Apps & Software

Cybercriminals Attack MGM and Caesars: 6 Cybersecurity Stocks to Load Up on Now

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If they ran Las Vegas like they did 30 or 40 years ago, there would be zero attempts to extort money from a casino unless it was with a weapon. In the digital age, that has all changed. MGM Resorts and Caesars Entertainment learned the hard way that cybercriminals can make running a business very difficult. It was reported last week that hackers that go by the names of UNC3944 and Roasted 0ktapus were responsible for the attacks that occurred earlier this month but were not widely reported until last week. While MGM reportedly did not pay any ransom to the group, it was reported they demanded $30 million from Caesars, who allegedly actually paid about half of that amount.
With everything run in a digital world through servers and hosted at massive data centers, all aspects of the casino industry, from reservations to computer systems at casino properties to personal data of loyalty rewards members, could be at risk. Some customers of the casinos jumped on social media and posted about not being able to make credit card transactions, obtain money from cash machines or even enter hotel rooms while at some properties. It was also reported that even some video slot machines went dark.

You can bet that executives at both firms were on the phone at once with the top cybersecurity companies to strengthen their defenses against these criminals that have the potential to bring companies to their knees.

We screened our 24/7 Wall St. cybersecurity research database looking for top companies that may benefit from this recent attack, and we found six that look like very solid ideas. While the following stocks are all rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.


This cybersecurity giant’s stock is way below its 52-week high and offers 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.

Still down a stunning 30% from highs printed early last year, shares of this preeminent company offer investors one of the best ways to participate in the huge growth proposition cybersecurity offers.

JMP Securities has a $235 price target on CrowdStrike stock. That is higher than the consensus target of $185.86. Friday’s final trade was reported at $165.45 a share.

CyberArk Software

This company has a $7 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.

Furthermore, CyberArk’s robust Identity and Access Management as a Services offers adaptive multi-factor authentication (MFA), single sign-on, secure Web sessions, application gateway, identity lifecycle management and directory services, as well as customer identity services providing authentication and authorization services, MFA, directory and user management to enable organizations to provide their customers with easy and secure access to websites and applications.

Additional offerings include Secrets Manager Credential Providers, to provide and manage the credentials used by third-party solutions, and Secrets Manager Conjur for cloud-native applications.

Guggenheim’s target price is $200, and CyberArk Software stock has a consensus target of $188.21. The shares ended Friday’s session trading at $170.01 apiece.


This stock has done well but still offers a reasonably attractive entry point. Fortinet Inc. (NASDAQ: FTNT) provides broad, integrated and automated cybersecurity solutions worldwide.

The company’s products and services include the following:

  • FortiGate hardware and software licenses provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam and wide area network acceleration.
  • The FortiSwitch product family offers secure switching solutions for connecting customers to their end devices.
  • The FortiAP product family provides secure wireless networking solutions.
  • FortiExtender is a hardware appliance.
  • The FortiAnalyzer product family offers centralized network logging, analyzing and reporting solutions.
  • The FortiManager product family provides centralized network logging, analyzing and reporting solutions.
  • The FortiWeb product family provides web application firewall solutions.
  • The FortiMail product family includes secure email gateway solutions.
  • FortiSandbox technology delivers proactive detection and mitigation services.
  • FortiClient provides endpoint protection with pattern-based anti-malware, behavior-based exploit protection, web-filtering and an application firewall.
  • FortiAuthenticator is a zero trust access solution.
  • FortiGate VM is a network firewall virtual appliance.
  • The FortiToken product family is for multi-factor authentication to safeguard systems, assets and data.
  • FortiEDR/XDR is an endpoint protection solution that provides both machine-learning anti-malware protection and remediation.

The company provides security subscription, technical support and professional and training services.

Wells Fargo has set a $85 target price. The consensus is just $74.33, and Fortinet stock closed on Friday at $61.02.


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. That is well above the $95.11 consensus target and Friday’s closing print of $84.31.

Palo Alto Networks

This company continues to be one of the most dominant players in the industry, and it has 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.

It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection and firewall, as well as DNS security, Internet of Things security, SaaS security API and SaaS security inline, and threat intelligence and data loss prevention.

In addition, the company offers cloud security, secure access, security operations and threat intelligence and cybersecurity consulting. Its professional services include architecture design and planning, implementation, configuration and firewall migration. Education services include certifications and online and in-classroom training. It also offers support services.
Palo Alto Networks sells its products and services through its channel partners, as well as directly to medium to large enterprises, service providers and government entities operating in various industries, including education, energy, financial services, government entities, health care, internet and media, manufacturing, public sector and telecommunications.

Last week, BTIG Research lifted its $270 price target on Palo Alto Networks stock to $292. The $274.77 consensus is closer to Friday’s $240.20 closing share price.


This remains one of the hottest cybersecurity stocks and is a top pick across Wall Street. Zscaler Inc. (NASDAQ: ZS) operates as a cloud security company worldwide. Its offerings include the following:

  • Zscaler Internet Access solution provides users, workloads, IoT, and OT devices secure access to externally managed applications, including SaaS applications and internet destinations.
  • Zscaler Private Access solution is designed to provide access to managed applications hosted internally in data centers, and private or public clouds.
  • Zscaler Digital Experience measures end-to-end user experience across business applications, as well as provides an easy to understand digital experience score for each user, application, and location within an enterprise.
  • Posture Control solutions comprising Cloud Security Posture Management that identifies and remediates application misconfigurations in SaaS, infrastructure as a service and PaaS to reduce risk and ensure compliance with industry and organizational benchmarks.
  • Cloud Infrastructure Entitlement Management detects and remediates excessive or unused cloud permissions and enforces least privileged access without disrupting productivity.
  • Infrastructure as Code (IaC) analyzes IaC templates to identify misconfigurations and other security issues prior to deployment to cloud infrastructure.
  • Vulnerability Scanning and Data Loss Prevention solutions.

The company’s platform modules include Zscaler Central Authority, Zscaler Enforcement Node and Zscaler Log Servers.

Zscaler serves customers in airlines and transportation, conglomerates, consumer goods and retail, financial services, health care, manufacturing, media and communications, public sector and education, technology and telecommunications services industries.

The $210 target price at Needham accompanies a Strong Buy rating. The consensus target is just $183.97. On Friday, Zscaler stock closed at $156.10.

The need for cybersecurity is clearly increasing every year, and without fail, every couple of years we see a massive hack of major companies. These top stocks offer investors solid ways to play the segment in various areas. Most importantly, they all are trading at levels that offer reasonable entry points and have big upside potential.

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