Jim Cramer’s 5 New Stock Picks for March 2024

3. Palo Alto Networks Inc (NASDAQ:PANW)

Number of Hedge Fund Investors: 77

Jim Cramer in a program earlier this week said that at the annual investing club meeting he recommended people to buy Palo Alto Networks on the recent weakness. Cramer said that the latest weak quarter had nothing to do with demand. Cramer believes the recent change in business model of Palo Alto would make it richer than it was. Cramer mentioned the recent hacking attack at UnitedHealthcare and said these kinds of attacks happen almost daily and that’s why you can’t just “write off” Palo Alto.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Palo Alto Networks, Inc. (NASDAQ:PANW) in its Q3 2023 investor letter:

“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. Palo Alto Networks, Inc. (NASDAQ:PANW) supplies network and cloud-based security solutions to enterprises, service providers, and government entities. The latest quarter was mixed with the company falling shy versus the Street on billings, in line for revenues, and outpacing earnings. Palo Alto’s updated guidance was materially ahead of lowered Street expectations. Nevertheless, its shares pulled back by -8%.”