Palo Alto's Consolidation Strategy Stands to Gain Material Wallet Share

We view Palo Alto Networks as a leader in the cybersecurity space, with cybersecurity platforms spanning network security, cloud security, and security operations. We believe the firm stands to materially benefit from secular tailwinds across its three key end markets as cloud migrations, shift to zero-trust security, and increased automation in cybersecurity increases Palo Alto's value proposition to its clients. In our view, the firm's sticky platforms, combined with the broad range of its cybersecurity solutions have helped Palo Alto build a wide economic moat around its business.