Apps & Software

Russian Aggression Shines Spotlight on Cybersecurity Stocks: 4 Top Goldman Sachs Picks to Buy

Okta Identity Cloud consists of a suite of products to manage and secure identities. It offers a range of products, such as Adaptive Multi-Factor Authentication, Universal Directory, Lifecycle Management products, Single Sign-On, application program interface (API) Access Management and Mobility Management.

The $258 Goldman Sachs price target compares with the higher consensus target of $271.13. OKTA stock closed on Monday at $182.84, up 3% for the day.

Palo Alto Networks

This continues to be one of the most dominant players in the industry. Palo Alto Networks Inc. (NASDAQ: PANW) is helping to lead a new era in cybersecurity by protecting thousands of enterprise, government and service provider networks from cyber threats.

Unlike fragmented legacy products, the company’s security platform safely enables business operations and delivers protection based on what matters most in today’s dynamic computing environments: applications, users and content.

The Palo Alto Networks security platform has features that were introduced that help security professionals overcome the distractions and time spent on problems caused by the overwhelming volume of alerts and manual processes associated with operating many discrete security products, and, instead, expand breach prevention capabilities and boost operational efficiency.

The company posted solid results last week, and Goldman Sachs noted this:

Another quarter of solid execution as the company remains a consolidator in its markets. Palo Alto Networks delivered another quarter of solid, clean results as it continues to consolidate market share while optimizing its platform. Product revenue in the fiscal second quarter of 2022 grew over 20% year-over-year, NGS annual recurring revenue grew 70% year over year and total billings grew 32% year-over-year.

The Goldman Sachs price target is $650, which is higher than the consensus target on Palo Alto Networks stock of $620.58. The shares closed over 4% higher on Monday to $594.25.

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