Russia’s invasion of Ukraine is providing a major boost to the cybersecurity industry…
Over the past several days, U.S. indexes have seesawed in response to the Russia-Ukraine crisis, straining other global markets in the process.
However, cybersecurity stocks have been a bright spot for investors.
While they haven’t been immune to the fluctuations, stocks such as Crowdstrike (CRWD) and Palo Alto Networks (PANW) are up by 3.9% and 7.3% for the week.
Meanwhile, iShares Cybersecurity and Tech ETF (IHAK) rose by 3.3% during the same period. And these factors helped lift the S&P 500 as well, which has gained 1.4% over the past five days.
This is a trend that experts expect to continue as well. Wedbush Securities noted that the industry was already set to grow by 20% this year. Now, it anticipates the sector will climb even higher.
That’s because Russia’s invasion, combined with global sanctions, has many analysts forecasting a surge in cyberattacks against governments and global companies.
And to defend against this, countries will further bolster their cyber-defense spending, potentially resulting in billions of dollars flowing into some of the best cybersecurity companies around.
This includes Splunk (SPLK), a cybersecurity software company focused on searching, monitoring, and analyzing data.
In fact, we’re already seeing the company benefit…
Recently, Splunk reported its fourth-quarter financials. The firm said its earnings per share were $0.66 compared with the anticipated loss of $0.21. Its revenue was $901.1 million, topping the consensus of $774.6 million.
This was due to heightened demand for its security products. The company said it reached agreements with Box (BOX), CVS Health (CVS), and Intel (INTC) to provide cyber-defense services and prevent data breaches.
However, Splunk is plenty diversified. Its customers include 90 of the Fortune 100 companies. And it serves clients from all around the world through cloud services.
This means Splunk is not only positioned well in the space, but should also see demand rise over the long term – presenting an opportunity for investors to profit.
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