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

Palo Alto Networks (NASDAQ:PANWGet Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 5.560-5.580 for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PANW. Loop Capital downgraded Palo Alto Networks from a buy rating to a hold rating and set a $300.00 price objective for the company. in a report on Wednesday, February 21st. JMP Securities reissued a market outperform rating and issued a $380.00 target price on shares of Palo Alto Networks in a research report on Tuesday. Sanford C. Bernstein raised their price objective on Palo Alto Networks from $335.00 to $364.00 and gave the stock an outperform rating in a research note on Tuesday. Westpark Capital reaffirmed a hold rating on shares of Palo Alto Networks in a research note on Monday, January 29th. Finally, Cantor Fitzgerald reissued an overweight rating and set a $350.00 target price on shares of Palo Alto Networks in a research note on Wednesday, April 17th. Twelve investment analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $317.45.

Check Out Our Latest Stock Report on Palo Alto Networks

Palo Alto Networks Stock Down 1.0 %

Shares of PANW stock opened at $308.58 on Thursday. The stock has a market capitalization of $99.92 billion, a PE ratio of 44.85, a price-to-earnings-growth ratio of 5.03 and a beta of 1.18. Palo Alto Networks has a 52-week low of $188.83 and a 52-week high of $380.84. The stock’s 50-day moving average price is $289.10 and its 200 day moving average price is $299.07.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last announced its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the company earned $0.38 EPS. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. Analysts expect that Palo Alto Networks will post 2.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the sale, the chief accounting officer now owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Josh D. Paul sold 1,050 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the sale, the chief accounting officer now owns 27,247 shares in the company, valued at approximately $7,629,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President William D. Jenkins, Jr. sold 1,867 shares of the company’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 completion of the sale, the president now owns 25,812 shares in the company, valued at approximately $7,230,715.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 280,193 shares of company stock valued at $80,670,132. 3.30% of the stock is owned by corporate insiders.

About Palo Alto Networks

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for Palo Alto Networks (NASDAQ:PANW)

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