Cybersecurity stocks have broken out, surpassing gains in the broader market over the summer. Trader Todd Gordon said ZScaler is one of his favorites.
has rallied nearly 20% over the past three months — more than double the increase for the S&P 500. Hacking headlines and an increased focus on data security have proven a tailwind for the group.Todd Gordon, founder of Inside Edge Capital Management, pinpointed"It's one of the largest cybersecurity firms out there. They offer cloud-delivered solutions for user device data protection," Gordon said.
ZScaler trades at a lofty 483 times forward earnings. The BUG ETF, by comparison, trades at 58 times forward earnings."The chart looks solid. It's broken out from $230 resistance which now you look at as support. Based on the current angle of ascent, from current levels we actually are looking at $400," he said."I'm continuing to be bullish despite the crazy valuations," said Gordon.
A different name in the cybersecurity space caught the eye of Delano Saporu, founder of New Street Advisors.," Saporu told "Trading Nation." "We're looking at the strong growth they had from Q3 to Q4. … There was about 34% growth in their billings, which is a strong area.""They're really focusing on their growth right now, their market growth. Look at their operating expenses.
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