5 Tech Stocks to Sell in 2022 According to Billionaire Stanley Druckenmiller

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

Number of Hedge Fund Holders: 73

Palo Alto Networks, Inc. (NASDAQ:PANW) is a California-based provider of cybersecurity solutions, offering firewall appliances and software. On May 17, KeyBanc analyst Michael Turits slashed the price target on Palo Alto Networks, Inc. (NASDAQ:PANW) to $610 from $729 and reiterated an Overweight rating on the shares, citing peer multiples.

Billionaire Stanley Druckenmiller’s Duquesne Capital sold off its $127.7 million stake in Palo Alto Networks, Inc. (NASDAQ:PANW) in the first fiscal quarter of 2022. According to the fourth quarter database of Insider Monkey, 73 hedge funds reported long positions in Palo Alto Networks, Inc. (NASDAQ:PANW), with collective stakes worth about $6.5 billion. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital held 756,870 shares of the company in Q1 2022, worth over $471 million. 

Here is what ClearBridge Investments Large Cap Growth Strategy has to say about Palo Alto Networks, Inc. (NYSE:PANW) in its Q1 2022 investor letter:

“The portfolio also saw solid performance from cybersecurity names Palo Alto Networks (NYSE:PANW) which is gaining prominence as the risk of global cyber attacks increases as part of the Russian offensive. On an individual stock basis, leading contributors to absolute returns in the first quarter included positions in Palo Alto Networks.”