In today’s increasingly digital world, the importance of robust cybersecurity measures cannot be overstated. With cyber criminals always on the prowl for potential vulnerabilities, cybersecurity stocks to buy have become an essential consideration for investors.

Although some of the top cybersecurity stocks to buy have dipped during market downturns, their overall growth trajectory remains as robust as ever. Moreover, with the return of a bullish market in the near future, these companies are poised to reap massive rewards. In fact, Check Point Research reveals a staggering 38% increase in global cyberattacks last year compared to 2021, undergirding the need for effective cybersecurity solutions.

Investing in cybersecurity stocks to buy seems like a no-brainer, with the average cost of malware-related attacks hovering over $1.4 million, and even higher for major enterprises. Furthermore, the business model for cybersecurity is mighty compelling. In light of these factors, you should probably add seven top cybersecurity stocks to buy for your portfolios.

Fortinet (FTNT)

Fortinet (NASDAQ:FTNT) is a top cybersecurity stock to buy, proving its resilience in the stock market last year. The stock is up over 30% year-to-date, while its peers in the software space struggle to get going. Its market-beating returns are a testament to the robust nature of cybersecurity spending, despite a weak spending environment.

Fortinet delivered $4.4 billion in sales in 2022, a 32% bump from last year, while non-GAAP net income soared almost 50% to $1.19 per share. The firm expects revenues to continue to grow well into this year, forecasting a whopping $5.4 billion in sales for the year. Also, it guided for earnings per share of $1.40, representing a 22% improvement from last year. Another interesting statistic is that its high-value deals greater than $50,000 increased by 29% on a year-over-year basis.

As we advance, the firm is on track to achieve 20% billings growth this year, steamrolling its way to posting $10 billion in billings by 2025.

Akamai (AKAM)

Akamai (NASDAQ:AKAM) is a leader in providing Content Delivery Network (CDN) services and offers security services in its robust edge platform. Though a leader in the CDN market, its security business has grown immensely over the years. Its security services segment contributed roughly 42% of its overall sales last year. Perhaps one of the most remarkable things about Akamai is its A-graded profitability profile. Its 5-year gross profit, net profit, and levered free cash flow margins are at 64.4%, 15%, and 17%, respectively.

In the past couple of years, the firm has entered the cloud computing sphere, locking horns with some of the most powerful hyper scalers in the tech sphere. Though the competition has its investors second-guessing, its computing business has grown at 60% from 2021 to 2022, significantly ahead of security.

SentinelOne (S)

SentinelOne (NYSE:S) is a California-based cybersecurity specialist which utilizes machine learning to monitor cloud workloads, personal computers, and other devices. It boasts a remarkably consistent business that continues to chomp away at the market share of its competition, strengthening its services across endpoint and cloud security. The firm has delivered revenue and earnings beats in the past six consecutive quarters. Annualized recurring sales as of last year amounted to $549 million, a massive 88% improvement from the prior-year period. Also, its net revenue retention rates hovered above 130% as it added 750 new customers to its portfolio during the quarter.

With top-line growth expected to stay above 50%, it won’t be long before it turns a profit. According to market analysts, its loss per share last year came in at $1.36, which could narrow down to a loss per share of 3 cents by 2025.

CrowdStrike (CRWD)

CrowdStrike (NASDAQ:CRWD) is a leader in endpoint security. It ranked atop IDC’s global Endpoint Security Market Share report for the third straight time. Its market share was at an incredible 17.7% from June 2021 to June 2022, a testament to the expanded adoption of its service across several modules.

It wrapped up last year, generating 54% growth from the prior-year period, reporting excellent adoption growth across its modules. Adoption growth for five or more, six or more, and seven or more modules increased by 62%, 39%, and 22%, respectively, during the fourth quarter. Additionally, net retention rates are up to 125%, proving that its offerings are mission-critical for its user base. At the current rate, expect CrowdStrike to achieve its lofty recurring revenue target of $5 billion by 2026, implying a CAGR of 25%.

Tenable (TENB)

Tenable (NASDAQ:TENB) is a fast-growing cybersecurity firm generating top-line growth in the high double-digit percentages. It offers solutions for cyber exposure, which can be effectively on-premise, in the cloud, or in a hybrid environment. Moreover, its solutions cover various sectors, including retail, energy, finance, and others.

The firm generates over 85% of its sales from subscriptions, which has helped post positive free cash flows in the past three years. Consequently, its cash position is 36% higher than its total debt load, providing ample wiggle room to continue to invest in its business. Moreover, its hyper-growth business will soon push the firm towards profitability regardless of its high stock-based compensation expense. Moreover, analysts at Tipranks have assigned a Moderate Buy rating to the stock, citing a 15% upside potential from current levels.

Zscaler (ZS)

Cloud security company Zscaler (NASDAQ:ZS) has been a spectacular wealth compounder, growing its returns by over 300%. Naturally, its stellar performance is due to its incredible track record of growth across both lines. The wide array of applications in its cybersecurity product has enabled the firm to grow its margins and increase sales through upselling.

It recently wrapped up another quarter generating double-digit revenue growth. Its second quarter of fiscal 2023 marks the 16th consecutive quarter where its generated double-digit sales growth. Retention rates remain over the 100% mark, helping it boost gross margins to 78% on a year-over-year basis. Though guidance for billings growth has slowed down somewhat due to an elongated sales cycle, its management has added another dynamic to customer deals that involve less upfront commitment and a healthy ramp-up later in the contract.

Palo Alto Networks (PANW)

Palo Alto Networks (NASDAQ:PANW) is the top dog in the cybersecurity space, with the highest market capitalization out of all companies in the sector. Its innovative platform provides robust integrated cybersecurity solutions, which include firewalls, security management tools, cloud security, and other tools.

Despite concerns over a weakening business environment, the firm generated over 25% sales growth. Moreover, the number of deals valued at $10 million increased by 144% year-over-year, indicating strong demand. Additionally, it spent a massive $1 billion last year in research and development, up five times more than some of its peers. According to research firm Canalys, Palo Alto Networks occupied the top spot among cybersecurity vendors, with a 7.9% market share during 2022’s fourth quarter, up five basis points from the same quarter in 2021.