Palo Alto Networks Inc. (PANW) Targets $15B in Recurring Revenue

Palo Alto Networks Inc. (NASDAQ:PANW) is one of the best tech stocks to buy for the long term. On September 4, the company’s CEO, Nikesh Arora, reiterated that the company is facing a robust cybersecurity landscape. Consequently, it has set a goal to achieve $15 billion in annual recurring revenue by 2029 and 2030.

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In the race for $15 billion in ARR, the company has shifted towards enhancing its artificial intelligence security portfolio to take advantage of the emerging opportunities. Part of the plan entails integrating AI capabilities into existing products to strengthen their competitive edge. In addition, Palo Alto Networks is developing an AI discovery product to manage AI models within enterprises.

The acquisition of CyberArk has strengthened Palo Alto Networks’ prospects as a multi-swim lane cybersecurity firm. The acquisition’s customer base of 8 million endpoints continues to present expansion opportunities. The CEO expects CyberArk to play a key role in helping the company achieve its $15 billion ARR estimate and propel it to a $100 billion entity.

Palo Alto Networks Inc. (NASDAQ:PANW) provides AI-powered, integrated cybersecurity solutions to protect against cyber threats by offering platforms for network security, cloud security, and security operations. Their offerings include hardware and software firewalls, cloud-based security services, AI-driven threat detection and response tools, and security management platforms, all designed to secure applications, data, clouds, and devices for businesses and governments globally.

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Disclosure: None. This article is originally published at Insider Monkey.