Palo Alto Networks Is a Top Cybersecurity Stock to Buy Right Now
Shares of leading cybersecurity pure-play Palo Alto Networks (NASDAQ: PANW) are up 35% so far in 2023. The company was a standout performer during the bear market, holding up well while other technology stocks were clobbered last year. Thank PANW's fast and consistent growth, and improving profit margins.
After the latest quarterly update, there's still a lot to like about Palo Alto Networks' long-term prospects. Here's why I remain a buyer of this top cybersecurity stock.
A few days ahead of PANW's latest quarterly report, I highlighted how the company is using artificial intelligence and new cloud-based modules to help protect its customers in a fast-changing digital world. PANW didn't disappoint in its second-quarter fiscal 2023 update (the three months ended in January 2023). The company's annualized "next-gen security" (NGS) recurring revenue was $2.33 billion, up over 10% from last quarter and up 63% from a year ago.
Source Fool.com
