5 New Stock Picks of Billionaire Rob Citrone

In this article, we discuss 5 new stock stock picks of billionaire Rob Citrone. If you want our detailed analysis of these stocks, go directly to 10 New Stock Picks of Billionaire Rob Citrone. 

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

Discovery Capital Management’s Stake Value: $7,622,000

Percentage of Discovery Capital Management’s 13F Portfolio: 0.57%

Number of Hedge Fund Holders: 73

Palo Alto Networks, Inc. (NASDAQ:PANW) is a California-based multinational cybersecurity company, specializing in network security, cloud computing, and firewalls. Rob Citrone acquired 15,912 Palo Alto Networks, Inc. (NASDAQ:PANW) shares in the third quarter of 2021, worth $7.6 million, representing 0.57% of the billionaire’s total 13F holdings for the period. 

Palo Alto Networks, Inc. (NASDAQ:PANW) announced on January 25 that the Department of Veterans Affairs selected the company to secure its expanded remote workforce, its network of internet of medical things, and the new electronic health record modernization program. The VA will adopt the products of Palo Alto Networks, Inc. (NASDAQ:PANW) in this multi year agreement, supporting the VA’s efforts to offer secure services to the U.S. veterans.

On January 24, Citi analyst Fatima Boolani initiated coverage of Palo Alto Networks, Inc. (NASDAQ:PANW) with a Buy rating and a $585 price target. The analyst is positive on the company’s valuation and growth potential and said that the stock “offers defensive exposure as software investors continue to rotate out of high multiple software assets”.

Among the hedge funds tracked by Insider Monkey in Q3 2021, 73 hedge funds were long Palo Alto Networks, Inc. (NASDAQ:PANW), up from 69 funds in the quarter prior. David Blood and Al Gore’s Generation Investment Management held the leading stake in Palo Alto Networks, Inc. (NASDAQ:PANW) in the third quarter, with 1.6 million shares worth $773.3 million.