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Rising inflation and Treasury yields have been motivating investors to rotate away from expensive tech stocks, including several cybersecurity stocks, causing these stocks to suffer price dips. However, because the world is becoming increasingly reliant on digital work applications, the demand for cybersecurity solutions is expected to increase exponentially in the near-term. Indeed, according to Grand View Research, the global cyber security market is expected to grow at a 10.9% CAGR between 2021 and 2028.
Against this backdrop, we think it is wise to bet on Check Point Software Technologies Ltd. (NASDAQ:CHKP), NortonLifeLock Inc. (NLOK), Trend Micro Incorporated (OTC:TMICY), and Radware Ltd. (RDWR) because the dip in their share prices creates a perfect buying opportunity. These stocks are expected to generate significant returns in the coming months based on their innovative products and services.
