Should You Still Consider Buying Palo Alto Networks (PANW) Shares?

ClearBridge Investments, an investment management firm, published its “Large Cap Growth Strategy” first quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Large Cap Growth Strategy underperformed its Russell 1000 Growth Index benchmark during the first quarter. On an absolute basis, the Strategy suffered losses across seven of the eight sectors in which it was invested (out of 11 sectors total). The leading detractors of performance were in the communication services and information technology (IT) sectors, while the financials sector was a contributor. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, ClearBridge Investments Large Cap Growth Strategy mentioned  Palo Alto Networks, Inc. (NYSE:PANW) and explained its insights for the company. Founded in 2005, Palo Alto Networks, Inc. (NYSE:PANW)  is a Santa Clara, California-based multinational cybersecurity company with a $61.7 billion market capitalization. Palo Alto Networks, Inc. (NYSE:PANW)  delivered a 12.58% return since the beginning of the year, while its 12-month returns are up by 69.23%. The stock closed at $626.78 per share on April 15, 2022.

Here is what ClearBridge Investments Large Cap Growth Strategy has to say about Palo Alto Networks, Inc. (NYSE:PANW) in its Q1 2022 investor letter:

“The portfolio also saw solid performance from cybersecurity names Palo Alto Networks (NYSE:PANW) which is gaining prominence as the risk of global cyberattacks increases as part of the Russian offensive. On an individual stock basis, leading contributors to absolute returns in the first quarter included positions in Palo Alto Networks.”

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Our calculations show that Palo Alto Networks, Inc. (NYSE:PANW) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Palo Alto Networks, Inc. (NYSE:PANW) was in 73 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 73 funds in the previous quarter. Palo Alto Networks, Inc. (NYSE:PANW) delivered a 25.71% return in the past 3 months.

In April 2022, we published an article that includes Palo Alto Networks, Inc. (NYSE:PANW) in 5 Technology Stocks to Buy Now According to Stanley Druckenmiller. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page. 

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