CNBC's Jim Cramer on Thursday named Palo Alto Networks (PANW) his top cybersecurity stock pick after the company became the first in its group to reach a $100 billion market cap.
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"The winner and new champion of cybersecurity may actually be Palo Alto," Cramer said during "Squawk on the Street," citing the milestone that was a goal of management.
Cramer also prefers Palo Alto over peers like Fortinet (FTNT). That's because Palo Alto's revenue channels are more diversified and less cyclical, allowing the firm to service larger clients at greater scale.
Palo Alto, a holding in Jim's Charitable Trust, rose in Thursday morning trading, earlier reaching an all-time high. PANW is the Trust's third-best performing stock in 2023, more than doubling year to date.
Here's a full list of the stocks in Jim's Charitable Trust, the portfolio used by the CNBC Investing Club.