Shares of cybersecurity stocks, including IronNet Inc (NYSE:IRNT), Palo Alto Networks Inc (NASDAQ:PANW) and CrowdStrike Holdings Inc (NYSE:CRWD), are trading higher Thursday following Russia's invasion of Ukraine, which has caused cyberattack concerns amid conflict escalation.
Ukraine has reportedly experienced two cyber-related attacks targeting government websites. Although Russia denied the attacks, the U.S. has attributed at least one of the attacks to Russia and said the other was consistent with Russia's attack methods.
As a result, cybersecurity stocks are soaring Thursday amid an overall market decline.
Palo Alto also reported strong quarterly financial results earlier in the week. The stock could be seeing some continued momentum from the company's better-than-expected results.
Palo Alto is a pure-play cybersecurity vendor that sells security appliances, subscriptions and support into enterprises, government entities and service providers.
IronNet is a global cybersecurity company that is transforming how organizations secure their networks by delivering its Collective Defense platform, operating at scale.
CrowdStrike is a cybersecurity vendor that specializes in endpoint protection, threat intelligence and hunting and attack remediation. The company also offers various solutions to supplement security and network operations teams.
See Also: 6 ETFs To Watch As Russia-Ukraine Crisis Heats Up
IRNT, PANW, CRWD Price Action: At publication time, IronNet was up 41.8% at $5.80, Palo Alto was up 12% at $535.06 and CrowdStrike was up 10.5% at $178.78.
Photo: TheDigitalArtist from Pixabay.
