The stock market is on a tear this year, with the Nasdaq-100 technology index logging a gain of 38% so far -- and we're still in the first half. Many of the popular stocks investors love have surged by an even greater amount, including Nvidia, Apple, and Microsoft.

But there might be other opportunities off the beaten path. Some stocks are lagging the index in 2023 despite having very strong prospects for the future. Two, in particular, are trading well below their all-time highs. Here's why investors might want to use that as a chance to buy in.

1. Tenable

According to an estimate by research firm McKinsey & Company, cyber attacks are expected to cause a whopping $10.5 trillion in damage in 2025. Findings by cybersecurity giant Tenable (TENB 2.74%) corroborate that claim. The company says some of its clients in automotive manufacturing alone can lose as much as $22,000 per minute of downtime. 

Tenable is the industry leader in vulnerability management, which is a segment of cybersecurity that uses proactive tools to hunt down threats before they cause disruption. The company serves more than 40,000 organizations around the world, and says its Nessus platform protects against more common vulnerabilities and exposures (CVEs) than any other provider.

While Nessus is a broad tool, Tenable also provides software products for specific use-cases (like cloud protection and identity protection), in addition to tailored products designed for specific industries. Tenable's customers include financial services, water infrastructure, retail, and manufacturing companies. 

In the first quarter of 2023 (ended March 31), Tenable reported $188.8 million in revenue, which was above its guidance. But it unexpectedly reduced its full-year revenue forecast to $785 million (from $810 million previously). Like many companies, Tenable is grappling with the tough economic climate where new customers are hesitant to sign contracts, and existing customers are spending less.

But that's likely to be a short-term phenomenon. McKinsey & Company says the corporate sector needs to scale its cybersecurity spending to $2 trillion annually right now, from the $168 billion it's actually spending. That's a significant gap, and companies that choose not to invest more aggressively might find themselves vulnerable to attacks, which can be far more expensive in the long run.

Tenable stock remains 31% below its all-time high, and while the company's recent downward adjustment to its revenue guidance made investors a little pessimistic, it has likely created a great buying opportunity for those with a long-term focus. 

2. Workiva

Data is the nectar of the modern organization, and cloud computing is where all that valuable information is generated. But the cloud creates visibility challenges for managers in large companies, because employees are working across dozens -- and sometimes hundreds -- of different online applications. Therefore, when it's time to put together a report for the executive team or even a regulator like the Securities and Exchange Commission (SEC), managers are left piecing data together from multiple sources. That's the problem Workiva (WK 1.78%) solves.

Workiva's platform is designed to serve as a single source, unifying data from across popular applications like Microsoft Excel and Salesforce via a series of plugins. Managers can then view valuable information and monitor workflows from one dashboard.

But Workiva goes a step further by providing hundreds of reporting templates, including for reports required by the SEC, enabling managers to compile and submit critical information quickly. 

Workiva is now chasing a new opportunity in ESG (environmental, social, and governance) reporting. Governments around the world are requiring large companies to track their effects on the environment and the communities in which they operate, but designing the frameworks and reporting the right data can be challenging. Workiva's ESG platform enables companies to do all those things, and it also connects internal teams so they can collaborate on the details.

Global consulting firm PwC estimates the market for ESG reporting could top $17 billion by 2026. Considering that Workiva is estimated to generate just $627 million in 2023 across its entire business, this new market could supercharge the company's growth.

Right now, Workiva's top customer cohort (spending a minimum of $300,000 per year with the company) is growing more quickly than all its other cohorts, which is a sign reporting tools are becoming more critical for larger organizations. As ESG reporting continues to be mandated more broadly around the world, this trend is likely to continue. 

Workiva stock declined by 36% from its all-time high amid the broader sell-off in the technology sector last year, but with a market capitalization of just $5.4 billion, there could be plenty of upside for investors given the size of the opportunity ahead.