The pandemic has accelerated the shift towards online marketplaces, in turn raising the demand for cyber protection. This could have a significant impact on the performance of cybersecurity stocks in 2022. Here are some of our top picks.
Cloudflare Inc. (NYSE:NET) shares have plummeted significantly over the last two months. And even though the stock still trades at a steep forward P/E of about 8,200, the pullback could be an opportunity to buy.
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Moreover, analysts expect its EPS to grow by nearly 45% this year, before rising by a further 100% next year. Therefore, it could be an exciting long-term play.
Technically, the stock trades within a descending channel formation in the intraday chart. As a result, it has plunged into oversold conditions.
Therefore, investors could target rebounds at about $128.44 and $143.79, while $101.92 and $86.10 are support levels.
ZScaler Inc. (NASDAQ:ZS) shares have pulled back recently, ending an attempted recovery. The stock still trades at a steep P/E ratio of 304.08, making it less attractive to bargain hunters.
However, its earnings per share are expected to grow at an average annual rate of about 45.38 over the next five years, making it a compelling option for growth investors.
Technically, the stock seems to have recently pulled back to trade closer to the oversold conditions of the 14-day RSI.
Therefore, investors could target rebounds at about $294.08 and $309.00, while $264.25 and $248.78 are support levels.
Where to buy right now
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