The 3 Top Cybersecurity Stocks to Fortify Your Portfolio in 2024 


  • Below are 3 cybersecurity stocks you’ll regret not buying in 2024.
  • Fortinet (FTNT): This cybersecurity leader is largely being ignored by Wall Street investors. 
  • Check Point Software (CHKP): Check Point’s margin profile makes it stand out amongst its peers. 
  • Qualys (QLYS): This small cybersecurity stock could be a multibagger in the making.
Cybersecurity Stocks - The 3 Top Cybersecurity Stocks to Fortify Your Portfolio in 2024 

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Navigating the treacherous waters of the digital world demands a robust shield, and cybersecurity stocks are the answer. Hackers are getting more intuitive, and cyber attacks are one of the most prominent threats to economic stability. 

The demand for effective cybersecurity solutions has surged, paving the way for notable growth in the cybersecurity sector. This creates fertile ground for companies specializing in areas like endpoint security, cloud security, identity management and threat intelligence. Additionally, the advent of artificial intelligence (AI) has forged a new path for analyzing diverse data points at scale. Investors looking for exposure to this burgeoning sector can seek comfort in the tailwinds that are present to drive growth over the next decade. 

Now, let’s discover the 3 best cybersecurity stocks to buy in 2024!

Fortinet (FTNT)

The Fortinet logo on a wall
Source: Sundry Photography /

Fortinet (NASDAQ:FTNT) is one of the top cybersecurity stocks to buy in 2024. They’re a global leader in cybersecurity solutions and have been operating in the space for more than 2 decades. As previously forecasted, Fortinet’s 2023 net-income eclipsed $1 billion for the first time. 

Fortinet has largely been ignored by Wall Street as investors rushed to more popular cybersecurity stocks like Palo Alto Networks (NASDAQ:PANW). However, the company has continued to deliver strong YOY growth in revenue, FCF and EPS. Fortinet’s cash flows have been robust in recent quarters, as gross billings and their flagship Fortigate firewall powered strong double digit growth. In the 2023 fiscal year, CEO Ken Xie’s goal was to consolidate vendors and point products which have proven beneficial. 

In FY23, Fortinet’s revenue increased 20% YOY to $5.3 billion. Net income grew 34% YOY with EPS up 42% to $1.46 per share. They generated $1.73 billion in FCF, up from $1.45 billion in 2022. While revenue is expected to slow in FY24, Fortinet’s ability to consolidate vendors will continue to drive significant bottom line growth.

Check Point Software (CHKP)

Cybersecurity Stocks To Buy: Check Point Software (CHKP)
Source: jejim /

Check Point Software (NASDAQ:CHKP) is a global cybersecurity giant headquartered in Tel-Aviv, Israel. Their flagship product, Check Point Infinity Platform, provides AI-powered cybersecurity solutions for comprehensive protection. 

The Infinity Platform boasts a multi-layered approach, known as ‘’Infinity Total Protection’’ with Gen V advanced threat prevention. This is a full-stack solution across networks, endpoints, mobiles, cloud and email. Check Point’s advanced digital architecture acts as a digital shield to identify and neutralize malware, ransomware and targeted threats. Furthermore, Cloudguard safeguards applications in the cloud, while Quantum provides network security to protect critical infrastructure from data breaches.

Check Point is slowly climbing its way up the ranks as one of the best cybersecurity stocks for the decade. In FY23, revenue increased 4% YOY to $2.4 billion. Security subscriptions grew 14% YOY with EPS up 13% to $7.10 per share. Check Point’s margin profile stands out among its cybersecurity peers, reporting operating margins of 37% in the 2023 fiscal year. The company is excited to build momentum in 2024, as they invest in R&D to accelerate growth in AI threat detection and cloud security.

Qualys (QLYS)

A Qualys sign hanging on a corporate office in Silicon Valley.
Source: Michael Vi /

Qualys (NASDAQ:QLYS) is one of the best cybersecurity stocks to consider to fortify your portfolio in 2024. This small-cap gem has nearly doubled in the last 5 years on the back of strong revenue and EPS growth. 

Qualys cloud-based platform tackles a multitude of cybersecurity needs. TruRisk is one of the leading vulnerability management solutions on the market. It boasts 6x faster vulnerability detection compared to its competitors. Additionally, their Cloud Security Assessment Platform (CSAP) provides a holistic offering for managing companies’ entire IT infrastructure, from cloud-native environments to on-premise systems. 

The company closed off a strong 2023 fiscal year, growing revenue by 13% YOY to $554.5 million. Moreover, they saw incremental improvements in gross margins which increased to 81%. Qualys’ management has guided double digit revenue growth in Q1 FY24, with GAAP EPS in the $0.84 – $0.92 range. With the cloud security race in full effect, this small cybersecurity stock is set to make new highs in 2024. 

On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Terel Miles is a contributing writer at, with more than seven years of experience investing in the financial markets.

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