Palo Alto Networks Achieves a Major Milestone and is Jim Cramer’s Top Pick in the Cybersecurity Sector

CNBC’s Jim Cramer has named Palo Alto Networks (PANW) as his top cybersecurity stock pick after the company reached a $100 billion market cap, making it the first in its group to do so. Cramer cited the milestone as a goal of management and believes that Palo Alto may be the new champion of cybersecurity. He prefers Palo Alto over peers like Fortinet (FTNT) because Palo Alto’s revenue channels are more diversified and less cyclical, allowing the firm to service larger clients at greater scale. Palo Alto Networks rose in Thursday morning trading, reaching an all-time high and is the third-best performing stock in 2023, having more than doubled year to date. If you are interested in more stories like this, please sign up for Jim Cramer’s Top 10 Morning Thoughts on the Market email newsletter for free.