Apps & Software

6 Leading Cybersecurity Software Stocks Set to Explode Higher in 2023

After a horrific 2022 in which the tech-heavy Nasdaq plunged a stunning 33%, many investors decided it was high time to dump tech stocks, and dump them they did. Legacy technology giants like Alphabet (Google’s parent),, Meta Platforms (the Facebook and Instagram parent) were crushed to lows not seen in years. While some have bounced back, many remain as much as 50% or more below their 52-week highs. These companies have been forced to lay off thousands of workers in an attempt to lower costs and improve earnings, and prospects going forward are tepid in the near term.

One tech silo that is poised to continue to explode higher is cybersecurity. Every year, hackers and cybercriminals get more sophisticated and force corporations and government agencies to make sure they have the best possible security for their data. The leading companies that dominate cybersecurity software remain among the best tech ideas now. We screened our 24/7 Wall St. cybersecurity stock universe looking for those with Buy ratings and strong positions in the industry. The following six top stocks continue to stand out and look to remain on top in a field that is constantly evolving.

It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.


Shares of this cybersecurity giant pulled back in a big way in 2022, after a huge run, and are offering an outstanding entry point. CrowdStrike Holdings Inc. (NASDAQ: CRWD) provides cloud-delivered protection across endpoints and cloud workloads, identity and data. The company offers threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection and log management.

CrowdStrike primarily sells subscriptions to its Falcon platform and cloud modules through its direct sales team that leverages its network of channel partners.

With its stock down a stunning 50% from highs printed early last year, this preeminent company offers investors one of the best ways to participate in the huge growth proposition cybersecurity offers.

Truist Financial has a $175 price target on Crowdstrike stock. The consensus target is $167.02, and Monday’s $120.65 per share close was up almost 3% on the day.

CyberArk Software

This company has less than a $6 billion market cap, which may make it a prime takeover target. CyberArk Software Ltd. (NASDAQ: CYBR) develops, markets and sells software-based security solutions and services in the United States, Europe, the Middle East and elsewhere.

The company’s solutions include the following:

  • Privileged Access Manager offers risk-based credential security and session management to protect against attacks involving privileged access
  • Vendor Privileged Access Manager combines Privileged Access Manager and Remote Access to provide fast, easy and secure privileged access to third-party vendors
  • Endpoint Privilege Manager is a software as a service (SaaS) solution that secures privileges on the endpoint
  • Cloud Entitlements Manager is a SaaS solution that reduces risk that arises from excessive privileges by implementing least privilege across cloud environments.

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