Investor Presentation Security and Compliance for the Digital Transformation Sumedh Thakar, President and CEO Joo Mi Kim, CFO February 5, 2026 Safe harbor This presentation includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this presentation include, but are not limited to, the following list: Our expectations and beliefs regarding t ...

Key Takeaways PANW trades above industry and peers on P/E, signaling stretched valuation amid decelerating growth trends.PANW faces slowing revenue and NGS ARR growth, with FY26 guidance pointing to further moderation.PANW shares have fallen over three months and slipped below key moving averages, signaling bearish momentum.Palo Alto Networks, Inc. (PANW) is currently trading at a high price-to-earnings (P/E) multiple, above the Zacks Security industry. Palo Alto Networks’ forward 12-month P/E ratio sits at ...

CrowdStrike Holdings Inc. (NASDAQ:CRWD) is one of the best Nancy Pelosi stocks to buy in 2026. On January 27, Macquarie reiterated a Neutral rating on CrowdStrike Holdings Inc. (NASDAQ:CRWD) and a $485 price target. CrowdStrike Holdings Inc. (CRWD) Expansion into Cloud Security and Identity Protection Driving Growth Den Rise/Shutterstock.com According to the research firm, CrowdStrike Holdings Inc. is among the best-positioned security platform players, alongside Zscaler. That’s because of its dominant ...

Company Overview - Netskope is a technology company specializing in cloud security solutions, focusing on protecting data and enabling secure access across cloud, web, and SaaS environments [6] - The company offers a unified cloud security platform called "Netskope One," which provides data protection, secure access, threat prevention, and networking optimization for various workloads [1] Recent Transaction - Andrew H. Del Matto, the CFO of Netskope, sold 49,875 shares for $855,765 on January 6, following the conversion of derivative securities [5][6] - This sale reduced Del Matto's direct ownership of Class A common stock by over half, from 91,368 to 41,493 shares, but he retains 228,404 Class B shares [3][5] - The transaction was primarily to satisfy tax obligations related to the settlement of restricted stock units, indicating it was a structurally driven transaction rather than a discretionary sale [7] Financial Performance - In the most recent quarter, Netskope reported a 33% year-over-year revenue increase to $184.2 million, with annual recurring revenue climbing 34% to $754 million [8] - The company crossed $1 billion in remaining performance obligations and generated positive free cash flow of $10.6 million, marking a significant milestone for a recently public software firm [8] - As of the quarter-end, Netskope had approximately $1.2 billion in cash and marketable securities, providing flexibility for growth without immediate balance sheet pressure [8] Market Context - Despite shares being down roughly 13% from their September IPO price, the fundamentals of Netskope appear more critical for investors to monitor than insider selling activities [9]

Core Insights - Tenable Holdings, Inc. has been recognized as one of only two vendors awarded the 2025 Customers' Choice in the Gartner Peer Insights™ 'Voice of the Customer': Cloud-Native Application Protection Platforms (CNAPPs) based on end-user reviews, achieving a 4.8 out of 5 overall rating and an 88% willingness to recommend from 71 reviews as of October 2025 [1][2] Company Overview - Tenable is a leader in Exposure Management, emphasizing cloud security as a critical component, and offers the Tenable One platform which unifies visibility, insight, and action across various domains including cloud, AI, IT, identity, and operational technology [2][9] - The company serves approximately 44,000 customers globally, focusing on closing cybersecurity gaps that can impact business value, reputation, and trust [9] Customer Feedback - Customer reviews highlight Tenable's CNAPP and Cloud Security solutions for providing deep visibility across cloud environments and seamless integration into existing workflows, significantly improving vulnerability and compliance management [8] - Users appreciate the intuitive interface and straightforward setup of Tenable's solutions, noting that the platform enhances remediation efforts through focused insights [8] Industry Recognition - The Gartner Peer Insights Customers' Choice distinction is awarded to vendors that meet or exceed market averages in Overall Experience and User Interest and Adoption, indicating strong customer satisfaction and advocacy [3][6]

Core Viewpoint - Palo Alto Networks (PANW) shares have underperformed in the market, raising concerns about its slowing sales growth and future revenue projections [2][5][7]. Financial Performance - PANW shares have declined by 13.6% over the past three months, compared to a 12% decline in the Zacks Security industry [2]. - The company's revenue growth rate has slowed to the mid-teens percentage range, down from mid-20s in fiscal 2023 [5][6]. - For fiscal 2026, PANW forecasts revenue growth of 14-15%, with first-quarter fiscal 2026 revenues growing 16% year over year [6][8]. Key Metrics - The Zacks Consensus Estimate for PANW's revenues is projected at $2.58 billion for the current quarter and $10.52 billion for the current year, reflecting a year-over-year growth estimate of 14.34% [8]. - NGS ARR growth has decelerated for six consecutive quarters, with fiscal 2026 expected to show 26-27% growth, down from 32% in fiscal 2025 [6][8]. Market Position and Opportunities - The global cybersecurity market is projected to grow from $218.98 billion in 2025 to $699.39 billion by 2034, indicating a significant addressable market for PANW [12]. - PANW's Cortex XSIAM platform has gained 470 customers, with an average customer spending over $1 million in ARR, highlighting its appeal to large enterprises [14][15]. - The company has signed a record $85 million deal with a U.S. telecom firm, indicating strong demand for its solutions [15]. Strategic Developments - PANW is expanding its partnership with Google Cloud, integrating its Prisma AIRS with Google services to enhance security for AI models and data [16]. - The company has also integrated Prisma AIRS with other AI agent platforms, enhancing its product offerings [17]. Valuation - PANW is currently trading at a lower price-to-sales (P/S) ratio of 11.24X compared to the industry average of 12.22X, providing valuation support despite growth concerns [18][22]. Conclusion - Despite slowing revenue growth, PANW remains a leader in cybersecurity with a strong long-term growth trajectory and continued innovation in AI [22][23].

Core Insights - Radware has doubled the mitigation capacity of its global cloud security service network from 15 Tbps to 30 Tbps to enhance its DDoS mitigation capabilities [1] - The company has upgraded all cloud security centers to include DefensePro® X, designed to support 30 Tbps of attack traffic, addressing the evolving threat landscape [2] - In the first half of 2025, Radware reported an 85% increase in network DDoS attacks compared to the same period in 2024, highlighting the growing complexity and volume of cyber threats [2] Company Developments - Radware has opened new cloud security service centers in Bogotá, Colombia; Lima, Peru; Mumbai, India; Singapore; and a second center in Tel Aviv, Israel, expanding its global network to 65 centers [4] - The company has been recognized as a market leader in DDoS protection by industry analysts based on customer reviews and satisfaction scores [5] - Radware's solutions utilize AI-driven algorithms for real-time protection against sophisticated cyber threats, including DDoS attacks and API abuse [6]

Core Insights - The rapid adoption of enterprise AI is leading to a significant increase in cloud security risks, with 99% of organizations reporting at least one attack on their AI systems in the past year [2][4] - Traditional cloud security measures are proving inadequate against the fast-evolving threats, necessitating a shift towards more integrated and proactive security solutions [3][6] Cloud Security Risks - The report highlights that attackers are increasingly targeting foundational layers of the cloud, including API infrastructure and identity management, which are becoming critical vulnerabilities [4][7] - API attacks have surged by 41%, making APIs a primary entry point for sophisticated threats [7] - 53% of organizations cite lenient identity and access management practices as a major challenge, indicating that weak access controls are a leading vector for credential theft [7] Security Operations Challenges - The complexity of managing an average of 17 cloud security tools from five different vendors creates fragmented data and slows incident response, with 97% of organizations prioritizing the consolidation of their cloud security tools [7] - Disjointed workflows between cloud and security operations teams result in delays, with 30% of teams taking more than a full day to resolve incidents [7] Strategic Recommendations - There is a growing consensus that cloud security and application security must be fully integrated with security operations centers (SOCs) to enhance effectiveness, with 89% of organizations supporting this integration [7] - Organizations are encouraged to adopt end-to-end security solutions that combine proactive risk reduction with reactive incident response to keep pace with machine-speed threats [6]

time to value is value and so the way whiz works is very fast meaning you connect this to your environment and it's an enterprise security product so those things are expected to take months and months and months for deployments and things until you see value but in whiz literally you get value in like 15 minutes so I think the combination of having very short time to value being very easy to deploy and solving a very big problem at the right time like solving cloud security and we started at you know the b ...

Core Insights - Tenable has entered into a OneGov agreement with the U.S. General Services Administration (GSA) to provide its FedRAMP-authorized Cloud Security solution to federal agencies, including the Department of Defense, at a discounted rate until March 31, 2027 [1][2] - The partnership aims to support the federal government's cloud-first policy by facilitating secure cloud adoption and enhancing the resilience of mission-critical systems [2][3] - Tenable's cloud security solution is designed to help federal agencies protect sensitive data and modernize their cloud infrastructure, addressing the unique needs of the public sector [3][4] Company Overview - Tenable is recognized as an exposure management company that focuses on identifying and closing cybersecurity gaps that can undermine business value and trust [6] - The company serves approximately 44,000 customers globally, providing a unified security visibility and action platform that spans various environments, including IT infrastructure and cloud [6] GSA Overview - The GSA is responsible for centralized procurement and shared services for the federal government, managing a real estate portfolio of over 360 million rentable square feet and overseeing more than $110 billion in federal contracts [5] - The GSA's mission is to deliver optimal customer experience and value in real estate, acquisition, and technology services to the government and the American public [5]