7 Best Software Infrastructure Stocks To Invest In Now

4. Palo Alto Networks Inc (NASDAQ:PANW)

Number of Hedge Fund Holders: 66

Palo Alto Networks, Inc. (NASDAQ:PANW) is a leading cybersecurity firm offering a range of solutions, including firewalls, malware protection, and cloud security.

TD Cowen recently reiterated its Buy rating on Palo Alto Networks, Inc. (NASDAQ:PANW) shares, setting a price target of $400. This endorsement came after discussions with Walter Pritchard, the company’s Senior Vice President of Investor Relations and Corporate Development. The firm believes that demand for cybersecurity remains strong and that Palo Alto Networks’ focus on its platform strategy will drive significant revenue growth. Simplifying the purchasing process is expected to accelerate the company’s ambitious goal of achieving $15 billion in Next-Generation Security (NGS) Annual Recurring Revenue (ARR) by 2030.

In a strategic move to enhance its cybersecurity offerings, Palo Alto Networks recently acquired IBM’s QRadar SaaS assets. This acquisition will allow QRadar customers to transition to Palo Alto Networks’ Cortex XSIAM platform, which leverages Precision AI to bolster security capabilities.

At the end of the second quarter, 66 hedge funds in Insider Monkey’s database held positions in Palo Alto Networks, Inc. (NASDAQ:PANW). Citadel Investment Group was the largest shareholder, owning 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.”