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Matthew George Hedberg

Managing Director and Head of Global TIMT Research at RBC Capital Markets LLC

Matthew George Hedberg is a Managing Director and Head of Global TIMT Research at RBC Capital Markets, specializing in technology sector analysis with a focus on software, cloud, data security, and communications companies. He covers major firms such as Autodesk, Palo Alto Networks, ServiceNow, Datadog, Cloudflare, Jamf Holding, EverCommerce, and Bentley Systems, and ranks #57 out of over 10,000 Wall Street analysts with a success rate of 70% and an average return of 21.7% per recommendation. Hedberg began his equity research career in the early 2000s and has held senior roles at RBC Capital Markets for more than a decade, notable for his expertise in technology-driven market transformation. He holds key professional credentials including FINRA registration and securities licenses such as Series 7, 63, 86, and 87.

Matthew George Hedberg's questions to Palo Alto Networks (PANW) leadership

Question · Q1 2026

Matthew George Hedberg questioned the confidence drivers behind the significantly raised FY2030 NGS ARR target of $20 billion, considering the role of core business strength and recent M&A.

Answer

Chairman and CEO Nikesh Arora attributed confidence to the continued strength of the core business, including SASE and the 'hidden gem' of software firewalls, which now comprise nearly half of product revenue. He also cited the expected contributions from CyberArk and Kronosphere, with tuck-ins sustaining growth.

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Question · Q1 2026

Matthew George Hedberg asked about the biggest moving pieces driving confidence in the raised $20 billion fiscal 2030 NGS ARR target, especially given the prior target was outlined recently.

Answer

Chairman and CEO Nikesh Arora attributed confidence to the sustained strength of the core business, including SASE and software firewalls, which he called a 'hidden gem.' He also highlighted the expected contributions from the CyberArk and Kronosphere acquisitions, noting that future tuck-ins would primarily sustain growth rates rather than move the needle by billions.

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