Palo Alto Networks (NASDAQ:PANW) Updates FY 2022 Earnings Guidance

Palo Alto Networks (NASDAQ:PANWGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $7.43-$7.46 for the period, compared to the consensus earnings per share estimate of $7.29. The company issued revenue guidance of $5.48 billion-$5.50 billion, compared to the consensus revenue estimate of $5.46 billion.Palo Alto Networks also updated its Q4 2022 guidance to $2.26-$2.29 EPS.

Shares of Palo Alto Networks stock opened at $505.51 on Thursday. The company has a market capitalization of $49.78 billion, a P/E ratio of -127.01 and a beta of 1.28. Palo Alto Networks has a 1 year low of $350.96 and a 1 year high of $640.90. The business has a 50-day moving average of $565.51 and a two-hundred day moving average of $540.51.

Palo Alto Networks (NASDAQ:PANWGet Rating) last issued its earnings results on Thursday, May 19th. The network technology company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.11. Palo Alto Networks had a negative return on equity of 54.57% and a negative net margin of 7.54%. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period in the previous year, the company posted ($0.62) EPS. The firm’s revenue was up 29.1% compared to the same quarter last year. On average, equities research analysts expect that Palo Alto Networks will post -1.29 EPS for the current fiscal year.

PANW has been the topic of several recent research reports. Mizuho dropped their target price on Palo Alto Networks from $625.00 to $600.00 and set a buy rating on the stock in a research report on Wednesday, May 18th. Truist Financial upped their price target on shares of Palo Alto Networks from $600.00 to $675.00 and gave the stock a buy rating in a report on Thursday, March 24th. Morgan Stanley increased their target price on Palo Alto Networks from $670.00 to $823.00 and gave the company an overweight rating in a research note on Monday, April 25th. JMP Securities began coverage on Palo Alto Networks in a research note on Tuesday, February 22nd. They issued an outperform rating and a $620.00 target price on the stock. Finally, Loop Capital reduced their target price on Palo Alto Networks from $530.00 to $510.00 and set a hold rating on the stock in a research note on Wednesday, February 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirty have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Buy and an average price target of $626.48.

In related news, Director Aparna Bawa sold 951 shares of Palo Alto Networks stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $501.56, for a total transaction of $476,983.56. Following the transaction, the director now owns 1,899 shares in the company, valued at approximately $952,462.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction on Friday, April 1st. The shares were sold at an average price of $616.26, for a total transaction of $7,395,120.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,983 shares of company stock valued at $41,064,660. 2.20% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PANW. Covestor Ltd lifted its stake in Palo Alto Networks by 61.8% in the 1st quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock worth $35,000 after purchasing an additional 21 shares in the last quarter. Worth Asset Management LLC purchased a new stake in Palo Alto Networks in the 1st quarter worth $26,000. High Net Worth Advisory Group LLC bought a new stake in shares of Palo Alto Networks in the 1st quarter worth about $71,000. Centaurus Financial Inc. bought a new stake in shares of Palo Alto Networks in the 1st quarter worth about $103,000. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Palo Alto Networks by 50.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 171 shares of the network technology company’s stock worth $106,000 after buying an additional 57 shares during the last quarter. Institutional investors own 84.33% of the company’s stock.

About Palo Alto Networks (Get Rating)

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-customer's network and instances in public or private cloud environments, as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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

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