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Due to the increase in ransomware attacks and growing incidents of cybercrimes, several organizations are spending large amounts on cybersecurity to strengthen their security and protect critical data. The global cybersecurity market is expected to reach $345.4 billion by 2026, registering a 9.7% CAGR from 2021 – 2026.
However, not all cybersecurity companies are expected to benefit from the industry tailwinds. Wall Street analysts believe cybersecurity stocks Zscaler, Inc. (ZS) and Qualys, Inc. (QLYS) are currently trading at price levels that are not justified by their current weak financials and growth prospects. So, it could be wise to avoid these stocks now.
