Technology
Why Analysts Are Chasing Palo Alto Networks Even Higher
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Palo Alto Networks Inc. (NYSE: PANW) released its fiscal second-quarter financial results after the markets closed on Monday. Overall it was a very bullish showing for this cybersecurity firm, cementing its position in the top tier in that industry. Analysts seemed to agree and chased the stock higher.
24/7 Wall St. has included some brief highlights from the earnings report, as well as what analysts were saying about the stock after the fact.
The company posted $0.86 in earnings per share (EPS) on $542.4 million in revenue. That compares with consensus estimates from Thomson Reuters of $0.79 in EPS and revenue of $524.98 million. In the same period of last year, the company said it had EPS of $0.63 and $422.6 million in revenue.
In terms of the outlook for the fiscal third quarter, the company expects to see EPS in the range of $0.94 to $0.96 and revenues between $538 million and $548 million, with total billings of $665 million to $680 million. The consensus estimates call for $0.81 in EPS on $532.68 million in revenue for the quarter.
Here’s what analysts had to say about Palo Alto Networks after the report:
- Oppenheimer reiterated an Outperform rating and raised its price target to $200 from $180.
- JPMorgan reiterated its Overweight rating and raised its target to $220 from $182.
- Susquehanna reiterated a Positive rating and raised the target to $197 from $195.
- Morgan Stanley raised its target price to $205 from $190.
- BTIG raised its price target price to $210 from $175.
- Maxim has a Buy rating and raised its price target from $196 to $212.
- Monness, Crespi, Hard raised its price target from $170 to $190.
- Raymond James raised its price target to $192 from $173.
- BMO raised its price target to $190 from $170.
- RBC raised its price target to $200 from $185.
- Cowen raised its price target from $180 to $200.
Shares of Palo Alto Networks were last seen up about 2% at $172.76 on Tuesday, with a consensus analyst price target of $173.54 and a 52-week range of $107.31 to $179.11.
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