Stock hits new record high Nancy Pelosis influence remains unstoppable
Nancy Pelosi, the former House Speaker, is once again proving her prowess as a skilled stock trader with her successful investment in Palo Alto Networks (PANW). The cybersecurity company is currently trading at an all-time high of $379.52, showing a 1% increase in the last 24 hours. After a difficult start to the year, PANW has made an impressive recovery, surging by 31% in 2024 to make up for its previous losses.
Pelosi’s decision to invest in PANW has clearly paid off, as she purchased deep-in-the-money call options worth up to $1.25 million on February 21. These options are set to expire in January 2025. Despite a sharp decline in the stock price just four days after Pelosi’s purchase, she chose to double down on her position instead of backing down, adding even more to her call options while the stock was trading at a significant discount.
This bold move has proven to be a wise decision, as PANW has since rebounded and reached an all-time high of $383. Pelosi’s success in the stock market has not been limited to PANW; she has also made notable trades in the technology sector, including purchasing options for Broadcom (AVGO) in June. However, her most profitable trade in 2024 was her investment in Nvidia (NVDA), which also reached a record high above $140.
It’s worth noting that Pelosi is not the only politician who recognized the potential of Palo Alto Networks. Other members of Congress, such as William Keating and Marjorie Taylor Greene, also entered positions in PANW following the earnings dip.
Palo Alto Networks has had an exceptional year overall, with its stock rallying due to its involvement in the artificial intelligence (AI) sector. The company has benefited from significant partnerships and acquisitions that have increased investor interest. For example, it completed the acquisition of IBM’s QRadar SaaS assets, strengthening its cybersecurity segment. The company also extended its partnership with Deloitte to provide AI-powered cybersecurity solutions in various regions.
Analysts at Goldman Sachs have reiterated their “Buy” rating for PANW shares, with a price target of $425. TD Cowen has also maintained a “Buy” rating and set a price target of $400.
