CNBC’s Jim Cramer sees opportunity in cybersecurity stocks including Palo Alto Networks, which his Charitable Trust owns.
"Those who are looking for bull markets — of which most have been elusive of late, except maybe the health insurers — look at cybersecurity. You have Palo Alto, which, I think, is the king of it," Cramer said on"Squawk on the Street."Sign up for NBC LA newsletters.
In the month of October alone, Palo Alto Networks' stock has climbed nearly 9%, including Monday's roughly 2.5% advance, to around $252 per share. The move has pushed the stock back toward its all-time closing high of $257.88, which was reached on July 5. Year to date, shares of Palo Alto have soared more than 80%.
Cramer said the recent strength in Palo Alto stock is partly"because a lot of people say, 'All right. On any sort of turmoil, someone is going to try to take advantage of this.'" Additionally, Cramer said the highlighted the importance of the type of services that Palo Alto Networks and its peers in the industry provide.Jim's Charitable TrusI left the U.S. for Denmark.
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