5 Cybersecurity Stocks to Watch Amid Russian Invasion of Ukraine

2. Palo Alto Networks, Inc. (NASDAQ:PANW)

Number of Hedge Fund Holders: 73

Palo Alto Networks, Inc. (NASDAQ:PANW) offers cybersecurity solutions including cloud security, firewall software, security analytics, and automation, threat intelligence, and cyber security consulting.

On February 23, BMO Capital analyst Keith Bachman raised the firm’s price target on Palo Alto Networks, Inc. (NASDAQ:PANW) to $630 from $615 and maintained an ‘Outperform’ rating, noting that the company offers solid growth potential combined with a “reasonable and defensible” free cash flow valuation. In January, research firm Wedbush added Palo Alto Networks, Inc. (NASDAQ:PANW) to its ‘Best Ideas List’ and gave it an ‘Outperform’ rating, noting a strong upward trajectory for the company as the market starts to fully appreciate the cloud transformation underway in 2022 and beyond.

As of February 25, Palo Alto Networks, Inc. (NASDAQ:PANW) gained 46.08% in the last 12 months, and 7.09% in the last one month, with shares trading at $569.75 on the NASDAQ stock exchange. EPS for Q4 came in at $1.74, above analysts’ expectations by $0.09. Palo Alto Networks, Inc. (NASDAQ:PANW) raked in $1.32 billion in revenue for the fourth quarter, which beat consensus estimates by $35.21 million.

As of the fourth quarter, 73 out of 924 hedge funds were long Palo Alto Networks, Inc. (NASDAQ:PANW), with a combined stake value of $6.47 billion. The same number of hedge funds held $5.89 billion worth of stakes in the company in the quarter before.