Palo Alto Networks Inc (NYSE:PANW), the leader in enterprise security, announced it has acquired CirroSecure, a Silicon Valley-based company with a highly differentiated approach to securing Software as a Service (SaaS) applications.
The Palo Alto Networks Enterprise Security Platform provides the industry’s leading ability to safely enable applications and prevent cyber threats from compromising an organization’s data and infrastructure. A key attribute of the platform is the ability to secure high risk, unsanctioned applications by providing superior visibility and control.
The addition of the CirroSecure technology to the Palo Alto Networks platform expands this functionality by providing additional security for SaaS applications such as Box, Dropbox, GitHub, Google Drive, and salesforce.com that are highly collaborative, yet often store some of an organization’s most sensitive data.
- “The acquisition of CirroSecure brings unique technology and talent to Palo Alto Networks. Their exceptional SaaS security technology expands the capabilities of our proven platform already in use by more than 24,000 customers worldwide. We enable organizations to embrace SaaS as an extension of their IT infrastructure without security concerns and this addition further strengthens the reach and power of our enterprise security platform.”
– Lee Klarich, senior vice president of Product Management at Palo Alto Networks
- “Reducing risk in SaaS applications is an essential cornerstone of securing enterprise IT infrastructures of the future. We are thrilled to join Palo Alto Networks; they are the clear leaders in the enterprise security market with a game-changing platform designed for the modern and agile computing environment. Our joint technologies provide unparalleled SaaS application security.”
– Nishant Doshi, CTO of CirroSecure
Until now, the tools haven’t existed to effectively manage and secure SaaS applications. The CirroSecure technology offers a highly differentiated approach to securing these applications by providing complete visibility across all user, folder, and file activity while applying deep analytics into day-to-day usage to quickly determine if any policy or data security violations have occurred. These violations are prevented through the use of granular, context-aware policies that allow organizations to quickly quarantine users and data as soon as a violation has occurred to prevent loss of sensitive data. (Original Source)
Shares of Palo Alto Networks closed today at $160.65, down $3.19 or 1.95%. PANW has a 1-year high of $164 and a 1-year low of $66.77. The stock’s 50-day moving average is $151.48 and its 200-day moving average is $134.40.
On the ratings front, Palo Alto Networks has been the subject of a number of recent research reports. In a report released today, Cowen analyst Gregg Moskowitz maintained a Hold rating on PANW, with a price target of $175, which represents a potential upside of 6.7% from where the stock is currently trading. Separately, on May 21, Nomura’s Frederick Grieb maintained a Buy rating on the stock and has a price target of $165.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gregg Moskowitz and Frederick Grieb have a total average return of 11.1% and 34.6% respectively. Moskowitz has a success rate of 71.8% and is ranked #703 out of 3607 analysts, while Grieb has a success rate of 90.3% and is ranked #110.
In total, 2 research analysts have assigned a Hold rating and 8 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $169.38 which is 3.3% above where the stock opened today.
Palo Alto Networks Inc offers an enterprise network security platform that allows enterprises, service providers, and government entities to secure their networks and safely enable applications running on their networks.