5 Best Cybersecurity Stocks to Buy Now

3. Cisco Systems, Inc. (NASDAQ: CSCO)

Number of Hedge Fund Holders: 59

Cisco Systems, Inc. (NASDAQ: CSCO) is a California-based technology company providing software-defined networking, cloud, and security solutions to its customers. Recently, the company has acquired Socio Labs, which will be integrated into the company’s Webex portfolio. CSCO ranks third on our list of the best cybersecurity stocks to buy now.

In Q3 FY21, Cisco Systems, Inc. (NASDAQ: CSCO) reported a net income of $3.5 billion, up 4% from the same period last year. In fiscal Q4, the company expects 6% to 8% year-over-year growth in revenue. Since the beginning of the year, the CSCO stock has delivered a return of 22%. In May, Oppenheimer raised its price target on CSCO from $50 to $55 with an ‘Outperform’ rating.

As of Q1 2021, 59 hedge funds tracked by Insider Monkey have positions in Cisco Systems, Inc. (NASDAQ: CSCO), worth $5.1 billion. Generation Investment Management is the largest shareholder of the company, with 23.2 million shares, worth $1.2 billion.

ClearBridge Investments recently its first-quarter investor letter and mentioned Cisco Systems, Inc. (NASDAQ: CSCO) and other stocks in it. Here is what the firm has to say about CSCO:

“Also in IT, we added Cisco Systems, which provides IT and networking services in the form of network security, software development and cloud computing. Cisco continues to derive over 50% of its sales from on-premise deployments of its products of enterprise and small and midsize customers, while recurring revenues from software are becoming a larger part of the mix. Return-to-office enterprise spending should offer upside to its core campus business. Cisco was an early technology leader in sustainability over two decades ago, through its Internet-connecting capabilities which supported live concerts in partnership with the United Nations Development Program to raise awareness and funds to fight poverty. Cisco has very strong environmental standards (including driving lower energy consumption in IT departments through new product innovations and a longstanding goal to reduce emissions and reliance on non-renewable energy sources). Its data privacy and supply chain management policies are best in class.”