Palo Alto Networks (PANW 0.04%), the platform-focused cybersecurity company behind Prisma, Cortex, and its next-gen firewall offerings, has rallied sharply since mid-August. After closing at about $176 on Aug. 18, the day it reported results, the growth stock trades at about $202 as of this writing -- a gain of roughly 15%. He added that the company "surpassed the $10 billion revenue run-rate milestone," exiting fiscal 2025 with accelerating RPO. Even giving credit for management's fiscal 2026 revenue guide near $10.5 billion, the stock still implies about 13 times forward sales. Continued large-deal momentum, durable net retention, and margin progress need to show through quarter after quarter to defend today's price.