Down 10% From Highs, Is Palo Alto Networks Stock a Good Buy?

Companies in the cybersecurity industry have delivered market-thumping gains to shareholders over the past decade. The industry has enjoyed multiple secular tailwinds, such as the exponential rise of connected devices and the work-from-home trend, which has resulted in strong demand for device and data protection solutions amid a steep rise in online attacks. 

One outperforming cybersecurity stock is Palo Alto Networks (PANW), which has returned 950% in the last 10 years. Valued at a market cap of $111.2 billion, Palo Alto Networks went public in July 2012, and has since returned a monstrous 1,840% to shareholders.