I know I don't know you
But I want you so bad --
Everyone has a secret,
But can they keep it?
-- From "Secret," by Maroon 5, 2002

If you like computer security stocks, but have never heard of SonicWALL (Nasdaq: SNWL), you've probably focused too hard on big corporate fish and what they eat. The company specializes in selling network security products that make sense for small and medium businesses, which leaves SonicWALL flying under the radar in many ways. And as you know, that's where we find some of the market's finest investing opportunities.

What sets SonicWALL apart from head-to-head competitors like Cisco Systems (Nasdaq: CSCO), Juniper Networks (Nasdaq: JNPR), and McAfee (NYSE: MFE) is the company's no-nonsense approach to security. Where the competition assumes that some types of data are inherently less secure than others, and often lets certain file formats and data flow through its firewalls untouched, SonicWALL insists on scanning everything, on as many levels as possible. Malware and viruses are becoming ever more sophisticated, after all. Short of complicated, multilayered security approaches that involve several pieces of hardware (and really only fit large-scale enterprise data centers), SonicWALL figures that the only way to ensure security is to whip out a fine-toothed comb.

That's not to say that only small and medium businesses would consider SonicWall security solutions. Big names like Time Warner (NYSE: TWX), Amazon.com (Nasdaq: AMZN), and even direct rival McAfee all use the company's products to secure at least some part of their networks. SonicWALL does have a few products specifically aimed at large enterprise and government accounts, after all. But the average selling price across SonicWall's hardware and software was slightly more than $1,100 per unit in the just-completed first quarter, and that figure's very friendly to small-business budgets.

With more than 50,000 units shipped, that adds up to sales of $55.3 million, or 17% above the year-ago period. GAAP earnings more than doubled, from $0.03 per share to $0.08 per share. SonicWALL's strategy is to push its hardware products as hard as possible, creating a promising market for subsequent software installations.

SonicWALL's novel scanning approach gives the company an equally unique market position. Like I said, computer security threats are growing worse day by day, and chances are that the other security firms will eventually end up copying SonicWALL -- or buy the company to get their hands on the leading deep-scanning solution. Trading at a P/E of just 22 times forward earnings, the stock is relatively cheap right now -- even after taking an 85% leap over the last 12 months.

I'm heading over to CAPS to rate this stock "outperform" right now, based on its low valuation and innovative technology. You can follow along and add your two cents to SonicWALL's story, too.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. National Poetry Month is yet another secret treasure. Amazon.com is a Motley Fool Stock Advisor pick. Try any of our Foolish newsletters today, free for 30 days. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.