Image Source: Unsplash

The cybersecurity software stocks category, as measured by the Global X Cybersecurity ETF (BUG), was up 42% in 2023 and, based on the positive affect that the anticipated 14% increase in spending on cyber security in 2024 will have on the stocks in the cyber security category, a similar performance is forecast for 2024. That being said, however, the munKNEE Cybersecurity Software Stocks Index is off to a slow start only going up 2.3% in February but with a respectable 10.0% increase YTD.

Below is how each of the 10 constituents in the Index performed in February, in descending order, and YTD, plus news, commentary, and/or analysis where applicable.

1. Varonis Systems (VRNS): up 13.2% in February; up 12.2% YTD
   • provides security products that manage network events in real-time to detect any breaches or threats and expanded its support for Microsoft's Office 365 platform in November 2023 by adding new features to protect against malicious emails.
   • Latest News, Commentary, and/or Analysis: 
     • Varonis Introduces MDDR: Industry's First Managed Data Detection and Response Offering
2. CyberArk Software (CYBR): up 12.9% in February; up 20.4% YTD
   • enables secure access for any identity to any resource - protecting identities and critical assets by enabling Zero Trust and enforcing least privilege.
   • Latest News, Commentary, and/or Analysis:
     • CyberArk Announces Strong Fourth Quarter and Full Year 2023 Results
3. CrowdStrike Holdings (CRWD): up 10.8% in February; up 27.0% YTD 
   • is focused on cloud-native solutions and AI-driven threat detection and a leader in endpoint security.
   • Latest News, Commentary, and/or Analysis:
     • CrowdStrike Unifies Security & IT, Unleashes the Transformative Power of Generative AI
4. SentinelOne (S): up 9.3% in February; up 2.7% YTD
   • is a global leader in AI security using its Singularity™ Platform to detect, prevent, and respond to cyber attacks enabling organizations to secure endpoints, cloud workloads, containers, identities, and mobile and network-connected devices with speed, accuracy, and simplicity.
   • Latest News, Commentary, and/or Analysis:
     • Conceal Unveils Integration with SentinelOne to Fortify Web Security
5. Palo Alto Networks (PANW): up 8.2% in February; up 5.3% YTD
   • provides subscription services covering the areas of threat prevention, malware, and persistent threat, URL filtering, laptop and mobile device protection as well as DNS, Internet of Things, SaaS, API, and SaaS security inline, and threat intelligence, and data loss prevention.
   • Latest News, Commentary, and/or Analysis:
     • Palo Alto Networks Plummets After Guidance Disappoints
6. Fortinet (FTNT): up 7.2% in February; up 18.1% YTD
   • provides a wide range of cybersecurity and networking solutions
   • Latest News, Commentary, and/or Analysis:
     • Fortinet Stock Jumps as Cybersecurity Demand Drives Q4 Earnings Beat—Key Level to Watch
7. Zscaler (ZS): up 2.7% in February; up 9.2% YTD
   • is a cloud security company that prevents cyberthreats and data loss while providing users with fast, reliable zero trust connectivity to apps from anywhere.
   • Latest News, Commentary, and/or Analysis:
     • Zscaler CEO Jay Chaudhry: We're making good cybersecurity progress with the U.S. government
8. Tenable Holdings (TENB): up 2.3% in February; up 4.6% YTD
   • provides organizations with a broad range of cyber security solution platforms.
   • Latest News, Commentary, and/or Analysis:
     • Tenable Introduces Groundbreaking Visibility Across IT, OT and IoT Domains to Fully Illuminate Attack Vectors and Risks
9. Check Point Software (CHKP): up 0.9% in February; up 5.0% YTD 
   • offers a multilevel security architecture of cloud, network, mobile devices, endpoints information, and IOT solutions.
   • Latest News, Commentary, and/or Analysis:
     • Check Point Software Technologies Ranked as a Leading Email Security Provider in Latest Industry Analyst Report
10. Qualys (QLYS): down 9.2% in February; down 12.4% YTD
    • offers a complete set of cybersecurity products for small businesses that use Amazon.com's  Amazon Web Services (AWS) platform.
    • Latest News, Commentary, and/or Analysis:
      • Here's Why We Think Qualys Is Well Worth Watching

Cybersecurity ETF

Investing in a basket of cyber security stocks is a quick and easy way to get investment portfolio exposure to this critical segment of the tech sector. The Global X Cybersecurity ETF (BUG), for example, consists of 31 stocks, has an expense ratio of 0.51% and was up 2.2% last week and is now up 4.2% YTD.

More By This Author:

Largest Psychedelic Compound-Based Drug Stocks Up 15% In February; Now Up 33% YTD
Largest Cannabis MSO Stocks Down 9% In February; Still Up 26% YTD
Largest Cannabis LPs Down 6% In February; Now Down 22% YTD