Palo Alto's Prisma Cloud Gains FedRAMP's "In Process" Status

Palo Alto Networks (NYSE:PANW) recently announced that the Prisma Cloud has been deemed “In Process” for the Federal Risk and Authorization Management Program (FedRAMP). Moreover, it has been added to Palo Alto Networks Government Cloud Services.

This FedRAMP recognition reflects the trust the U.S. public sector puts in the security and threat prevention capabilities of Palo Alto’s cloud-delivered services.

The recognition is a significant progress for Prisma Cloud toward a FedRAMP Moderate Agency Authorization. Once Prisma Cloud earns a FedRAMP Ready status, it will help the U.S. government agencies to securely utilize hybrid and multi-cloud environments by delivering security and compliance across the entire cloud-native technology stack and software development lifecycle.

Notably, Palo Alto has earlier been awarded the FedRAMP “In Process” status for other products, including WildFire, Cortex XDR, Cortex Data Lake and Traps.

Growing Adoption by Government Agencies

FedRAMP recognitions have boosted the adoption of the company’s products by government organizations. Markedly, Palo Alto’s VM-Series Virtualized Next-Generation Firewalls, Twistlock and PureSec are being utilized by government agencies to secure network traffic, protect containers and enable secure serverless deployments.

Notably, it is important for U.S. agencies to detect and respond to advanced cyber attacks effectively, along with protecting data across endpoints, networks and cloud environments. These requirements are achieved with the help of Palo Alto’s cloud-delivered services.

Prisma: Key Growth Factor

The Prisma platform brings all Palo Alto’s cloud security solutions under one umbrella to address the need for comprehensive and end-to-end networking and security solutions. This will allow enterprises to better focus on business growth without worrying about security gaps in the system.

Prisma Access has been supplementing growth of several client companies globally with consistent delivery of comprehensive networking and security services. These services include IPsec VPN, SSL VPN, cloud-delivered malware analysis, DNS Security and URL filtering capabilities.

Palo Alto has been taking strong steps to fortify this growth-driving platform. Moreover, its recent acquisitions of PureSec and Twistlock — being integrated into Prisma cloud — are strengthening the platform.

Zacks Rank & Key Picks

Palo Alto currently carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the broader technology sector are Fortinet, Inc. (NASDAQ:FTNT) , Synopsys, Inc. (NASDAQ:SNPS) and ManTech International Corporation (NASDAQ:MANT) , each flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings growth rate for Fortinet, Synopsys and ManTech is currently pegged at 14%, 12.56% and 8%, respectively.

The Hottest Tech Mega-Trend of All

Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>