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Palo Alto (PANW) Strengthens Partnership With CDW Canada

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Palo Alto Networks (PANW - Free Report) recently announced that it has extended its partnership with CDW Canada, a wholly-owned subsidiary of CDW Corporation (CDW - Free Report) , to offer Prisma Secure Access Service Edge (“SASE”) solution to secure a hybrid workforce.

Palo Alto’s Prisma SASE is a cloud-delivered service developed to protect applications utilized by hybrid workforces, irrespective of remote, mobile, or work-from-office setups. The service will enable the Canadian organizations to secure their hybrid workforces. The solution leverages machine learning (“ML”)-powered threat prevention to instantly stop 95% of web-based threats inline, thus significantly reducing the risk of a data breach.

The solution combines Palo Alto’s Prisma Access and Prisma Software Defined-Wide Area Network (“SD-WAN”) solutions. Prisma Access secures non-web applications common in complex on-premise environments, while Prisma SD-WAN offers secure cloud-delivered branches supported by ML-powered automation. This, in turn, reduces costs of expensive multiprotocol label switching (“MPLS”) network solutions.

Cybersecurity has gained immense importance among organizations of late. On one hand, the pandemic has accelerated the digital transformation and cloud migration process but on the other created security and risk issues for the companies. Per latest Gartner report, global security and risk management spending will grow by 12.4% and reach $150 billion in 2021. With the growing need for enhanced security measures given the rising security threats in interconnected systems laden with software, demand for Palo Alto’s solutions is shooting up.

The latest partnership extension evidently showcases the credibility of Palo Alto’s Prisma SASE solution and its deep commitment toward transforming the network capabilities in the Canadian market. Alternatively, through this move, CDW will be able to offer secure, cloud-delivered remote access to its customers along with top-tier technical support and other customer service amid the devastations of the pandemic.

Zacks Rank & Key Picks

Palo Alto currently carries a Zacks Rank #3 (Hold), while CDW carries Zacks Rank #2 (Buy). Some better-ranked stocks in the broader computer and technology sector are Salesforce (CRM - Free Report) and Advanced Micro Devices (AMD - Free Report) .

While Salesforce sports a Zacks Rank #1 (Strong Buy), Advanced Micro carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The long-term earnings growth rates for Palo Alto, CDW, Salesforce and Advanced Micro are currently pegged at 25.7%, 13.1%, 16.8% and 46.2%, respectively.

Shares of Palo Alto, CDW, Salesforce and Advanced Micro are up 43%, 42.9%, 36.2% and 59.2%, respectively, in the year-to-date (YTD) period.

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