5 Cybersecurity Stocks to Watch Amid Russian Invasion of Ukraine

In this article, we discuss the 5 cybersecurity stocks to watch amid the Russian invasion of Ukraine. In order to read our detailed analysis of the Russia-Ukraine conflict and how it affects the cybersecurity industry, go directly to 10 Cybersecurity Stocks to Watch Amid Russian Invasion of Ukraine.

5. Fortinet, Inc. (NASDAQ:FTNT)

Number of Hedge Fund Holders: 31

Fortinet, Inc. (NASDAQ:FTNT) is a California-based provider of cybersecurity services, including intrusion prevention, anti-malware, firewall, virtual private network, web filtering, anti-spam and application control services. On February 4, Wedbush analyst Daniel Ives reiterated an ‘Outperform’ rating on Fortinet, Inc. (NASDAQ:FTNT) shares, noting that the company’s Q4 earnings beat expectations, with billings coming in at $1.31 billion, signifying a 36% year-over-year growth. Fortinet, Inc.’s (NASDAQ:FTNT) guidance for 2022 is above expectations, Ives said, highlighting the company’s momentum heading into the year.

EPS for Q4 2021 came in at $1.23, above consensus estimates by $0.08. Quarterly revenue was recorded at $963.60 million, beating analysts’ forecasts by $2.08 million.

31 hedge funds were bullish on Fortinet, Inc. (NASDAQ:FTNT) at the end of the fourth quarter, with combined holdings worth $1.32 billion. This is down from 38 hedge funds holding $1.13 billion worth of stakes in Fortinet, Inc. (NASDAQ:FTNT) at the end of Q3 2021.

ClearBridge Investments, an investment firm, mentioned many stocks in its Q3 2021 investor letter, and Fortinet, Inc. (NASDAQ:FTNT) was one of them. Here’s what the fund said:

“Performance among our cohort of IT and Internet companies was mixed, with enterprise software makers thriving while more consumer-oriented stocks faced headwinds. Cyber security software maker Fortinet benefited from a heightened awareness of the need to protect against sophisticated attacks. We are attracted to the recurring revenue nature of these software companies that are increasingly delivering their products on a subscription basis through the cloud. Software business models also tend to avoid many of the inflationary issues facing companies with a physical product or
service.”