Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Palo Alto Networks, Inc. (NASDAQ: PANW) issued third-quarter guidance below estimates on Tuesday.
Palo Alto’s fiscal second-quarter revenue increased 19% year-over-year to $1.98 billion, which beat the consensus estimate of $1.97 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.46 per share, which beat analyst estimates of $1.30 per share.
Palo Alto sees fiscal third-quarter revenue of $1.95 billion to $1.98 billion versus estimates of $2.04 billion. The company expects third-quarter adjusted earnings to be between $1.24 and $1.26 per share versus estimates of $1.29 per share.
Palo Alto expects full-year 2024 revenue to be between $7.95 billion and $8 billion. The company sees full-year earnings between $5.45 and $5.55 per share.
“Our leadership across all of our three platforms and growing cross-platform adoption puts us in a strong and unique position,” said Nikesh Arora, chairman and CEO of Palo Alto Networks.
“With this backdrop, we are activating our accelerated platformization and consolidation strategy, as well as our AI leadership strategy.”
Palo Alto shares fell 0.1% to close at $366.09 on Tuesday.
These analysts made changes to their price targets on Palo Alto after the company reported quarterly results.
- Wedbush cut the price target on Palo Alto from $425 to $375. Wedbush analyst Daniel Ives maintained an Outperform rating.
- Rosenblatt slashed the price target on Palo Alto from $290 to $265. Rosenblatt analyst Catharine Trebnick downgraded Palo Alto from Buy to Neutral.
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Latest Ratings for PANW
| Feb 2022 | Morgan Stanley | Maintains | Overweight | |
| Feb 2022 | Raymond James | Maintains | Outperform | |
| Feb 2022 | Citigroup | Maintains | Buy |
View the Latest Analyst Ratings
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