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Palo Alto Networks Inc PANW

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Morningstar’s Analysis

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Check Point Software, Fortinet, and Palo Alto Networks Moat Ratings Upgraded to Wide

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

We are upgrading our moat ratings for Check Point Software Technologies, Fortinet, and Palo Alto Networks to wide from narrow. For moat trends, we maintained Palo Alto as positive, adjusted Fortinet to positive from stable, and kept Check Point as stable. The wide moat upgrades also drove fair value estimate increases: Check Point's fair value estimate is now $137 from $132, Fortinet's fair value estimate is upped to $285 from $250, and Palo Alto's fair value estimate has increased to $585 from $550. We view shares in steady but lower-growing Check Point as attractive for patient investors. Palo Alto's shares are a bit undervalued, in our view, and we believe the firm will continue to be a leader and share gainer. We think investors should wait for a pullback in Fortinet's shares.

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Company Profile

Business Description

Palo Alto Networks is a pure-play cybersecurity vendor that sells security appliances, subscriptions, and support into enterprises, government entities, and service providers. The company's product portfolio includes firewall appliances, virtual firewalls, endpoint protection, cloud security, and cybersecurity analytics. The Santa Clara, California, firm was established in 2005 and sells its products worldwide.

3000 Tannery Way
Santa Clara, CA, 95054
T +1 408 753-4000
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Oct 31, 2021
Fiscal Year End Jul 31, 2022
Stock Type Speculative Growth
Employees 11,098