Palo Alto Networks Inc. (NYSE:PANW) is a stock that CNBC’s Jim Cramer rates highly in the security space, in the wake of recent hackings that have found their way into the financial sector. Cramer argues that most of the companies in the U.S remain unprotected against cybersecurity making them potential threats to hackers.
Palo Alto Networks Inc. (NYSE:PANW) is currently trading in the market at the $88, with Cramer remaining bullish on the stock breaking the $100 mark.
“There is one company that is one step ahead of the pack and that is Palo Alto Networks. […] It is by far my favorite, it is $88. It is hard for me to see how the stock does not go to $100 and it is hard for me to see how banks don’t start righting cheques to them because the big hacks are the ones that have not been noticed yet […],” said Mr. Cramer.
Cramer believes that the recent hacking of JPMorgan Chase & Co. (NYSE:JPM) highlights the need for big banks to pay Palo Alto Networks a visit, to ensure that their networks are protected’ from cyber-attacks. Cramer was also full of praise for Palo Alto Networks Inc. (NYSE:PANW) ‘s CEO, Mark McLaughlin, who, he believes, is a perfect fit for the company going forward.
“Mark McLaughlin really is, I think, the smartest man in this world right now in terms of anti-hacking,” said Mr. Cramer.
The recent hacking of celebrities’ accounts has aroused questions as to whether companies and individuals are doing enough to protect their data or their clients. Earlier this year, five Chinese military personnel were indicted for being accused of carrying out hacking attacks on American companies.
Increased attention on cybersecurity means that companies will turn to Palo Alto Networks Inc. (NYSE:PANW) to protect themselves from any form of hacking, which will translate into increased business. Cramer believes that any company that deals with ‘identification’ for security purposes as a form of business is set to be a big hit going forward as cyber-attacks continue to be rampant.
JAT Capital Management, run by John Thaler, holds 136,200 shares of Palo Alto Networks Inc. (NYSE:PANW) with a reported value of $11.42 million.