Inside Oppenheimer’s 2026 Playbook for Data and Security Stocks

As 2026 begins, investors are once again focused on data and security software. After a strong 2025, analysts see steady demand rather than a sharp slowdown. Cloud usage continues to rise, AI tools are spreading rapidly, and large firms want fewer vendors that can do more.

In this setting, Oppenheimer (OPY) highlights four companies that appear well-positioned for the year ahead. These firms sell tools that customers depend on every day. They are expanding inside existing accounts. At the same time, they are linking their platforms to AI use cases that are still early but gaining traction.

Four Picks to Watch in 2026

• First, MongoDB Inc. (MDB) focuses on flexible databases for building modern apps. Its platform can store and search many data types, which matters as AI apps grow more complex. At the same time, MongoDB is shifting sales toward larger firms and long-term deals. A new program also helps customers move older systems from Oracle and Java. As a result, growth has remained strong, and profit margins may improve as spending becomes more focused.

• Next, Okta Inc. (OKTA) operates in identity security, helping firms manage who can access systems and data. After a period of internal change, sales execution has stabilized, and staff turnover has eased. Okta is also expanding beyond simple access tools into a wider identity platform. This opens more chances to sell extra products to current customers. In addition, the company is launching tools designed to secure AI agents, which many firms are starting to test.

• Snowflake Inc. (SNOW) sits at the center of cloud data storage and analysis. Core usage remains healthy, with customers continuing to consume more over time. Beyond that, Snowflake is seeing growth from AI and data engineering tools that run on the same platform. These products help users build and manage AI workloads more easily. While margins dipped due to higher investment, analysts expect profit gains as growth scales and spending slows.

• Lastly, Zscaler Inc. (ZS) focuses on cloud-based security and secure access. While its core service remains important, growth is now coming from newer areas such as AI security and data protection. A newer contract model lets customers pay based on usage, which reduces friction and supports larger deals. Recent deals have also expanded Zscaler into security operations and AI oversight. With shares valued below many peers, analysts see room for upside if execution stays solid.

A Shared Direction Across the Group

Although these companies serve different needs, they share common trends. AI is still early as a revenue driver, which leaves room for future growth. Customers are favoring platforms over single-use tools. Finally, sales discipline and efficiency are becoming more important than raw expansion.

Looking ahead, data and security may not bring sudden excitement. However, they continue to offer steady demand, clear value, and improving paths to profit. For investors seeking a balance between growth and stability, this group remains firmly on the radar.

We used TipRanks’ Comparison Tool to align and compare all four stocks appearing in the piece. This is a great way to gain an in-depth view of each stock and the data and security software sector as a whole.