Cybersecurity stocks were the toast of the town through the first six months of this year, but now well off the industry's June highs, as represented by one well-known exchange traded fund, cybersecurity equities are in the midst of a lengthy pullback.
However, bullish billings growth, as highlighted in a recent research note by Wells Fargo Securities posted by Barron's, could be a harbinger of a rebound for cybersecurity stocks and the PureFunds ISE Cyber Security ETF (NYSE: HACK), the largest cybersecurity ETF.
Wells Fargo the companies that really standout in terms of billings growth are Palo Alto Networks Inc. (NASDAQ: PANW) and CyberArk Software Ltd. (NASDAQ: CYBR). Those two stocks combine for over 8 percent of HACK's weight. Wells Fargo rates the companies outperform.
“CyberArk and Palo Alto exhibited the best billings growth at 131% and 69% year-over-year, respectively. In addition, CyberArk and ...
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