13 Best Edge Computing Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund holders: 83

Palo Alto Networks, Inc. (NASDAQ:PANW) has a comprehensive set of security solutions custom-made for edge environments. As edge computing decentralizes data processing closer to users and devices, robust security measures become crucial. Palo Alto Networks, Inc. (NASDAQ:PANW) addresses these needs through several key offerings. The company’s SASE framework integrates networking and security functions into a unified, cloud-delivered service, enhancing secure access to applications and data across several environments, including edge locations.

The company recently said that it has surpassed $1.5 billion in total sales via Alphabet’s (GOOG) Google Cloud Marketplace as of April. Google Cloud Marketplace allows clients to buy applications that have been validated to run on Google Cloud, Palo Alto said, adding that it offers 31 Google Cloud Marketplace listings. On April 1, Stephens & co. initiated coverage of the company with an equal-weight rating, with a price target of $205. The firm acknowledged the company’s strong leadership in network security. However, Stephens would like to look for a more attractive entry point for the stock. It views the current risk/reward as neutral.