Jim Cramer Discussed 18 Companies That Hit $100 Billion in Market Cap in 2024

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

Number of Hedge Fund Holders: 64

Cramer has liked Palo Alto Networks, Inc. (NASDAQ:PANW) for some time now and recently commended its CEO, saying:

“Last but not least, we’ve got a cybersecurity company that CNBC investing club members know all too well called Palo Alto Networks, up 37%… Big deal for Palo Alto, a huge journey undertaken by CEO Nikesh Aurora…”

Palo Alto (NASDAQ:PANW) is one of the most recognized cybersecurity companies in the world, providing a comprehensive range of security solutions aimed at protecting organizations from the ever-changing landscape of digital threats. The company recently reported strong financial performance for its fiscal 2025 first quarter, surpassing consensus estimates and raising its guidance for the full year.

In the first quarter of fiscal 2025, the company generated $2.1 billion in revenue, marking a 14% increase compared to the same period last year. Its EPS rose by an impressive 77%, reaching $0.99. The company’s next-generation security services, which are a key area of growth, saw its annual recurring revenue surge by 40% to $4.5 billion.

Palo Alto (NASDAQ:PANW) also highlighted a notable increase in the size of customer deals. The number of customer accounts spending over $1 million on its cybersecurity platform grew by 13% year over year, reaching 305 accounts. More significantly, the number of accounts spending over $5 million saw a 30% increase, growing at an even faster pace.

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