In a program on CNBC, Jim Cramer discussed about the recent hacks involving Apple Inc. (NASDAQ:AAPL)’s iCloud, among others. Cramer claimed that companies around the world have their secret data on Cloud and this is increasing the need of efficient and smart security solutions. Consequently, companies providing security solutions and systems will experience profits and elevation in the market. Cramer said that Palo Alto Networks Inc (NYSE:PANW) is his favorite security stock because it is the leader in the market.
“[…] PANW, the next generation network cyber security provider that may have the best technology in the business. Palo Alto Networks Inc (NYSE:PANW) has only been around for eight years, but the company has always been a pioneer. Back in 2007, they were the first to market with a concept of a next generation firewall […],” said Cramer.
Cramer said that he considers Palo Alto Networks Inc (NYSE:PANW) a one stop shop, where users can get all the systems and products needed to ensure security without depending on third party systems. He said that the company had a very successful quarter and this will give more boost to its stock in the coming days. Palo Alto Networks Inc (NYSE:PANW)’s stock went up 8.69% to $97.04 on Wednesday after the company reported its fourth quarter earnings. Cramer said that firewalls tend to slow down the internet speeds but Palo Alto Networks Inc (NYSE:PANW)’s firewall systems do not effect speeds and performance. He said that the company settled a lawsuit against Juniper Networks, Inc. (NYSE:JNPR) and got $175 million, which helped the company to perform even better on the market.
John Thaler‘s JAT Capital Management is one of the shareholders of Palo Alto Networks Inc. (NYSE:PANW), having 136,200 shares of the company, according to the latest 13F filing.