Palo Alto Networks Inc. (NASDAQ:PANW) stock surged about 3% Thursday as strong peer earnings fueled a broader cybersecurity rally. Bullish analyst sentiment also supported the stock ahead of the company’s Sept. 1 earnings report.
Nasdaq futures rose 0.82%, while S&P 500 futures gained 0.28%.
CrowdStrike Results Lift Cybersecurity Stocks
The rally followed strong fiscal second-quarter results from CrowdStrike Holdings Inc. (NASDAQ:CRWD). The company released its results after Wednesday’s closing bell.
CrowdStrike reported revenue of $1.47 billion, beating the $1.44 billion estimate. Adjusted earnings of 31 cents per share also topped the 29-cent estimate.
