Palo Alto Networks (NASDAQ:PANW) Updates Q4 2022 Earnings Guidance

Palo Alto Networks (NASDAQ:PANWGet Rating) issued an update on its fourth quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.26-$2.29 for the period, compared to the consensus earnings per share estimate of $2.22. The company issued revenue guidance of $1.53 billion-$1.55 billion, compared to the consensus revenue estimate of $1.53 billion. Palo Alto Networks also updated its FY 2022 guidance to $7.43-$7.46 EPS.

Palo Alto Networks stock opened at $487.02 on Thursday. Palo Alto Networks has a 52 week low of $358.37 and a 52 week high of $640.90. The stock has a market capitalization of $48.52 billion, a P/E ratio of -122.37 and a beta of 1.29. The stock has a fifty day moving average of $534.49 and a 200-day moving average of $538.49.

Palo Alto Networks (NASDAQ:PANWGet Rating) last announced its earnings results on Thursday, May 19th. The network technology company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.21). The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.36 billion. Palo Alto Networks had a negative net margin of 7.54% and a negative return on equity of 57.50%. The firm’s revenue for the quarter was up 29.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.62) EPS. As a group, research analysts anticipate that Palo Alto Networks will post -0.73 earnings per share for the current year.

PANW has been the subject of a number of recent research reports. Cowen reissued a buy rating and issued a $620.00 target price on shares of Palo Alto Networks in a research report on Friday, May 20th. JPMorgan Chase & Co. raised Palo Alto Networks from an underweight rating to a neutral rating and lifted their price objective for the company from $600.00 to $620.00 in a research note on Wednesday, February 23rd. Raymond James reaffirmed a buy rating and set a $610.00 price target on shares of Palo Alto Networks in a research note on Friday, May 20th. Oppenheimer decreased their price objective on Palo Alto Networks from $700.00 to $600.00 in a report on Friday, May 20th. Finally, Wedbush reduced their target price on Palo Alto Networks from $660.00 to $580.00 and set an outperform rating on the stock in a report on Friday, May 20th. Three analysts have rated the stock with a hold rating and thirty have issued a buy rating to the stock. According to MarketBeat.com, Palo Alto Networks has a consensus rating of Buy and a consensus target price of $628.56.

In other news, EVP Lee Klarich sold 4,807 shares of the firm’s stock in a transaction on Friday, June 10th. The shares were sold at an average price of $81,700.59, for a total value of $392,734,736.13. Following the completion of the sale, the executive vice president now owns 247,744 shares in the company, valued at approximately $20,240,830,968.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nikesh Arora sold 3,125 shares of the firm’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $527.09, for a total transaction of $1,647,156.25. Following the completion of the sale, the chief executive officer now owns 481,142 shares of the company’s stock, valued at approximately $253,605,136.78. The disclosure for this sale can be found here. Insiders sold a total of 66,289 shares of company stock worth $427,152,941 over the last ninety days. Insiders own 2.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Flagship Harbor Advisors LLC grew its holdings in Palo Alto Networks by 23.9% in the fourth quarter. Flagship Harbor Advisors LLC now owns 1,875 shares of the network technology company’s stock valued at $1,044,000 after purchasing an additional 362 shares during the period. HB Wealth Management LLC bought a new stake in shares of Palo Alto Networks in the fourth quarter worth $225,000. Amalgamated Bank increased its stake in shares of Palo Alto Networks by 32.5% in the fourth quarter. Amalgamated Bank now owns 8,491 shares of the network technology company’s stock worth $4,727,000 after buying an additional 2,083 shares during the last quarter. Penserra Capital Management LLC increased its stake in shares of Palo Alto Networks by 23.9% in the fourth quarter. Penserra Capital Management LLC now owns 425 shares of the network technology company’s stock worth $236,000 after buying an additional 82 shares during the last quarter. Finally, NEXT Financial Group Inc increased its stake in shares of Palo Alto Networks by 8.9% in the fourth quarter. NEXT Financial Group Inc now owns 940 shares of the network technology company’s stock worth $524,000 after buying an additional 77 shares during the last quarter. Institutional investors and hedge funds 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.

Recommended Stories

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

Receive News & Ratings for Palo Alto Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks and related companies with MarketBeat.com's FREE daily email newsletter.