5 Best Security Stocks to Buy Now

2. Palo Alto Networks, Inc. (NYSE: PANW)

Number of Hedge Fund Holders: 64

Palo Alto Networks, Inc. (NYSE: PANW) is a global provider of cybersecurity solutions. The company provides firewall appliances and software, among a range of other products and services, and ranks 2nd on our list of the best security stocks to buy now.

In light of a Russian-linked ransomware attack launched by hackers known as REvil, cybersecurity stocks like Palo Alto Networks, Inc. (NYSE: PANW) have begun to rally, with the company itself rising by about 5.1% as of July 6th. This June, Piper Sandler raised its price target on Palo Alto Networks, Inc. (NYSE: PANW) as well, from $425 to $450 while keeping its Overweight rating on the shares.

In the fiscal third quarter of 2021, Palo Alto Networks, Inc. (NYSE: PANW) had an EPS of $1.38, beating estimates by $0.09. The company’s revenue was $1.07 billion, up 23.52% year over year and beating estimates by %15.99 million, and it has a gross profit margin of 69.74%. The stock has gained 4.7% in the past 6 months and 9.13% year to date.

As of the end of the first quarter of 2021, 64 hedge funds held stakes in Palo Alto Networks, Inc. (NYSE: PANW), worth roughly $4.01 billion. This is compared to 61 hedge funds in the previous quarter with a total stake value of $4.93 billion.