VRNS - Tenable Palo Alto Networks top cybersecurity picks at Wedbush for 2022

Tenable (NASDAQ:TENB) and Palo Alto Networks (NASDAQ:PANW) are the top two cyber security picks for 2022, Wedbush Securities wrote in a note to investors on Monday. Analyst Dan Ives notes that he is "bullish" on the cyber security sector, aided by cloud spending. He believes that cyber security budgets will increase 21% in 2022, roughly a 1% increase from a "robust" 2021. "The threat landscape and bad actor/nation state backdrop continues to accelerate, coupled by an aggressive move by enterprises and governments to the cloud which has multiplied the threat vectors facing CIOs," Ives wrote in a note to investors. Tenable (TENB) shares have gained slightly more than 3% year-to-date, while Palo Alto (PANW) has jumped more than 50% year-to-date. In addition to Tenable (TENB) and Palo Alto Networks (PANW), Ives added that the firm's favorite picks going into next year are Zscaler (NASDAQ:ZS), CyberArk (NASDAQ:CYBR), Varonis (NASDAQ:VRNS), Sailpoint (NYSE:SAIL), Fortinet (NASDAQ:FTNT).

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Tenable, Palo Alto Networks top cybersecurity picks at Wedbush for 2022