I listened to Palo Alto Networks conference call yesterday just to see if I could get any clues on how many companies are shopping around to upgrade their security. Indeed the CEO led off with this on his first slide (slide 4):
https://s22.q4cdn.com/606234439/files/doc_financials/2021/q2…
He said they have had 1,000 assessment requests of their Solarstorm Rapid Response Program and I think he said they had met with 500 of the companies requesting it so far-I have no idea what baseline is but that sounds like a backlog to me.
He also said the tailwinds of this would be strong for the entire industry and they landed a number of large contracts during the quarter. Clearly wasn’t enough to move PANW stock up after hours, but it does reinforce the view that a lot of shopping around is being done, which is great for CRWD.