Cybersecurity Confidence: 3 of the Market's Most Upgraded Stocks

Key Points

• Several cybersecurity names are among the most upgraded stocks in the market over the last 30 days.
• These names have an average upside potential of up to 27% according to recent price target updates.
• Analysts are particularly bullish on a company that helps customers recover after a criminal strikes, rather than stopping the crime itself.

Over the last 30 days, three cybersecurity stocks have ranked among the most upgraded on the market. During that period, these three names all place in the top 25 of MarketBeat’s most upgraded stocks as of June 23.

Below are the details on these three names that are seeing a broad-based improvement in sentiment on Wall Street. All upgrade and return data cited use information as of the June 23 close. 

OKTA: Beating the Market With +20% Upside Still on the Table

First up is Okta NASDAQ: OKTA. Over the last 30 days, Okta has received seven upgrades from analysts. Okta’s 2025 returns have significantly outpaced the market so far this year, and analysts are predicting that significant gains are still to come. As of the June 23 close, Okta is up approximately 25% in 2025.

This compares to a return of only around 3% for the S&P 500 Index. Overall, the MarketBeat-tracked consensus price target on Okta is nearly $122. This implies that shares could rise another 23% compared to the stock’s June 23 closing price.

Much of this upside potential comes from a significant divergence in price action and Wall Street expectations after the company’s latest earnings. Okta shares fell 16% the day after it reported fiscal Q1 2026 earnings on May 27. However, it seems analysts did not think the results warranted such a large fall in shares, creating a potential opportunity. The lowest price target update tracked by MarketBeat issued since May 27 is $110, which still implies moderate upside.

RBRK: Carving Out an Intriguing Niche in Cyber for Nearly 50% Growth

Rubrik NYSE: RBRK has also attracted the attention of Wall Street, receiving nine upgrades in 30 days as of June 23. The MarketBeat consensus price target on the stock is just over $100, implying nearly 12% upside in shares. However, zeroing in on Wall Street price target updates that have occurred only over the last 30 days paints a much more bullish picture. Among those updates, the average price target on Rubrik shares is nearly $114. This figure implies approximately 27% upside in shares.

Rubrik’s share price fell after it reported earnings on June 5, but price targets moved up massively. On average, analysts boosted their price target on the stock by 26% after earnings. Analysts at Wells Fargo significantly influenced this, boosting their target by $45. Rubrik operates an interesting business model within cybersecurity. It helps customers recover data quickly after a breach instead of preventing it initially.

This is a big value-add, as it can reduce recovery time from weeks to hours, allowing customers to commence operations much faster. Value propositions like this helped the company boost revenues by 49% last quarter. Also, Rubrik has steadily improved its profitability. Its adjusted operating margin was just -7% last quarter, versus -50% during the same period a year ago.

ZS: Recent Upgrades Flip Script From Downside to Upside

Last up is Zscaler NASDAQ: ZS. The stock has received a whopping 28 upgrades over the last 30 days, making it the most upgraded stock over the period as tracked by MarketBeat. The MarketBeat consensus price target on Zscaler is approximately $294, which implies that shares could fall over 5%. But once again, diving deeper into the numbers provides more insight into what is really going on. Zscaler reported its most recent earnings on May 29. Among those price targets updated since then, the average is $329. Compared to the stock’s June 23 closing price of around $310, this figure implies around 6% upside in shares.

Zscaler grew revenues by 23% last quarter, and its billings rose by 25%. This is a particularly bullish sign. When billings grow faster than revenue, it suggests that revenue growth may accelerate in the future, as billings are a key indicator of future revenue. The company is profitable on an adjusted basis and is moving strongly toward non-adjusted profitability. Non-adjusted loss per share came in at 3 cents last quarter, one of the company’s strongest figures to date.

Overall, these three cybersecurity names are driving impressive business results. Even when markets haven’t taken notice in some cases, analysts have. In particular, Okta and Rubrik stand out for their recent price action and price target discrepancies.