10 Stocks That Will Make You Rich in 5-10 Years

8. Palo Alto Networks Inc (NASDAQ:PANW)

Number of Hedge Fund Holders as of Q2: 66

Palo Alto Networks, Inc. (NASDAQ:PANW) is one of the stocks that will make you rich in 5-10 Years as cyber threats intensify. The company has achieved success by launching several ground-breaking inventions and developing an all-encompassing cybersecurity platform that includes cloud, endpoint, and network security.

Over the past five years, the stock has returned 394%, riding a wave of robust growth and increasing profitability. Likewise, Palo Alto Networks, Inc. (NASDAQ:PANW) is in a good position to benefit from new cyber-attacks. It boasts a complete defence platform, with a strong platform offering product leadership in 23 cyber categories.

The company’s competitive advantage is highlighted by the fact that Change Healthcare hired it to clean up its attack. Its recent expansion further supports this theory. Over the previous five years, revenues have increased at a compound annual growth rate of 23%.

Additionally, it is a technological leader in many important product categories, such as secure access service edge (SASE), which bundles various network and cloud security services into a single package, despite the fact that this always raises questions about the quality of security.

Palo Alto Networks, Inc. (NASDAQ:PANW) exceeded its own projections for revenue growth for the third quarter of its fiscal 2024 by growing revenue by 15% year over year to $2 billion. While the stock is trading at a premium with a price-to-earnings multiple of 52, it is expected of a company with tremendous opportunities for growth.

By the end of the second quarter, 66 hedge funds tracked by Insider Monkey had positions in Palo Alto Networks, Inc. (NASDAQ:PANW). Citadel Investment Group emerged as the largest shareholder, with 2.84 million shares in the company.

TimesSquare Capital Management U.S. Focus Growth Strategy stated the following regarding Palo Alto Networks, Inc. (NASDAQ:PANW) in its Q2 2024 investor letter:

“Our cybersecurity holdings were also beneficial to the strategy this quarter. The global provider of network and cloud-based cybersecurity systems, Palo Alto Networks, Inc. (NASDAQ:PANW), chipped in with a 19% return. Its revenues and earnings were higher than anticipated as Palo Alto shifted its marketing strategy to emphasize larger platform contracts.”