#1 - Palo Alto Networks (NASDAQ:PANW)
The aforementioned Palo Alto Networks Inc. (NASDAQ: PANW) heads the list of the Top Congressional Buying Stocks. At the time of this writing, four different members of Congress had purchased shares of PANW stock in five separate transactions. That list doesn't include at least two trades a congressman executed in the name of his spouse and child, respectively.
The recent surge in PANW stock has pushed its market cap above $100 billion, making it the largest cybersecurity company by market cap. The bullish price movement occurred after the company beat on the top and bottom lines when it reported earnings on February 22, 2024.
The stock was down sharply before the report, anticipating the company's announcement that it is undertaking an initiative to attract long-term customers. However, as part of the execution, the company plans to consolidate existing products and services into one platform. That will eat into margins.
Nevertheless, the need for cybersecurity will remain strong. And, if Congress is right, Palo Alto will get a significant share of that business.
About Palo Alto Networks
Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.
Read More - Current Price
- $303.01
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 29 Buy Ratings, 10 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $314.82 (3.9% Upside)
