Is Palo Alto Networks Stock a Buy After Its Stunning Showing?
The past year has been tough for investors, but especially for those in the technology sector. The tech-centric Nasdaq Composite is still deep in bear market territory, down 28.8% in 2022.
The cybersecurity industry hasn't fared any better, as evidenced by First Trust Nasdaq Cybersecurity and Global X Cybersecurity -- two top cybersecurity exchange-traded funds (ETFs) -- which have taken it on the chin as well, losing 23.5% and 27.5%, respectively in 2022. But shareholders of Palo Alto Networks (NASDAQ: PANW) have been much more "secure," with shares down 9.8% and beating the broad technology index by a wide margin.
Investors went into the company's quarterly financial report with a fair amount of trepidation, particularly given the macroeconomic climate characterized by nearly 40-year-high inflation, rising interest rates, and corporate belt-tightening. Shareholders were pleased to find that Palo Alto Networks not only survived but actually thrived over the past three months.
Source Fool.com
