Palo Alto Acquisition Spree Continues With $800 Million Expanse Deal

Palo Alto Networks (PANW), continuing an acquisition spree, on Wednesday agreed to buy cybersecurity firm Expanse in a deal valued at $800 million. Palo Alto stock has formed a double-bottom chart pattern ahead of its fiscal first-quarter earnings due on Monday. X Buying Expanse, a specialist in computer security vulnerability management, marks Palo Alto's largest acquisition so far. Expanse customers include PayPal Holdings (PYPL) and CVS (CVS). Palo Alto competes in the firewall network security market vs. Fortinet (FTNT), Check Point Software Technologies (CHKP), Cisco Systems (CSCO) and others. Firewall appliances protect computer networks by blocking online intrusions and monitoring web-based apps. "This (deal) further diversifies Palo away from core firewall, and into more next-gen security where competitors like Splunk (SPLK), and vulnerability management players like Rapid7 (RPD) have a presence," Raymond James analyst Adam Tindle said in a report to clients. IBD Newsletters Get exclusive IBD analysis and action news daily. SIGN UP NOW! IBD Newsletters Get exclusive IBD analysis and action news daily. Financial Advisor Update How To Invest Market Prep Tech Report Please enter a valid email address Please select a newsletter GO Get these newsletters delivered to your inbox & more info about our products & services. Privacy Policy & Terms of Use x Thank You! You will now receive IBD Newsletters ALL DONE! Something Went Wrong! Please contact customer service CLOSE Palo Alto Stock Forms Double-Bottom Chart Pattern Palo Alto stock rose 2.5% to near 249 in early trading on the stock market today. Under Chief Executive Nikesh Arora, a former top executive at Alphabet's (GOOGL) Google and SoftBank Group, Palo Alto acquisitions have picked up. He took over as Palo Alto's CEO in June 2018. Arora has aimed to build Arora aims to build a broader, cloud computing-based product platform. Palo Alto also purchased startup CloudGenix for $420 million in cash earlier this year. It also bought the Crypsis Group, an incident response, risk management and digital forensics consulting firm, for $265 million in cash. Gain In Earnings Seen When Results Are Posted Palo Alto earnings for the October quarter are due Monday. Analysts estimate Palo Alto earnings of $1.33 per adjusted share, up 27% from a year earlier. Also, revenue will climb 19% to $921.6 million, analysts estimate. Heading into the earnings report, Palo Alto stock had anIBD Relative Strength Rating of only 40 out of a possible 99. Palo Alto stock has formed a double-bottom chart pattern, possible a bullish signal.  Further, Palo Alto has forged a new entry point of 260.25. Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing. YOU MAY ALSO LIKE IBD Live: A New Tool For Daily Stock Market Analysis Find Compelling Growth Stocks With IBD's Stock Of The Day View Breakout Stocks & Technical Analysis Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists Get A Free Trial Of IBD Leaderboard The post Palo Alto Acquisition Spree Continues With $800 Million Expanse Deal appeared first on Investor's Business Daily.

Palo Alto Acquisition Spree Continues With $800 Million
Expanse Deal
Palo Alto Networks (PANW), continuing an acquisition spree, on Wednesday agreed to buy cybersecurity firm Expanse in a deal valued at $800 million. Palo Alto stock has formed a double-bottom chart pattern ahead of its fiscal first-quarter earnings due on Monday. X Buying Expanse, a specialist in computer security vulnerability management, marks Palo Alto's largest acquisition so far. Expanse customers include PayPal Holdings (PYPL) and CVS (CVS). Palo Alto competes in the firewall network security market vs. Fortinet (FTNT), Check Point Software Technologies (CHKP), Cisco Systems (CSCO) and others. Firewall appliances protect computer networks by blocking online intrusions and monitoring web-based apps. "This (deal) further diversifies Palo away from core firewall, and into more next-gen security where competitors like Splunk (SPLK), and vulnerability management players like Rapid7 (RPD) have a presence," Raymond James analyst Adam Tindle said in a report to clients. IBD Newsletters Get exclusive IBD analysis and action news daily. SIGN UP NOW! IBD Newsletters Get exclusive IBD analysis and action news daily. Financial Advisor Update How To Invest Market Prep Tech Report Please enter a valid email address Please select a newsletter GO Get these newsletters delivered to your inbox & more info about our products & services. Privacy Policy & Terms of Use x Thank You! You will now receive IBD Newsletters ALL DONE! Something Went Wrong! Please contact customer service CLOSE Palo Alto Stock Forms Double-Bottom Chart Pattern Palo Alto stock rose 2.5% to near 249 in early trading on the stock market today. Under Chief Executive Nikesh Arora, a former top executive at Alphabet's (GOOGL) Google and SoftBank Group, Palo Alto acquisitions have picked up. He took over as Palo Alto's CEO in June 2018. Arora has aimed to build Arora aims to build a broader, cloud computing-based product platform. Palo Alto also purchased startup CloudGenix for $420 million in cash earlier this year. It also bought the Crypsis Group, an incident response, risk management and digital forensics consulting firm, for $265 million in cash. Gain In Earnings Seen When Results Are Posted Palo Alto earnings for the October quarter are due Monday. Analysts estimate Palo Alto earnings of $1.33 per adjusted share, up 27% from a year earlier. Also, revenue will climb 19% to $921.6 million, analysts estimate. Heading into the earnings report, Palo Alto stock had anIBD Relative Strength Rating of only 40 out of a possible 99. Palo Alto stock has formed a double-bottom chart pattern, possible a bullish signal.  Further, Palo Alto has forged a new entry point of 260.25. Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing. YOU MAY ALSO LIKE IBD Live: A New Tool For Daily Stock Market Analysis Find Compelling Growth Stocks With IBD's Stock Of The Day View Breakout Stocks & Technical Analysis Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists Get A Free Trial Of IBD Leaderboard The post Palo Alto Acquisition Spree Continues With $800 Million Expanse Deal appeared first on Investor's Business Daily.