The Best Tech Stock To Buy Today Is This Cybersecurity Stalwart

Investors are always looking for the best tech stock to buy right now, and after a string of red-hot earnings reports, there’s no better time than now to buy them.

Investors are right to target tech too: They want to own the hottest, brightest, and fastest-growing stocks at any given moment in time. There’s no better place to find that than the tech sector.

But not every tech stock is worth owning. Some companies offer nothing more than a promise to turn unproven ideas into profitable products. Other tech stocks are so overpriced it’s hard to see where future growth will come from.

That’s why we’re narrowing down our list to look at a group of tech stocks that solve an immediate, pressing need and have the products and teams to do it.

And that sector is cybersecurity.

Here’s why this tech industry is seeing surging demand – plus, we’ll show you the best cybersecurity tech stock to buy…

Why Cybersecurity Is a Growth Sector

You see, in today's online digital world, every technology is going to be needed protection from cybercriminals.

Cybersecurity is one of the hottest growth industries on the planet. Cybercrime is more lucrative than stealing physical goods, and it can be carried out from anywhere in the world. You don't have to walk into a bank to rob it today. You can be in a cabin in the woods in another country.

As long as the crook has a laptop and Internet connection, he can rob you from thousands of miles away.

The attacks on big business and government agencies get the big headlines, but individuals need to keep their devices protected as well. Thieves can use your connection to steal your identity, raid your bank accounts, clone your credit cards, and steal from you in many different ways.

They can also access any connected device and use its computing power as part of a giant botnet used to attack corporations or government agencies. Some of the crooks have used these botnets to seize hospital systems and hold life-saving information and technology for ransom.

That’s why the tech companies that offer solutions to these dangers are in more demand than ever. And that demand isn’t going away anytime soon.

In fact, the cybersecurity sector could be worth nearly $200 billion by 2028, up from $167 billion in 2020.

The best part is many of these tech stocks are flying under the radar simply because they aren’t one of the flashy names trending on social media.

That gives investors like you the growth prospects of the hottest tech stock without the price.

Here’s the best one to own.

This Top Tech Stock Protects Individuals

That’s where NortonLifeLock Inc. (NASDAQ: NLOK) comes into the picture. NortonLifeLock is what is left of the old Symantec Corp. after it sold the enterprise portion of the business to Broadcom Inc. (NASDAQ: AVGO) back in 2019.

NortonLifeLock sells cybersecurity and identity protection for individual consumers. While this is a crowded field that is often subject to high churn based on pricing deals, Norton's two offerings as a bundle are helping attract and retain customers a little better than its competitors.

The Norton division of the company sells traditional cybersecurity software for PCs, laptops, and smartphones. In addition, it has an upgraded offering for gamers that add multiple layers of protection for your devices, game accounts, and digital assets. It also offers a VPN service that helps secure private information like passwords, bank details, and credit card numbers when using public Wi-Fi on your PC, Mac, or mobile device.

LifeLock sells identity threat protection plans. These plans can help protect your banking and credit card information and help keep your personal data safe from cybercriminals.

Should your identity be stolen, LifeLock will help you minimize the damage and, subject to plan limits, pay back what you lost.

Headlines are going to drive sales for both divisions of the company. Social Security number and credit card hacks are happening every day, and the thieves are acting almost as a marketing agency for NortonLifeLock.

Combining the two services is going to give the company a tremendous advantage. For around what you would pay for just computer security per month, NortonLifelock offers a plan that protects an unlimited number of family devices, checks activity in your credit reports on an ongoing basis, track attempts to take control of your phone, and monitors activity in your 401K accounts.

NortonLifeLock just posted strong earnings this week too, beating analyst expectations on earnings and revenue. The stock is also an excellent long-term investment at current prices after the earnings release.

Cybercrime is not going away, and it will be a growth industry pretty much forever. Cybersecurity Ventures, the global research firm that covers cybercrime, estimates that cybercrime totaled $6 trillion globally in 2021 and is expected to grow by 15% per year over the next five years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015.

An increasing amount of that money will come from individuals, and protection for your devices and your identity will become more critical than ever. That will drive growth for Norton Lifelock for a very long time.

As a bonus, activist investor Starboard Value has a large stock position and has a seat on the board. It believes the company represents a substantial opportunity for long-term appreciation. Should management stray for the path to profits, Jeffrey Smith and his team will be more than ready to apply pressure to keep them focused on growing the business and making us money.

Disclaimer: Any performance results described herein are not based on actual trading of securities but are instead based on a hypothetical trading account which entered and exited the suggested ...

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