Check Point Software Stock (NASDAQ: CHKP)

Check Point Software (NASDAQ:CHKP) Stock, Quote.Headers.trade-ideas

Check Point Software

Check Point Software Technologies is a pure-play cybersecurity vendor. The company offers solutions for network, endpoint, cloud, and mobile security in addition to security management. Check Point, a software specialist, sells to enterprises, businesses, and consumers. Around 50% of revenue is generated in Europe, the Middle East, and Africa, 40% from the Americas, and 10% from the Asia-Pacific region. The firm, based in Tel Aviv, Israel, was founded in 1993 and has about 5,000 employees.

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Market strategist Jay Woods shares 12 stocks and 2 ETFs to watch from two sectors that look strong ahead of the 2024 election.

EXCLUSIVE: Trump Or Harris? 12 Stocks, 2 ETFs Could Win No Matter Who&#39;s President, Says Market Strategist

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Fortinet (NASDAQ: FTNT) is scheduled to report second-quarter 2024 results on Aug 6, after market close.

Fortinet Stock Before Q2 Earnings: To Buy or Not to Buy?

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Check Point Software Technologies (NASDAQ: CHKP) reported second-quarter 2024 results, wherein both the bottom and top lines surpassed the Zacks Consensus Estimate and improved year over year.

Check Point Q2 Earnings &amp; Revenues Beat Expectations

Check Point Software Technologies Ltd. - Ordinary Shares

Check Point Software Technologies Ltd

Check Point&#xAE; Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>), a leading cyber security platform provider, signs a definitive agreement to acquire Cyberint Technologies Ltd., a pioneering provider of External Risk Management solutions. This will significantly enhance Check Point's Security Operations Center (SOC) capabilities and expand its managed threat intelligence offerings. Cyberint's advanced capabilities will be integrated into the Check Point Infinity Platform for collaborative threat prevention and will also be available as a managed service through Check Point Infinity Platform Services.
Founded in 2010, with over 170 employees worldwide, Cyberint is one of the fastest growing External Risk Management companies in the market. Recognized as 'Company of the Year' in 2023 by Frost &amp; Sullivan in the External Risk Mitigation &amp; Management category. Organizations face critical security challenges every day, including stolen employee credentials, fake websites, and social media impersonation. To prevent these and other challenges from negatively impacting companies, Cyberint specializes in threat intelligence, digital risk protection, and attack surface management, serving a diverse global clientele, including Fortune 500 companies.

CKPT

Check Point Software To Acquire Cyberint To Transform Security Operations; No Financial Terms Of The Transaction Disclosed

Market strategist Jay Woods has identified two sectors and several investment opportunities that could thrive regardless of whether Donald Trump or Kamala Harris wins <a href="https://www.benzinga.com/topic/2024-election">the 2024 election.</a>
Defense Stocks: Woods, who is the <a href="https://www.benzinga.com/topic/jay-woods">Chief Global Strategist</a> for Freedom Capital Markets, sees the defense sector as one that could benefit no matter who wins the upcoming election.
Woods said that Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) is one defense stock that has held back the sector and hurt ETFs like the iShares US Aerospace &amp; Defense ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>).
The market strategist named stocks like Northrop Grumman (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>), General Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), RTX Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) and GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) as companies to watch in the defense sector.
"These stocks are our best in class and they're making new highs," Woods said.
On GE Aerospace, Woods said this is a good example of what splitting up companies can do, noting it could be a potential precursor to what could be in store for Alphabet Inc.
"GE had done nothing. It was dead money for years."
Woods said the sum of the parts was greater than the whole for GE.
The defense sector could continue to benefit from geopolitical concerns and a lot of bad things happening in the world, Woods said.
"I think you&#8217;ve got to watch this sector closely."
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/40025773/bad-news-ahead-for-investors-august-september-are-worst-two-months-over-past-20-years-">Bad News Ahead For Investors? August, September Are Worst Two Months Over Past 20 Years — But 2024 Could Be Different</a>
Cybersecurity Stocks: Woods said the cybersecurity sector could also benefit no matter who wins the 2024 election.
"We know how important that is," Woods said of cybersecurity.
Woods named CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) as the cybersecurity stock that has weighed down the sector and ETFs like the Amplify Cybersecurity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HACK#NYSE">HACK</a>).
The market strategist said it is going to take time for CrowdStrike to come back, and investors might not want to jump back in.
Other names in the cybersecurity sector Woods likes are Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), Check Point Software Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>), Palo Alto Networks Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), Cloudflare Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) and Cisco Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>).
Palo Alto Networks was highlighted as a stock with a strong long-term trend. Woods noted that while the stock has been hit hard on earnings in the past, it&#8217;s poised for a comeback in the near future.
Woods mentioned that naming Cisco often catches people off guard, given the stock has done nothing over the last 20 years. However, in the short term, Woods said that the stock appears to have broken out of a downtrend.
An acquisition of Splunk is still being digested by Cisco, but could help in its cybersecurity efforts, Woods said.
"I think they're starting to reap the benefits of that. Cisco to me looks like something's changed. It's worth taking a flyer."
Woods said Cisco isn't a popular recommendation, but there could be something there.
"If you like boring, I give you Cisco."
The market strategist said picking individual stocks could outperform the overall cybersecurity sector, but the CrowdStrike drop also shows the impact one bad stock can have on a portfolio.
"I think the safest way to play cyber is the ETFs."
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Watch the full PreMarketPrep episode <a href="https://www.youtube.com/watch?v=vGXosi2hWTQ">here</a>.
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EXCLUSIVE: Trump Or Harris? 12 Stocks, 2 ETFs Could Win No Matter Who's President, Says Market Strategist

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Shares of stocks in the broader tech sector are trading lower amid a sell off due to US economy concerns.

Fortinet (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ftnt#NASDAQ">FTNT</a>) is scheduled to report second-quarter 2024 results on Aug 6, after market close.
The cybersecurity firm projects revenues between $1.375 billion and $1.435 billion. The Zacks Consensus Estimate for the same is pegged at $1.40 billion, suggesting year-over-year growth of 8.44%.
The company forecasts second-quarter non-GAAP earnings in the range of 39-41 cents per share. The consensus mark for earnings is pegged at 41 cents per share, implying a rise of 7.9% from the year-ago figure of 38 cents.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/42/73099.jpg?v=598647208" style="height:310px; width:610px" />
Image Source: Zacks Investment Research
In the last reported quarter, the company delivered an earnings surprise of 13.16%. The company&#39;s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 13.58%.
<div class="chart_embed">
<h3>Fortinet, Inc. Price and EPS Surprise</h3>
<img alt="Fortinet, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/e3/1722522490.png" style="height:310px; width:610px" title="" />
Fortinet, Inc. price-eps-surprise | Fortinet, Inc. Quote
</div>
<h3>Earnings Whispers</h3>
Our proven model predicts an earnings beat for Fortinet this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. FTNT has an Earnings ESP of +3.41% and a Zacks Rank #3 at present.
<h3>Factors Shaping Upcoming Results</h3>
Fortinet&#39;s second-quarter results are expected to be driven by the increasing adoption of its security and networking products in the evolving digital landscape. The company&#39;s performance is likely to have been impacted by the ongoing shift to hybrid work environments and the accelerated deployment of digital technologies across industries.
In the Product segment, Fortinet&#39;s FortiGate-based secure Software-Defined Wide Area Network (SD-WAN) offerings are anticipated to have been a key growth driver. However, our model projects a year-over-year decline of 18.2% in Product revenues to $386.8 million for the quarter. This could signal a shift in customer preferences or increased competition in certain product categories.
Conversely, the Services segment is expected to have recorded strong growth, fueled by increased demand for FortiGuard security subscriptions and FortiCare technical support services. Our model forecasts Services revenues to reach $1.01 billion, representing a significant 23.4% year-over-year increase.
The global cybersecurity market has been expanding rapidly, providing a favorable backdrop for Fortinet&#39;s growth. According to a Global Market Insights report, the SD-WAN solutions market, valued at $7.2 billion in 2023, is projected to witness a compound annual growth rate (CAGR) of over 27% from 2024 to 2032. This growth is attributed to the rising frequency and sophistication of cyber attacks, coupled with increasing IT expenditures. Worldwide IT spending is expected to reach $5.1 trillion in 2024, an 8% year-over-year increase, which could further boost Fortinet&#39;s performance.
Fortinet&#39;s FortiTrust, a unified solution with a single user-based licensing model for flexible consumption across networks, endpoints, and clouds, has been gaining traction. This is expected to have driven the company&#39;s private and public cloud billings.
For the second quarter, Fortinet has provided guidance for Billings in the range of $1.49-$1.55 billion. Our model estimates Billings to reach $1.54 billion, indicating modest 0.5% year-over-year growth.
<h3>Price Performance &amp; Valuation</h3>
Shares of Fortinet have lost 0.9% year to date and underperformed the Zacks Computer and Technology sector&#39;s return of 20.1%. This decline has left investors questioning whether to maintain their positions or consider selling their shares. Fortinet operates in a fiercely competitive cybersecurity market, contending with industry giants like Palo Alto Networks (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/panw#NASDAQ">PANW</a>), Check Point Software Technologies (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chkp#NASDAQ">CHKP</a>) and Cisco Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/csco#NASDAQ">CSCO</a>).
<h3>Year-to-Date Performance</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ff/73101.jpg?v=1634045290" style="height:310px; width:610px" /> 
Image Source: Zacks Investment Research
Valuation-wise, Fortinet&#39;s premium pricing is evident. Its trailing 12-month price-to-sales (P/S) ratio of 8.29X is way ahead of the Zacks Internet Software industry average of 3.02X. This elevated valuation suggests high growth expectations from investors but also implies increased risk.
<h3>FTNT&#39;s P/S TTM Ratio Depicts Stretched Valuation</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/65/73100.jpg?v=8258336" style="height:310px; width:610px" />
Image Source: Zacks Investment Research
<h3>Investment Considerations: Balancing Risk and Reward</h3>
Fortinet faces significant challenges stemming from macroeconomic uncertainties and intensifying competition in the cybersecurity sector. Despite these headwinds, Fortinet maintains a strong market position with its integrated security fabric approach, resonating well with enterprise customers. The company&#39;s focus on innovation and R&amp;D investment positions it favorably to capitalize on emerging trends like Secure Access Service Edge (SASE) and Zero Trust Network Access (ZTNA).
With the global cybersecurity market projected to reach $308.8 billion by 2024, growing at a 10% annual rate, Fortinet is well-positioned to benefit from this expansion. The company&#39;s Security Fabric, an integrated and automated platform, provides comprehensive protection across various digital environments. Fortinet&#39;s commitment to innovation, evident in its AI-powered solutions and GenAI assistant, further strengthens its competitive edge in the rapidly evolving cybersecurity landscape.
<h3>Final Thought</h3>
An analysis of Fortinet&#39;s market position reveals a complex picture. While recent challenges have impacted investor sentiment, the company&#39;s fundamental strengths and the growing cybersecurity market suggest potential for recovery. Fortinet&#39;s comprehensive product portfolio and established customer relationships position it well to capitalize on the increasing prioritization of digital security by organizations worldwide, suggesting that it may be premature to abandon the ship ahead of its second-quarter earnings report. However, new investors may consider waiting for a more favorable entry point for Fortinet, which currently has a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2314535/fortinet-ftnt-stock-before-q2-earnings-to-buy-or-not-to-buy?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2314535">To read this article on Zacks.com click here.</a>

Scotiabank analyst Patrick Colville maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Sector Outperform and raises the price target from $180 to $200.

Price Target

Scotiabank Maintains Sector Outperform on Check Point Software, Raises Price Target to $200

Check Point Software Technologies (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chkp#NASDAQ">CHKP</a>) reported second-quarter 2024 results, wherein both the bottom and top lines surpassed the Zacks Consensus Estimate and improved year over year.
The IT security solutions provider reported non-GAAP earnings of $2.17 per share, beating the Zacks Consensus Estimate of $2.16. The bottom line increased 8% from the year-ago quarter&#39;s earnings of $2 per share.
Check Point&#39;s quarterly revenues increased 7% year over year to $627.4 million and surpassed the Zacks Consensus Estimate of $624 million. The upside was driven by double-digit growth in security subscription revenues.
<div class="chart_embed">
<h3>Check Point Software Technologies Ltd. Price, Consensus and EPS Surprise</h3>
<img alt="Check Point Software Technologies Ltd. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/d5/1721910701.png" style="height:278px; width:620px" title="" />
Check Point Software Technologies Ltd. price-consensus-eps-surprise-chart | Check Point Software Technologies Ltd. Quote
</div>
<h3>Quarterly Details</h3>
Security subscription revenues were $272 million, which increased 14% year over year, driven by the adoption of cloud solutions and strong demand for the Harmony product family. Our model estimate for security subscription revenues was pegged at $273.4 million, up 14.3%.
Products and licenses revenues increased 1.03% year over year to $118.1 million. Our model estimate for products and licenses revenues was pegged at $112.96 million, which decreased 3.4% year over year. Products that are currently in the process of transitioning to cloud solutions have been included in the subscription line.
Total revenues from product and security subscriptions were $389.8 million, up 9.6% year over year.
Software updates and maintenance revenues increased to $237.6 million from $232.9 million reported in the year-ago quarter. Our model estimate for software updates and maintenance revenues was pegged at $236.88 million.
As of Jun 30, 2024, deferred revenues were $1.82 billion, up 2% year over year.
Non-GAAP operating income for the second quarter of 2024 totaled $265 million, up from $263 million reported in the year-ago quarter. Non-GAAP operating margin was 42%, which decreased from 44.5% reported in the year-ago quarter.
<h3>Balance Sheet &amp; Other Details</h3>
Check Point exited the second quarter with cash and cash equivalents, marketable securities and short-term deposits of $3.1 billion compared with the previous quarter&#39;s $3 billion.
The company generated cash worth $200 million from operational activities during the second quarter of 2024.
It repurchased approximately 2.1 million shares for about $325 million during the reported quarter.
<h3>Guidance</h3>
For the third quarter of 2024, CHKP expects revenues between $615 million and $650 million. Non-GAAP earnings are anticipated in the range of $2.19-$2.29 per share.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, Check Point carries a Zacks Rank #3 (Hold).
Arista Networks (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/anet#NYSE">ANET</a>), Apple&nbsp;and Cognizant Technology Solutions (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ctsh#NASDAQ">CTSH</a>) are some better-ranked stocks that investors can consider in the broader sector. Arista Network sports a Zacks Rank #1 (Strong Buy), whereas Apple and Cognizant Technology Solutions carry Zacks Rank #2 (Buy) each at present.
Arista Networks&#39; shares have gained 38.4% year to date. ANET is set to report second-quarter 2024 results on Jul 30.
Shares of Apple have gained 13.5% year to date. AAPL is set to report third-quarter fiscal 2024 results on Aug 1.
Shares of Cognizant Technology Solutions have lost 3.8% year to date. CTSH is set to report second-quarter 2024 results on Jul 31.
<a href="https://www.zacks.com/stock/news/2309147/check-point-chkp-q2-earnings-revenues-beat-expectations?cid=CS-BENZ-FT-analyst_blog|earnings_article-2309147">To read this article on Zacks.com click here.</a>

Check Point Q2 Earnings & Revenues Beat Expectations

Deutsche Bank analyst Brad Zelnick maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Hold and raises the price target from $175 to $185.

Deutsche Bank Maintains Hold on Check Point Software, Raises Price Target to $185

BMO Capital analyst Keith Bachman maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Market Perform and raises the price target from $180 to $200.

BMO Capital Maintains Market Perform on Check Point Software, Raises Price Target to $200

Jefferies analyst Joseph Gallo maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Buy and raises the price target from $185 to $210.

Jefferies Maintains Buy on Check Point Software, Raises Price Target to $210

RBC Capital analyst Matthew Hedberg maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Sector Perform and raises the price target from $165 to $187.

RBC Capital Maintains Sector Perform on Check Point Software, Raises Price Target to $187

Truist Securities analyst Joel Fishbein reiterates Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Buy and raises the price target from $175 to $200.

Reiteration

Truist Securities Reiterates Buy on Check Point Software, Raises Price Target to $200

JP Morgan analyst Brian Essex maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Neutral and raises the price target from $175 to $180.

JP Morgan Maintains Neutral on Check Point Software, Raises Price Target to $180

Wedbush analyst Daniel Ives maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Outperform and raises the price target from $185 to $200.

Wedbush Maintains Outperform on Check Point Software, Raises Price Target to $200

Susquehanna analyst Shyam Patil maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Positive and raises the price target from $200 to $215.

Susquehanna Maintains Positive on Check Point Software, Raises Price Target to $215

Barclays analyst Saket Kalia maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Equal-Weight and raises the price target from $175 to $192.

Barclays Maintains Equal-Weight on Check Point Software, Raises Price Target to $192

Baird analyst Shrenik Kothari maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Neutral and raises the price target from $168 to $200.

Baird Maintains Neutral on Check Point Software, Raises Price Target to $200

Needham analyst Matt Dezort reiterates Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Hold.

Needham Reiterates Hold on Check Point Software

Wall Street experienced a turbulent session on Wednesday, with the S&amp;P 500 index heading toward its worst performance in over a year and the tech-focused Nasdaq 100 eyeing its fifth decline in <a href="https://www.benzinga.com/markets">the last six sessions.</a>
The Magnificent Seven group — Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp., Alphabet Inc., Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla, Inc. — wiped out over $570 billion in their combined market valuation by midday trading in New York. The Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>) fell 4.9%, marking the worst daily performance since the fund&#8217;s inception last year.
Tesla shares plummeted over 11% after missing earnings expectations, with revenue dropping 7% year-over-year to $19.9 billion. This marks its second consecutive quarter of year-over-year sales declines and the first sequential decline in quarterly sales volume.
Despite posting stronger-than-expected numbers, Alphabet also saw a significant drop, falling 5%, weighed down by its YouTube advertising revenue, which failed to meet analyst expectations.
The Nasdaq 100 fell 3%, eyeing a similar decline to the one witnessed a week ago. The drop in tech companies also impacted the chipmaker industry, which heavily depends on AI-related investments from mega-cap tech giants. The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) fell 3.3%, approaching its lowest close since early June.
The CBOE Volatility Index or VIX, commonly referred to as the market fear index, rallied 16% to 17 points.
On the macro front, flash PMI surveys revealed the strongest pace of growth for the services sector in 28 months, while manufacturing activity <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39934981/us-services-activity-hits-28-month-peak-price-pressures-continue-to-ease-economist-">returned to contraction in July.</a>
Treasury yields fell, sending a trade-weighted U.S. dollar gauge down 0.3%. Notably, the dollar fell 1.4% against the Japanese yen, eyeing levels last seen in early May. 
Gold showed its resilience against market turbulence, rising 0.6%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 0.4%. 
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,242.07</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,045.39</td>
<td>-0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,461.51</td>
<td>-1.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,171.24</td>
<td>-3.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:05 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.8% down to $543.94.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;edged down 0.8% to $400.13.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) fell 3% to $466.46.</li>
<li>Sector-wise, the Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)&nbsp;outperformed, up by 1.3%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and the Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, both down 3.2%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
Stocks moving on earnings were: 
<ul>
<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), down over 4%.</li>
<li>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) up 0.6%.</li>
<li>Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), down 0.4%. </li>
<li>Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), up 2.3%. </li>
<li>Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>) up 3.2%.</li>
<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) up 5.4%.</li>
<li>Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) down 2%. </li>
<li>Fiserv Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>) up 2.2%. </li>
<li>CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) up 0.8%, </li>
<li>General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) down 4%. </li>
<li>Roper Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROP#NASDAQ">ROP</a>) down 9%. </li>
<li>Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) up 2.9%. </li>
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) up 0.7%. </li>
<li>Vertiv Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) down 9%.</li>
<li>Check Point Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) up 7%. </li>
</ul>
Those reporting after the close include: 
<ul>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)</li>
<li>ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) ORLY) </li>
<li>KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>)</li>
<li>Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)</li>
<li>Republic Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSG#NYSE">RSG</a>)</li>
<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</li>
<li>Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>)</li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)</li>
<li>Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>)</li>
<li>Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>)</li>
<li>Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>)</li>
<li>Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>)</li>
<li>O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>).</li>
</ul>
Read now:
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<li><a href="https://www.benzinga.com/news/large-cap/24/07/39931211/mortgage-rates-hit-lowest-point-since-february-as-investors-anticipate-fed-rate-cuts">Mortgage Rates Hit Lowest Point Since February As Investors Anticipate Fed Rate Cuts</a></li>
</ul>
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US Stocks Tumble, Magnificent 7 Wipe Out $570 Billion As Mega-Tech Earnings Disappoint, VIX Spikes: What's Driving Markets Wednesday?

Check Point Software shares are trading higher. The company appointed a new CEO.

U.S. stocks were lower, with the Dow Jones index falling around 350 points on Wednesday.
Shares of AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) rose during Wednesday's session following <a href="https://www.benzinga.com/news/earnings/24/07/39929205/at-t-q2-earnings-strong-wireless-net-adds-higher-free-cash-flow-stable-annual-outlook">second-quarter earnings</a>.
AT&amp;T reported fiscal second-quarter 2024 operating revenues of $29.8 billion, down 0.4% year over year and missing the analyst consensus estimate of $29.9 billion. Adjusted EPS of 57 cents is in line with the analyst consensus estimate, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
AT&amp;T shares gained 3.1% to $18.78 on Wednesday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>PROG Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRG#NYSE">PRG</a>) shares jumped 20.4% to $41.71 after the company reported better-than-expected second-quarter financial results. Also, the company raised its FY24 guidance above estimates.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) rose 19.4% to $94.69. The company on Monday announced a private placement financing.</li>
<li>Flex Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLEX#NASDAQ">FLEX</a>) rose 10.9% to $32.96 after the company reported better-than-expected second-quarter financial results.</li>
<li>Manhattan Associates, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) gained 10.5% to $249.78 after the company reported better-than-expected second-quarter financial results.</li>
<li>Group 1 Automotive, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) rose 9.6% to $333.95 after the company reported better-than-expected second-quarter adjusted EPS results.</li>
<li>Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) jumped 9.2% to $113.18 after the company reported second-quarter financial results.</li>
<li>Q32 Bio Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTTB#NASDAQ">QTTB</a>) gained 8.2% to $35.00.</li>
<li>Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) rose 7.9% to $18.61 after the company reported better-than-expected second-quarter adjusted EPS results.</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) shares climbed 7.5% to $113.33 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance above estimates.</li>
<li>Nabors Industries Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) gained 7.2% to $86.80 following quarterly results.</li>
<li>Alkermes plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALKS#NASDAQ">ALKS</a>) rose 7% to $26.69 after the company reported better-than-expected second-quarter financial results.</li>
<li>Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>) shares climbed 6.8% to $148.17 after the company reported better-than-expected second-quarter financial results and the company and raised its FY24 guidance above estimates. Also, the company announced it authorized a $1.5 billion share buyback.</li>
<li>Avantor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVTR#NYSE">AVTR</a>) gained 6.5% to $22.55 after it was announced the stock will join the S&amp;P MidCap 400.</li>
<li>CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) gained 6.5% to $79.69 following second-quarter results.</li>
<li>Protagonist Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTGX#NASDAQ">PTGX</a>) rose 5.8% to $40.49 after BTIG maintained a Buy rating on the stock and raised its price target from $41 to $51.</li>
<li>QuidelOrtho Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) rose 5.5% to $39.00. The company announced it will replace Hibbett in the S&amp;P SmallCap 600.</li>
<li>Stifel Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SF#NYSE">SF</a>) rose 5.5% to $86.93 following upbeat earnings.</li>
<li>Vicor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VICR#NASDAQ">VICR</a>) gained 5.5% to $40.02 following quarterly results.</li>
<li>Check Point Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) rose 4.9% to $178.40 following better-than-expected quarterly results.</li>
</ul>
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Intraday Update

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ENPH

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MANH

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VICR

AT&T, Group 1 Automotive, Mattel, Seagate And Other Big Stocks Moving Higher On Wednesday

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Cybersecurity issues are only getting worse, creating opportunities for some of the best <a href="https://investorplace.com/industries/technology/cybersecurity/">cybersecurity stocks</a>. Unfortunately, many of us, including businesses and governments around the world, still aren&rsquo;t prepared. And it&rsquo;s not as if the CrowdStrike (NASDAQ:<a href="https://investorplace.com/stock-quotes/crwd-stock-quote/">CRWD</a>) issue helped much. Even with fixes in circulation, there&rsquo;s an issue, as <a href="https://www.msn.com/en-xl/money/other/why-the-market-s-most-regulated-companies-need-military-grade-cybersecurity/ar-BB1r5NzY">CNBC said</a>: 




&ldquo;As organizations scramble to patch vulnerabilities caused by CrowdStrike&rsquo;s&nbsp;massive IT outage&nbsp;on July 19, hackers are exploiting the situation by impersonating CrowdStrike in phishing campaigns, posing as legitimate support sources for affected businesses to gain unauthorized access to corporate networks.&rdquo;




Not helping, human error remains the most &ldquo;common infiltration method,&rdquo; CNBC added.



Until such issues are taken care of, you may want to invest in some of the best cybersecurity stocks. Let&rsquo;s evaluate three of them: 



<h2>Check Point Software (CHKP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/chkp-stock-1-300x169.jpg" alt="Cybersecurity Stocks To Buy: Check Point Software (CHKP)"><div>Source: jejim / Shutterstock.com</div></div>Check Point Software (NASDAQ:<a href="https://investorplace.com/stock-quotes/chkp-stock-quote/">CHKP</a>) is a buy on weakness.



After rallying from a low of $147.50 to $185, CHKP did pull back to $175 thanks to broad market weakness. But I&rsquo;d use that drop as an opportunity to buy. For one, the company&rsquo;s earnings per share was up 8% year-over-year to $2.17. Revenue was up about 7% to $627 million. Security subscriptions jumped 14% to $271.7 million.



&ldquo;Check Point delivered an outstanding second quarter as customers continued to embrace the AI-driven, cloud-delivered Infinity Platform to achieve the highest levels of security,&rdquo; <a href="https://www.checkpoint.com/press-releases/check-point-software-announces-new-ceo-reports-strong-2024-second-quarter-results/">added Gil Shwed, founder and CEO</a>.



Better, after <a href="https://www.checkpoint.com/press-releases/check-point-software-announces-new-ceo-reports-strong-2024-second-quarter-results/#:~:text=Share%20Repurchase%20Program%3A%20During%20the,on%2Dgoing%20share%20repurchase%20program.">buying back about 2.1 million shares</a>, the company just authorized a $2 billion expansion of that program. Plus, it will be authorized to buy back shares up to $325 million in each quarter moving forward.



Again, I&rsquo;d use the recent weakness in CHKP as an opportunity to buy.



<h2>Zscaler (ZS)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/05/zs-stock-300x169.jpg" alt="Zscaler (ZS) logo on a corporate building"><div>Source: Sundry Photography / Shutterstock.com</div></div>Another one of the best cybersecurity stocks to buy is Zscaler (NASDAQ:<a href="https://investorplace.com/stock-quotes/zs-stock-quote/">ZS</a>).



After pulling back from about $210 to a low of $156.61, the stock appears to have caught double bottom support dating back to late May. It&rsquo;s also over-extended on RSI, MACD and Williams&rsquo; %R. From its last traded price of $167, I&rsquo;d like to see it initially retest $180.



Helping, analysts at Raymond James just initiated coverage of ZS with a market perform rating, <a href="https://seekingalpha.com/news/4126720-zscaler-initiated-at-market-perform-due-to-position-in-sase-space-raymond-james#:~:text=%22We%20acknowledge%20Zscaler's%20leading%20position,Zscaler%20has%20a%20fair%20valuation.">noting</a>, &ldquo;We acknowledge Zscaler&rsquo;s leading position in one of the fastest growing segments&nbsp;of cybersecurity, SASE, and this has resulted in an elite financial profile.&rdquo;



The firm also believes the company&rsquo;s total addressable market could nearly double from <a href="https://seekingalpha.com/news/4126720-zscaler-initiated-at-market-perform-due-to-position-in-sase-space-raymond-james#:~:text=%22We%20acknowledge%20Zscaler's%20leading%20position,Zscaler%20has%20a%20fair%20valuation.">$22 billion to $41 billion</a> by 2028 thanks to the technologies ZS offers. That includes its flagship product, Zscaler Internet Access and Zscaler Private Access.



In addition, <a href="https://investorplace.com/2024/07/3-cybersecurity-stocks-that-could-be-multibaggers-in-the-making-july-edition/">as I noted on July 17</a>,&nbsp;the company&nbsp;just unveiled&nbsp;multiple innovations to its &ldquo;AI Data Protection Platform that leverages the world&rsquo;s largest security cloud and the power of AI.&rdquo;



<h2>iShares Cybersecurity and Tech ETF (IHAK)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/02/ishares1600-300x169.jpg" alt="iShares by Blackrock sign"><div>Source: Sundry Photography / Shutterstock.com</div></div>Or, if you want to diversify at a lower cost, there&rsquo;s the iShares Cybersecurity and Tech ETF (NYSEARCA:<a href="https://investorplace.com/stock-quotes/ihak-stock-quote/">IHAK</a>). With an expense ratio of 0.47%, the oversold ETF trades at $44 and offers access to 34 cybersecurity and tech holdings.



With exposure to&nbsp;cyber security and technology, including cyber security hardware, software, products and services, some of its top holdings include SentinelOne (NYSE:<a href="https://investorplace.com/stock-quotes/s-stock-quote/">S</a>), Check Point, CACI International (NYSE:<a href="https://investorplace.com/stock-quotes/caci-stock-quote/">CACI</a>), Juniper Networks (NYSE:<a href="https://investorplace.com/stock-quotes/jnpr-stock-quote/">JNPR</a>) and Akamai Technologies (NASDAQ:<a href="https://investorplace.com/stock-quotes/akam-stock-quote/">AKAM</a>).



On the&nbsp;date of publication, Ian Cooper&nbsp;did not have (either&nbsp;directly or indirectly) any positions in the securities mentioned.&nbsp;The opinions expressed in this article are those of the writer, subject to the&nbsp;InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.



On the&nbsp;date of publication, the responsible editor did not have (either&nbsp;directly or indirectly) any positions in the securities mentioned in this article.
<div>Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/08/the-3-best-cybersecurity-stocks-to-buy-in-august-2024/">The 3 Best Cybersecurity Stocks to Buy in August 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

The 3 Best Cybersecurity Stocks to Buy in August 2024

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
I can&rsquo;t blame any investor for being worried about investing in A-rated <a href="https://investorplace.com/industries/technology/">tech stocks</a> today. The Nasdaq 100 Technology Sector index down 12% and the Nasdaq composite down 9.5% in the last month. Some of the biggest tech companies have lost billions of dollars in market capitalization overnight.



But on the other hand, investing today in top tech stocks can be a wise decision, especially if you&rsquo;re willing to withstand a little volatility in exchange for long-term growth opportunities.



Because inevitably, tech comes roaring back. Corrections are temporary and can present attractive entry points for investors.



Remember, the tech industry comprises companies that are at the forefront of innovation in generative artificial intelligence, cloud computing, cybersecurity and digital transformation.



These are products that will be here for years to come. And companies that are leading these innovations &ndash; while they may be down now &ndash; are best-positioned to come roaring back.



And remember that market corrections mean that stocks are often available at attractive valuations. Investors who recognize the underlying strength of these companies can build positions in market leaders while they are temporarily undervalued.



The Portfolio Grader, as always, is our guide to finding the best tech stocks available today. Based on factors like earnings performance, growth, momentum and analyst sentiment, these A-rated tech stocks are in the best bets for investors who are looking to capitalize on the correction we&rsquo;ve endured for the last few weeks.



While the recent downturn in the Nasdaq indexes may cause some investors to hesitate, those with a long-term perspective should view this correction as an opportunity to invest in A-rated tech stocks.



<h2>Nvidia (NVDA)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/07/nvda1600-17-300x169.png" alt="Nvidia (NVDA) technology company. Nvidia stock"><div>Source: gguy / Shutterstock.com</div></div>Nvidia (NASDAQ:<a href="https://investorplace.com/stock-quotes/nvda-stock-quote/">NVDA</a>) is the highest-profile tech stock on this list, and with good reason. The company soared to previously unimaginable heights over the last year as its high-powered graphics processing units powered the advancement of generative AI for many companies.



Nvidia&rsquo;s H100 model GPUs can cost between $22,000 and $40,000 each, depending on the model, and companies have been buying them hand over fist.



That&rsquo;s why Nvidia has been recording massive earnings numbers for the last few quarters, including 262% year-over-year revenue growth in the first quarter of fiscal 2025.



Nvidia has a near-monopoly on these high-powered GPUs and should keep profits rolling in even as Big Tech companies work on manufacturing their own custom-made GPUs. That&rsquo;s why analysts at New Street Research <a href="https://investorplace.com/2024/08/nvidia-news-new-street-research-upgrades-nvda-stock-amid-selloff/">upgraded</a> Nvidia stock to a &ldquo;buy&rdquo; rating and set a price target at $120.



Nvidia stock is down 18% in the last month, but is still showing a 115% gain for 2024. It gets an &ldquo;A&rdquo; rating in the Portfolio Grader.



<h2>Coinbase Global (COIN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/04/coin-stock-1-300x169.jpg" alt="The app for Coinbase (COIN) displayed on an iPhone screen."><div>Source: OpturaDesign / Shutterstock.com</div></div>Coinbase Global (NASDSAQ:<a href="https://investorplace.com/stock-quotes/coin-stock-quote/">COIN</a>) provides a platform where you can buy and sell 250 types of cryptocurrencies. It&rsquo;s a vibrant market &ndash; the total cryptocurrency market cap is roughly $2 trillion, and Coinbase has about $269 billion in safeguarded assets on its platform.



It&rsquo;s also benefiting from rulings from the Securities and Exchange Commission to allow cryptocurrencies to be traded as part of exchange-traded funds. 



This gave some of the major altcoins a lift when the rule went into effect, and will have a long-term impact on COIN as cryptocurrencies grow in popularity.



Coinbase saw solid revenue in the second quarter, bringing in $1.44 billion, up from $707 million a year ago. It posted net income of $36.1 million and earnings per share of 15 cents versus a loss of $97.4 million and an EPS loss of 42 cents in the second quarter of 2023.



As the largest cryptocurrency trading platform in the U.S., Coinbase stock is up 10% so far this year. It gets an &ldquo;A&rdquo; rating in the Portfolio Grader.



<h2>International Business Machines (IBM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/IBM1600-300x169.jpg" alt="Quantum computing stocks: Sign of IBM with Canada Head Office Building in background in Markham, Ontario, Canada. IBM is an American multinational technology company."><div>Source: JHVEPhoto / Shutterstock.com</div></div>Big Blue is still cooking up profits. International Business Machines (NYSE:<a href="https://investorplace.com/stock-quotes/ibm-stock-quote/">IBM</a>) has been around forever. If you use a personal computer &ndash; and who doesn&rsquo;t these days? &ndash; then you thank IBM, because it rolled out the first PC in 1981.



But the past is the past, and investors are more interested in what IBM is doing today an its prospects for the future. 



IBM stays relevant by being one of the top cloud infrastructure providers in the world. It offers the Watson AI engine and the Watsonx generative AI platform to its enterprise customers.



Revenue for the second quarter was $15.8 billion, up 2% from a year ago. Software revenue rose 7% from the second quarter of 2023.



IBM also provides some protections from the weakness that the rest of the tech industry is seeing. While companies like Nvidia are slipping, IBM stock is actually up more than 8% in the last month. It gets an &ldquo;A&rdquo; rating in the Portfolio Grader.



<h2>Seagate Technology (STX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/03/stx-stock-1-300x169.jpg" alt="A Seagate Technology (STX) sign hanging above an office in Silicon Valley, California."><div>Source: Sundry Photography / Shutterstock.com</div></div>Seagate Technology (NASDAQ:<a href="https://investorplace.com/stock-quotes/stx-stock-quote/">STX</a>) makes computer hardware, including internal and external hard drives, internal and external solid-state drives, and data storage systems.



The company says it has shipped more than 4 billion terabytes of data capacity and provides a full range of storage devices, systems, and services from edge to cloud.



Earnings for the fourth quarter of fiscal 2024 (ending June 28) included revenue of $1.88 billion, up from $1.6 billion a year ago. 



The company reported income of $513 million and $2.39 per share, up from a loss of $92 million and a loss of 44 cents per share in the fourth quarter of 2023.



Seagate also took care of its investors, announcing a dividend of 70 cents per share. STX stock pays a dividend yield of nearly 3%.



Seagate stock is up 12% in 2024, and gets an &ldquo;A&rdquo; rating in the Portfolio Grader.



<h2>Check Point Software (CHKP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/chkp-stock-1-300x169.jpg" alt="Cybersecurity Stocks To Buy: Check Point Software (CHKP)"><div>Source: jejim / Shutterstock.com</div></div>Check Point Software (NASDAQ:<a href="https://investorplace.com/stock-quotes/chkp-stock-quote/">CHKP</a>) is an Israeli company that provides software and equipment for IT security to provide endpoint security. It also provides protection for networks, cloud environments and mobile devices. The company provides data security and security management.



Its products include CloudGuard, which is for cloud environments, and Harmony, which is a workplace security platform.



It also has a new leader &ndash; Nadav Zafrir, who took over as CEO after being co-founder of Team8, a venture capital fund. Zafrir will take over the company in December.



<a href="https://www.checkpoint.com/downloads/investor/CHKP-Q2-24-6K.pdf">Earnings for the second quarter</a> included revenue of $627 million, up 7% from a year ago. Subscription revenues came in at $272 million, up a healthy 14% from last year. Check Point registered income of $209 million and earnings of $1.74 per share.



CHKP stock is up 18% this year. It gets an &ldquo;A&rdquo; rating in the Portfolio Grader.



<h2>GoDaddy (GDDY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/07/gddy-1600-300x169.jpg" alt="GoDaddy website"><div>Source: dennizn / Shutterstock.com</div></div>GoDaddy (NYSE:<a href="https://investorplace.com/stock-quotes/gddy-stock-quote/">GDDY</a>) has come a long way. Do you remember when it first came out in the late 1990s and got a buzz with its raunchy, suggestive commercials? While it got people talking, it didn&rsquo;t do a lot for GoDaddy&rsquo;s brand.



Fortunately, GoDaddy worked to get away from the connotations of those early ad campaigns. And what&rsquo;s left is an impressive tech company that offers web hosting, domain registration, and other services valued by small businesses.



The company boasts more than 62 million registered domains, making it the fifth-largest web hosting company in the world. 



Its GoDaddy Airo platform, <a href="https://www.godaddy.com/airo">powered by AI</a>, uses a customer&rsquo;s domain name and business category to build a starter website with logo, and even recommends social medial handles and checks to see if they are available.



<a href="https://aboutus.godaddy.net/newsroom/news-releases/press-release-details/2024/GoDaddy-Reports-Second-Quarter-2024-Financial-Results/default.aspx">Revenue in the second quarter</a> was $1.1 billion, up 7% from a year ago. Net income was $146.3 million, up a whopping 76% from last year.



GDDY stock is up 48% this year and gets an &ldquo;A&rdquo; rating in the Portfolio Grader.



<h2>AppLovin (APP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/04/app-stock-1-300x169.jpg" alt="The AppLovin (APP) info on an iPhone and laptop screen."><div>Source: T. Schneider / Shutterstock.com</div></div>AppLovin (NASDAQ:<a href="https://investorplace.com/stock-quotes/app-stock-quote/">APP</a>) is another software company that&rsquo;s powered by artificial intelligence. 



It operates marketing software to allow app developers to find and connect with customers on mobile devices, within smartphone apps or on connected televisions.



The AI platform, AppDiscovery, provides AI-based advertising engine to help customers scale growth. Another product, Max, helps app developers monetize products.



The company says the global finance app industry is set for new highs this year. <a href="https://investors.applovin.com/news/news-details/2024/Adjust-Finds-119-YoY-Revenue-Increase-In-Finance-Apps-Globally-Indicating-Sustained-Sector-Growth-Through-2024-2024-hI7qsW7w7H/default.aspx">In-app revenue</a> for finance apps in the first quarter were up 119% from a year ago.



Earnings for the second quarter show that AppLovin is seeing that increase as well. Revenue for the quarter was $1.08 billion, up from $750 million at year ago. 



AppLovin posted earnings of 92 cents per share, a significant jump from the 22-cent EPS it posted last year. APP stock is up 94% this year. It gets an &ldquo;A&rdquo; rating in the Portfolio Grader.



On the date of publication, Louis Navellier had long position(s) in NVDA and GDDY. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.



The InvestorPlace Research Staff member primarily responsible for this article had a long position in NVDA. The InvestorPlace Research Staff member did not have (either directly or indirectly) any other positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="blank">Publishing Guidelines</a>.



On the date of publication, the responsible editor did not have (either directly or indirectly) and positions in the securities mentioned in this article.
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The post <a href="https://investorplace.com/market360/2024/08/7-a-rated-tech-stocks-to-top-your-august-2024-buy-list/">7 A-Rated Tech Stocks to Top Your August 2024 Buy List</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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The recent <a href="https://www.npr.org/2024/07/20/nx-s1-5046343/a-cybersecurity-glitch-triggered-a-global-technology-outage#:~:text=A%20cybersecurity%20glitch%20triggered%20a%20global%20technology%20outage%20Airports%2C%20hospitals,CrowdStrike%20to%20Microsoft's%20Windows%20systems.">cybersecurity glitch</a> triggered by a global technological outage exposed the underlying cyber threat as the world continues to embrace internet technology. The cyber glitch came against the backdrop of the recent cyber attacks on&nbsp;UnitedHealth Group&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/unh-stock-quote/" target="_blank">UNH</a>),&nbsp;MGM Resorts&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/mgm-stock-quote/">MGM</a>), and Caesars Entertainment (NASDAQ:<a href="https://investorplace.com/stock-quotes/czr-stock-quote/">CZR</a>), two major casino operators in the country.



However, these three cloud security stocks may benefit from increased cyber threats. They will become more relevant as cyber attacks become more dangerous in the future.



These stocks are revolutionizing cybersecurity with their next-generation generative AI technologies, which detect cyber threats in advance and reduce potential attacks.



Let&rsquo;s see how these three cloud security stocks leverage generative AI and other new technologies to benefit from increased cyber threats.&nbsp;



<h2>Microsoft (MSFT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/05/msft1600-2-300x169.png" alt="Wide angle view of a Microsoft sign at the headquarters for personal computer and cloud computing company, with office building in the background.. MSFT stock"><div>Source: VDB Photos / Shutterstock.com</div></div>Microsoft (NASDAQ:<a href="https://investorplace.com/stock-quotes/msft-stock-quote/">MSFT</a>) has been a leader in the tech industry for quite some time now, thanks to its flagship Windows OS and other software features used by billions of computers globally. However, what has kept Microsoft atop that long in the increasingly competitive tech industry is its volatility and ability to catch up with emerging tech trends.



Microsoft is now the leader in the AI industry, having invested <a href="https://www.bloomberg.com/news/articles/2023-01-23/microsoft-makes-multibillion-dollar-investment-in-openai">$10 billion in Open AI in 2023</a>. This deal allowed the company to integrate Open AI&rsquo;s ChatGTP into Microsoft products and services, claiming a front row in the AI industry.



Currently, Microsoft is enrolling in its Copilot feature. This powerful next-generation generative AI chatbot will be integrated into all Microsoft products and services, including Windows and Microsoft 365. The company also plans to integrate the Copilot chatbot into its hardware, which will see Microsoft go full-scale AI.&nbsp;



This is a bold move by Microsoft as Wall Street acknowledged that <a href="https://www.investors.com/news/technology/cybersecurity-stocks/">generative AI-powered cloud security </a>stocks are more likely to claim a larger share of the cloud security industry. These new AI-powered cyber security infrastructures can detect cyber threats before they occur. This means improved reliability within the cyber security space.&nbsp;



Currently, Copilot is perhaps the best generative AI chatbot in the market. The Copilot-integrated computers outperform Apple&rsquo;s powerful Macbook Pro laptops. These next-generation Copilot-integrated computers have also outperformed the industry standards for AI computer processing by <a href="https://m.economictimes.com/tech/artificial-intelligence/microsoft-unveils-copilot-pcs-all-you-need-to-know-about-these-flagship-ai-powered-computers/articleshow/111141859.cms#:~:text=Many%20tout%20the%20Copilot%2B%20PC,Apple's%20MacBook%20Air%20by%2058%25.">20 times in power and 100 times in performance efficiency</a>.&nbsp;



Microsoft&rsquo;s earnings per share is now at a historical high and has a free cash flow of <a href="https://www.tradingview.com/news/investorplace:9821260bb094b:0-microsoft-is-big-tech-s-swiss-army-knife-the-many-reasons-to-buy-msft-now/#:~:text=Free%20cash%20flow%20is%20another,a%20trailing%2012%2Dmonth%20basis.">$21 billion</a>, as per the recent quarter reporting. With these financial backings, it seems Microsoft is well positioned to grow its cyber security section and benefit from increased cyber threats.&nbsp;



<h2>Palo Alto Networks (PANW)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/panw-stock-1-300x169.jpg" alt="Palo Alto Networks (PANW) logo on corporate building"><div>Source: Sundry Photography / Shutterstock.com</div></div>Palo Alto Networks (NASDAQ:<a href="https://investorplace.com/stock-quotes/panw-stock-quote/">PANW</a>) carved a reputation as the largest and fastest-growing cyber security company. With a market cap of <a href="https://companiesmarketcap.com/it-security/largest-companies-by-market-cap/">$99 billion</a>. PANW is one of those all-round cybersecurity service providers.&nbsp;



The company is known for its cloud native security platforms deployed via Prisma Cloud, with deep capabilities to help organizations manage workload security.



PANW is also toe-to-toe with Microsoft in integrating generative AI technology into its cybersecurity products and services. Its <a href="https://www.paloaltonetworks.com/precision-ai-security">Precision AI</a> is intended to detect cyber threats and employ proactive measures to deal with the increasing threats and damages caused by these cyber security attacks.&nbsp;



However, PANW&rsquo;s potential to benefit from increased cyber threats extends beyond its precision AI tool. The company has invested in research and development, developing a highly invested threat intelligence and security team that constantly analyzes and uncovers potential cyber threats.



<h2>Check Point Technologies Software (CHKP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/chkp-stock-1-300x169.jpg" alt="Cybersecurity Stocks To Buy: Check Point Software (CHKP)"><div>Source: jejim / Shutterstock.com</div></div>Check Point Technologies Software (NASDAQ:<a href="https://investorplace.com/stock-quotes/chkp-stock-quote/">CHKP</a>) had an impressive run with its highly-powered <a href="https://www.checkpoint.com/downloads/products/horizon-xdr-xpr-solution-brief.pdf">XD Horizon XDR/HD</a>, a one-of-a-kind AI-enabled cloud security platform. CHPK uses Nvidia&rsquo;s (NASDAQ:<a href="https://investorplace.com/stock-quotes/nvda-stock-quote/">NVDA</a>) high-performance AI technologies to secure its AI cloud infrastructure, improving its reliability amidst the increasing cyber security threats.&nbsp;



Like PANW, CHPK also offers all-around cybersecurity products and services, including firewalls, threat detection, end-point, and cloud security solutions.



CHPK has had a tremendous run recently, beating the Wall Street revenue estimates of <a href="https://investorplace.com/earning-results/2024/07/chkp-stock-earnings-check-point-software-for-q2-of-2024/">$623.14 million to record $627.4 million in Q2 2024</a>.&nbsp;



With its high-performance, high-efficiency capabilities, CHPK stands out as one of the cloud security stocks that may benefit from increased cyber threats.



On the date of publication, Joel Lim 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&nbsp;InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.



On the date of publication, the responsible editor held a LONG position in NVDA.
<div>Joel Lim is a contributor at InvestorPlace.com and a finance content contractor who creates content for several companies like LTSE and Realtor, along with financial publications, including Business Insider, Yahoo Finance, Mises Institution and Foundation for Economic Education.</div><h3>More From InvestorPlace</h3>
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