5 Best Performing Cybersecurity Stocks in 2023

In this piece, we will take a look at the five best performing cybersecurity stocks in 2023. To learn more about the cybersecurity sector and some recent trends, check out 12 Best Performing Cybersecurity Stocks in 2023.

5. Zscaler, Inc. (NASDAQ:ZS)

Year To Date Share Price Gains: 58.85%

Zscaler, Inc. (NASDAQ:ZS)’s cybersecurity products enable users to maintain compliance with industry regulations and run other operations. It’s a rare cybersecurity stock on our list that is rated Strong Buy on average, and analysts have set an average share price target of $189.

After digging through 910 Q2 2023 hedge fund portfolios, Insider Monkey found that 45 had bought Zscaler, Inc. (NASDAQ:ZS)’s shares. The company’s biggest shareholder in our database is John Overdeck and David Siegel’s Two Sigma Advisors as it owns 1.4 million shares that are worth $211 million.

4. Palo Alto Networks, Inc. (NASDAQ:PANW)

Year To Date Share Price Gains: 83.11%

Palo Alto Networks, Inc. (NASDAQ:PANW) is a mid sized cybersecurity company that offers firewalls and other products. The firm has grown its EPS in all four of its latest quarters, and to boot, it has also beaten analyst estimates in all of them. Therefore, it’s unsurprising that 39 analysts have rated its shares as Strong Buy on average and set an average share price target of $279.77.

During June 2023, 83 out of the 910 hedge funds part of Insider Monkey’s database had invested in the company. Palo Alto Networks, Inc. (NASDAQ:PANW)’s largest hedge fund investor is David Blood and Al Gore’s Generation Investment Management through its $654 million investment.

3. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)

Year To Date Share Price Gains: 90.08%

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is another well known cybersecurity company. It continues the strong trend of analyst ratings on the list, through having secured a Strong Buy average rating. However, there is little upside over the current share price when we look at the average share price target of $197.60.

Insider Monkey scoured through 910 hedge fund holdings for 2023’s second quarter to discover 65 CrowdStrike Holdings, Inc. (NASDAQ:CRWD) investors. Jim Simons’ Renaissance Technologies owns the biggest stake among these which is worth $420 million.

2. Quick Heal Technologies Limited (NSE:QUICKHEAL.NS)

Year To Date Share Price Gains: 90.12%

Quick Heal Technologies Limited (NSE:QUICKHEAL.NS) is an Indian cybersecurity company. The firm’s shares faced a bit of turbulence in October 2023 when Sequoia Capital sold its entire stake in the company. While the shares initially tanked, they later recovered to trade at higher levels.

1. Fastly, Inc. (NYSE:FSLY)

Year To Date Share Price Gains: 102.97%

Fastly, Inc. (NYSE:FSLY) is a small cybersecurity company that provides DDoS, bot, and other protection services. It reported a strong set of financial results for its third quarter of 2023 in November 2023 that saw Fastly, Inc. (NYSE:FSLY) grow revenue by 18% annually to mark record levels.

Insider Monkey’s Q2 2023 survey covering 910 hedge funds revealed that 19 had bought and owned Fastly, Inc. (NYSE:FSLY)’s shares. Among these, the firm’s largest shareholder is Richard Driehaus’s Driehaus Capital as it owns 2.9 million shares that are worth $47.2 million.

Disclosure: None. You can also take a look at 14 Best Cyclical Stocks To Invest In and 11 Best S&P 500 Stocks To Buy According to Ray Dalio’s Bridgewater Associates.

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