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NEW YORK and SANTA CLARA, Calif. - In a move to bolster digital safety across its operations, the National Hockey League (NHL) has named Palo Alto Networks (NASDAQ: PANW), a prominent player in the software industry with a market capitalization of approximately $126 billion, as its Official Cybersecurity Partner. According to InvestingPro data, the company maintains a "GREAT" financial health score, positioning it strongly in the cybersecurity sector. The announcement today marks the commencement of a multiyear North American partnership designed to enhance cybersecurity for the NHL, including its arenas.
Palo Alto Networks, a global cybersecurity leader showing impressive revenue growth of approximately 14% over the last twelve months, has been collaborating with the NHL since 2009, providing a suite of security solutions. The NHL has adopted Palo Alto Networks’ next-generation firewalls, cloud security, and AI-powered security operations, among other technologies, to secure its digital environment. InvestingPro subscribers can access 15+ additional exclusive insights about PANW’s growth trajectory and market position.
As part of the partnership, Palo Alto Networks will receive exclusive marketing rights and designations, leveraging the NHL’s broad marketing, digital, and social media channels. This collaboration aims to connect the cybersecurity brand with the NHL and its fanbase throughout the partnership’s duration.
NHL Senior Vice President of Information Technology & Cybersecurity, Dave Munroe, emphasized the League’s commitment to a secure business and fan experience, highlighting Palo Alto Networks’ role in advancing the NHL’s cybersecurity with innovative solutions.
KP Unnikrishnan, Chief Marketing Officer at Palo Alto Networks, expressed excitement about the partnership, committing to the NHL’s security through the company’s platformization approach.
This partnership is expected to significantly impact the NHL’s cybersecurity initiatives by enhancing threat detection, securing IoT devices, reducing response times to security alerts, and supporting business initiatives. It also aims to improve the secure user experience for fans and stakeholders.
The NHL, with a history dating back to 1917, has a diverse international player base and a wide-reaching fan engagement through various digital platforms and broadcasts across over 260 countries and territories.
Palo Alto Networks, celebrating its 20th anniversary, continues to lead in cybersecurity innovation, offering AI-powered solutions and striving to achieve Zero Trust security for businesses embracing digital transformation. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading near its Fair Value, with 29 analysts recently revising their earnings expectations upward for the upcoming period. Discover comprehensive insights about PANW and 1,400+ other stocks through InvestingPro’s detailed Research Reports.
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In other recent news, Palo Alto Networks has seen several updates from financial analysts following its second fiscal quarter results. Citi increased its price target for the company to $220, maintaining a Buy rating, despite a free cash flow miss and slower-than-expected growth in key areas. The firm acknowledged Palo Alto Networks’ continued success in securing large deals and its investment in GenAI technology. Susquehanna raised its price target to $230, citing strong second-quarter performance and a modest increase in the company’s full-year outlook. The firm maintained a Positive rating, noting the potential benefits from growth in cybersecurity budgets and platformization.
DA Davidson also lifted its price target to $225, reaffirming a Buy rating after Palo Alto Networks met or exceeded guided metrics, although free cash flow fell short of expectations. Piper Sandler adjusted its price target to $200 while keeping a Neutral rating, highlighting a mix of outcomes and ongoing debates about the company’s financial health. Stifel reiterated a $225 target with a Buy rating, following strong quarterly results and continued success with the company’s platformization strategy. These developments reflect varied analyst perspectives on Palo Alto Networks’ performance and future outlook.
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