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- Palo Alto Networks Inc (NYSE: PANW) on Monday reported its first quarter financial results, beating guidance and the Street’s expectations and boosting its outlook.
- Following the earnings call, Needham analysts Scott Zeller and Elizabeth C. Chwalk reiterated a Buy rating and $202 price target.
In a report issued Tuesday, analysts at Needham took a look at Palo Alto Networks after it reported its October quarter results that was somewhat driven by an acceleration on a year-over-year compare and strength in the U.S. region.
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Since the spring, the firm has maintained a thesis about a "narrowing" list of security providers, with a few key ones "taking more budget from the broader security group, creating a 'have/have-not' dynamic."
In this scenario, Palo Alto is a consistent beneficiary, "as IT groups migrate toward a 'platform' strategy." In addition, the company "seems to be favored in a 'reboot' scenario, when companies decide to start over and re-architect network security." The analysts noted that, while ASPs remain "a mystery," field discussions have suggested that they are growing consistently, and that the company's sales cycles have remained unchanged, even amidst a slowing investments environment.
Other companies benefiting from this "the strong get stronger" trend are Check Point Software Technologies Ltd. (NASDAQ: CHKP) and Imperva Inc (NYSE: IMPV), both of which Needham rates as Buy.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.