Cybersecurity Growth Stock to Buy During the Latest Market Sell-Off

The Motley Idiot studies that Tenable (NASDAQ: TENB) generated $227.1 million in income in the course of the third quarter of 2024, a 13 % improve from the year-ago interval. The corporate serves over 44,000 prospects, which incorporates 65 % of the Fortune 500. A report 1,853 prospects had been spending at the very least $100,000 yearly with Tenable as of the top of Q3, an 18.4 % soar from the year-ago interval.

Tenable values its addressable market at $33 billion, however that may be a really conservative estimate. In line with Cybersecurity Ventures, cybercrime will trigger as much as $10.5 trillion in harm in 2025. Analysis agency McKinsey and Firm believes companies ought to be spending a collective $2 trillion on cybersecurity software program yearly to mitigate these threats, however they’re at the moment spending round 10 % of that.

Because the monetary and reputational prices of cyberattacks improve, cybersecurity spending will solely pattern in a single course. That’s why Tenable inventory may be an amazing long-term purchase on any market dip.

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