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Cybersecurity Companies Gain on Ukraine Crisis

Cybersecurity companies are now on a bright spot as Russia’s invasion of Ukraine prompted concerns of cyberattacks.

Since last week, the Ukrainian government reported high-volume attacks that affected government websites.

Accordingly, allegations immediately fell to Russia, which the country denied.

Meanwhile, Russian President Vladimir Putin has promised consequences for nations that would interfere with the ongoing geopolitical tensions.

Correspondingly, United States authorities have said that this warning could come in the form of cyberattacks.

In the stated case, a swath of major American businesses currently prepares for the potential hack.

For instance, US banks fear aggressive cyberattacks if the White House imposes deeper financial sanctions on Russia.

The rising anxiety across the globe sent shares of the cybersecurity companies to the positive territory on Thursday.

Telos Corporation significantly soared 20.10% or 2.06 points to $12.31 per share.

Likewise, Palo Alto Networks closed the session with a hike of 13.05% or 62.33 points to $539.94 per share.

The California-based cybersecurity company continued its upturn after reporting stronger-than-expected fourth-quarter earnings.

At the same time, CrowdStrike Holdings boosted 13.01% or 21.05 points to $182.88 per share.

Eventually, Tenable Holdings strengthened 12.72% or 5.72 points to $50.69 per share.

Mandiant also traded 12.36% or 2.05 points higher to $18.64 per share.

Similarly, Varonis Systems grew 12.10% or 4.43 points to $41.04 per share.

Cyberark Software climbed 11.68% or 16.16 points to $154.49 per share following the positive trading.

Consequently, Fortinet Inc. edged up 11.23% or 31.94 points to $316.45 per share.

Then, Zscaler elevated 10.02% or 23.98 points to $263.38 per share.

Tech Giants Rise as Cybersecurity Companies Hike 

Technology giants also received a buoyant stock movement from the possible full-scale Russian invasion.

In line with this, the S&P 500 index ended with a 1.50% gain to 4,288.70 points.

Correspondingly, the benchmark Nasdaq Composite rose 3.34% to 13,473.58 points after it sank into bear territory in the early session.

Notably, cybersecurity companies led the rebound effort and were among the top gainers.

On Thursday, Wedbush Securities analyst Dan Ives said that concerns of cyberattacks could add 200 to 300 basis points of growth to the sector.

Moreover, cybersecurity companies are now set to increase 20.00% year-over-year amid market turmoil.

Ives also named its top tech names to own. This list includes Microsoft Corporation, Apple, Oracle, Adobe, and Salesforce.

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