Palo Alto Networks (NASDAQ:PANW) Issues FY 2024 Earnings Guidance

Palo Alto Networks (NASDAQ:PANW) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 5.560-5.580 for the period, compared to the consensus earnings per share estimate of 5.510. The company issued revenue guidance of $8.0 billion-$8.0 billion, compared to the consensus revenue estimate of $8.0 billion. Palo Alto Networks also updated its Q4 2024 guidance to 1.400-1.420 EPS.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PANW shares. Evercore ISI lowered their price objective on Palo Alto Networks from $405.00 to $385.00 and set an outperform rating for the company in a research report on Tuesday, May 14th. Needham & Company LLC reaffirmed a buy rating and issued a $345.00 price objective on shares of Palo Alto Networks in a research report on Tuesday. Redburn Atlantic lifted their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the company a buy rating in a research report on Tuesday, March 19th. Capital One Financial cut Palo Alto Networks from an overweight rating to an equal weight rating and set a $302.00 target price on the stock. in a report on Wednesday, February 21st. Finally, Loop Capital cut Palo Alto Networks from a buy rating to a hold rating and set a $300.00 target price on the stock. in a report on Wednesday, February 21st. Twelve equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $317.20.

Palo Alto Networks Trading Down 0.2 %

NASDAQ:PANW opened at $311.15 on Wednesday. The firm has a market capitalization of $100.53 billion, a PE ratio of 45.30, a price-to-earnings-growth ratio of 4.40 and a beta of 1.18. The stock has a 50 day moving average of $288.74 and a 200-day moving average of $299.00. Palo Alto Networks has a 52 week low of $188.83 and a 52 week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.25 by $0.07. The company had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a return on equity of 37.81% and a net margin of 31.42%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 earnings per share. As a group, analysts predict that Palo Alto Networks will post 2.77 EPS for the current fiscal year.

Insider Activity

In related news, EVP Lee Klarich sold 121,276 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $299.60, for a total value of $36,334,289.60. Following the sale, the executive vice president now directly owns 166,542 shares in the company, valued at approximately $49,895,983.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, President William D. Jenkins, Jr. sold 1,867 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the sale, the president now directly owns 25,812 shares in the company, valued at approximately $7,230,715.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lee Klarich sold 121,276 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the transaction, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at $49,895,983.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 280,193 shares of company stock valued at $80,670,132. 3.30% of the stock is currently owned by insiders.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.