate.
2) Ping’s differentiated technology in both enterprise scale and burgeoning customer identity use cases.
3) proven ability to operate a profitable growth model make this an attractive asset at a reasonable price relative to the group.
Ping’s core solution is at the heart of one of the biggest trends in security software: The dissolving network perimeter, and security based on identity rather than physical location inside a corporate network perimeter. While demographic tailwinds were already favorable as the incremental workforce prefers work-from-anywhere – not inside corporate perimeter, and on any device – not just corporate-issued PCs, we think this trend only accelerates in a post-Covid world as the remaining workforce is becoming conditioned to this.
The Raymond James price target for the shares is $40, and the Wall Street consensus target is $35.73. The last trade on Wednesday for Ping stock was reported at $27.28.
Investors may not be familiar with this company, but its stock has solid upside potential to the analyst target. Rapid7 Inc. (NASDAQ: RPD) engages in the provision of cybersecurity analytics and automation services. Its product includes an insight platform that offers InsightVM, InsightIDR, InsightAppSec and InsightConnect.
Rapid7 is advancing security with visibility, analytics and automation delivered through its Insight cloud. Its solutions simplify the complex, allowing security teams to work more effectively with IT and development to reduce vulnerabilities, monitor for malicious behavior, investigate and shut down attacks, and automate routine tasks. Some 8,400 customers rely on Rapid7 technology, services and research to improve security outcomes and securely advance their organizations.
The analysts pointed this out:
We think Rapid7’s core vulnerability management market represents an important pillar to a holistic security strategy, based on our conversations with customers, and is essentially a three-horse race with Rapid7, Qualys, and Tenable owning more than half of the market. We think the industry structure can sustain over the intermediate term as moats widen alongside platform expansions. As vulnerability management continues to broaden its value proposition, we see growth in both share of wallet from existing customers, and opportunity to acquire new customers, supporting a growth rate in line with the overall security market in the high-single-digit range.
The stock is rated Outperform. The $70 Raymond James price target is similar to the $69.80 consensus target. Rapid7 stock closed most recently at $84.95, after falling almost 4% on Wednesday.
While the whirlwind around the top cybersecurity stocks has slowed dramatically from the pace of four and five years ago, the need in corporate America is increasing every year. These top stocks offer investors solid ways to play the industry in a multitude of areas. Most importantly, with spending expected to increase in the space, those with the top technology will stay at the forefront.
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