10 Best Performing Cybersecurity Stocks in 2024

5. Palo Alto Networks, Inc. (NYSE:PANW)

Year-to-Date Performance as of November 8: 35.47%

Number of Hedge Fund Holders: 66

Palo Alto Networks, Inc. (NASDAQ:PANW) is a leading American cybersecurity firm that provides security solutions for applications, users, and devices across the digital landscape. As one of the top providers of cybersecurity software, the company integrates AI-driven tools like its proprietary Precision AI to detect and respond to threats in an AI-centered environment.

Back in September, Palo Alto Networks, Inc. (NASDAQ:PANW) expanded its offerings by acquiring IBM’s QRadar SaaS assets, enabling QRadar customers to transition to Palo Alto’s Cortex XSIAM platform, which uses Precision AI to enhance security functions.

Oppenheimer reiterated its positive outlook on Palo Alto Networks, Inc. (NASDAQ:PANW) on October 22, raising its price target from $410 to $450 and maintaining an Outperform rating. The analysis pointed to Palo Alto’s steady performance and successful platformization strategy as key factors in its growth prospects. The company is projected to meet its October-quarter revenue guidance, set between $2.10 billion and $2.13 billion, representing a slight year-over-year decrease at the midpoint compared to notable growth in the prior quarter. The consensus revenue forecast for the quarter stands at $2.121 billion.