5 Best Cloud Computing Stocks For 2022

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

Number of Hedge Funds: 73

Palo Alto Networks, Inc. (NASDAQ:PANW) is a cybersecurity company that provides advanced firewalls and cloud-based products and services that secure clouds, mobile devices, and networks. The Santa Clara, California-based corporation has more than 85,000 customers spread across over 150 countries.

On November 23, Joseph Bonner at Argus increased the price target on Palo Alto Networks, Inc. (NASDAQ:PANW) from $530 to $620 and maintained a Buy rating on the stock. The analyst commented that the recent cybersecurity attacks have highlighted the significance of strong cybersecurity in place across every level of government and the private sector. Bonner added that the importance of cybersecurity rose further after the Presidential Executive Order in May 2021. The analyst positions Palo Alto Networks, Inc. (NASDAQ:PANW) as a distinguished and robust player in the extremely disjointed but swiftly growing enterprise cybersecurity industry.

Out of the 867 hedge funds being tracked by Insider Monkey, 73 reported owning a stake in Palo Alto Networks, Inc. (NASDAQ:PANW) at the end of Q3, up from 69 in the last quarter.

Palo Alto Networks, Inc.’s (NASDAQ:PANW) stock price has increased by over 49% in 2021, outperforming the S&P 500 Index and First Trust Cloud Computing ETF (NASDAQ:SKYY), which experienced an increase of 27% and 15%, respectively.