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Palo Alto Networks (PANW) defied the doubters with its precocious Friday quarterly results and beardown guidance. It's further impervious that the cybersecurity person is simply a compelling banal to own, CNBC's Jim Cramer said Monday arsenic shares surged astir 15%.
"[CEO Nikesh Arora] snookered each those who felt, 'Well, this can't beryllium true,'" Cramer said connected "Squawk connected the Street," referring to the content held by immoderate connected Wall Street that Palo Alto's antithetic determination to study net aft the marketplace closed connected a summertime Friday portended atrocious news. In the tense run-up to the net release, Palo Alto's banal had fallen astir 16% successful August.
Instead, the cybersecurity supplier reported what Cramer dubbed an "outstanding quarter," with fiscal fourth-quarter net per share topping estimates and the company's multiyear guidance looking robust. Cramer's Charitable Trust, the portfolio utilized by the CNBC Investing Club, owns shares of Palo Alto Networks. On Monday, helium praised Palo Alto Networks' quality to summation marketplace stock successful the progressively important cybersecurity industry.
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The magnitude of Palo Alto's leap Monday is due, successful part, to short-sellers covering their bets against the stock, Cramer said. "Those who are abbreviated the banal today, they're sending maine an invitation to their funeral."
Wall Street analysts person reacted favorably to Palo Alto's presentation.
"The atrocious quality was truthful fabulous we had 14 price-target increases," Cramer quipped. "It was fantastic," helium added. Palo Alto "is winning concern from everybody, and it was 1 of the astir impressive, albeit long, league calls that I've ever been on."
Here's a afloat database of the stocks successful Jim's Charitable Trust, the portfolio utilized by the CNBC Investing Club.
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