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Market Summary:
The major indices are mixed at midday, despite a clearly positive start to the day on Wall Street, as Treasury yields turned higher again, triggering another wave of selling in stocks. The dollar hit a 14-month high against the euro overnight, confirming the global risk-off shift, with the fact that Senate reached a temporary funding deal to avoid a government shutdown also helping the currency. Growth-sensitive commodities and copper, in particular, dropped yet again this morning, suggesting that investors are more and more worried about global growth, despite the improving COVID numbers.
Stock Pick Summary:
We are not worried by the market pullback and instead are looking to capitalize on it. Today, we add a prolific cyber-security vendor that specializes in endpoint protection, threat intelligence and hunting, attack remediation, and offers various solutions to supplement security and network operations teams. Its cloud-based architecture collects data across all its endpoint agents, analyzes the information within its cloud platform, and updates all of its customers' security posture. It sells packaged tiers of cyber-security protection and offers individual security modules via its online marketplace. It connects all of its customers to an artificial intelligence-powered network.
When a threat emerges, the network collectively defends against the threat and learns from it. The business is rapidly attracting customers -- it had more than 13,000 of them as of its most recent quarter, including 63 of the Fortune 100 and almost half of the Fortune 500. It is expected to hit $1.36 billion in its 2022 fiscal year, which would represent a 56% increase year over year. The cyber-security market will keep growing over the next few decades.
A research estimates that the cyber-security market could grow from $218 billion this year to $345 billion years by 2026, so it is poised to benefit as a leading competitor in the space. With its annual recurring revenue rising 70% in Q2, it is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories. We believe the high valuation is justified and are ready to grab some shares today.
Risk Meter:
Allocation Guidelines:
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