Daily Stock Pick: March 24th, 2023

According to Research and Markets, the global network security market size reached a valuation of $4.68 billion in 2022. Experts project that by 2027, the segment will command a valuation of $16.6 billion, representing a CAGR of 23.5% from 2023 estimates.

Online security is a young, quickly evolving industry. Competition is heavy in the space, and demand continues to grow faster in both volume and complexity. Not all companies from the burgeoning subsector are set to last. As the undisputed global leader in identity security, today’s recommendation is poised to continue gaining steam as demand for its unique offering increases.  

The undisputed global leader in identity security, CyberArk (CYBR), has been gaining attention on Wall Street. The stock has added 12% this year and is poised to continue climbing higher thanks to growing ARR.

CyberArk’s innovations occur across its self-hosted solutions and expanding SaaS portfolio of privileged access management, secrets management, and cloud privilege security offerings, helping its customers enable “Zero Trust” by enforcing least privilege. Under the framework of its Zero Trust approach, its teams can focus on identifying, isolating, and stopping threats from compromising identities and gaining privilege before they can do harm.

 It comes as no surprise the Israel-based business has been attracting customers to its subscription-based services, which means tremendously reliable cash flow, a good sign for anyone eyeing the small-cap.  

[stock_market_widget type=”accordion” template=”extended” color=”#5679FF” assets=”CYBR” start_expanded=”true” display_currency_symbol=”true” api=”yf”]