Apps & Software

6 Cybersecurity Software Stocks Could Be Set Up for Huge Second Half 2023 Gains


This Wall Street favorite may have the biggest potential upside in the group. Okta Inc. (NASDAQ: OKTA) provides identity solutions for enterprises, small and medium-sized businesses, universities, nonprofits and government agencies in the United States and internationally.

The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as the following:

  • Universal Directory is a cloud-based system of record to store and secure user, application and device profiles for an organization.
  • Single Sign-On enables users to access applications in the cloud or on-premise from various devices.
  • Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications and data.
  • Lifecycle Management enables IT organizations or developers to manage a user’s identity throughout its lifecycle.
  • API Access Management enables organizations to secure APIs.
  • Access Gateway enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications.
  • Advanced Server Access secures cloud infrastructure.

Okta also provides Auth0 products, including the following:

  • Universal Login allows customers to provide login experience across different applications and devices.
  • Attack Protection is a suite of security capabilities that protect from malicious traffic.
  • Adaptive Multi-Factor Authentication minimizes friction to end users.
  • Passwordless authentication enables users to login without a password and supports in various login methods.
  • Machine to Machine provides standards-based authentication and authorization.
  • Private Cloud allows customers to run a dedicated cloud instance of Auth0.
  • Organizations enables customers to have independent configurations, login experiences, and security options.

The company offers customer support, training, and professional services. It sells its products directly to customers through sales force and channel partners.

Okta stock has a $110 target price at Oppenheimer. The $94.05 consensus target also compares with Thursday’s closing print of $84.57.

Palo Alto Networks

This company continues to be one of the most dominant players in the industry, and it recently crushed earnings expectations. Palo Alto Networks Inc. (NASDAQ: PANW) provides cybersecurity solutions worldwide.

The company offers firewall appliances and software. Panorama is a security management solution for the control of firewall appliances and software deployed on a customer’s network, as well as their instances in public or private cloud environments, as a virtual or a physical appliance. Virtual system upgrades are available as extensions to the virtual system capacity that ships with physical appliances.

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