Analysts Comment On Palo Alto Networks Following Earnings Beat

Shares of Palo Alto Networks PANW saw a strong increase in share price Wednesday following an upbeat earnings report after hours Tuesday.

Several analysts commented on the company following earnings Wednesday:

Deutsche Bank - Reiterated Buy Rating; raised price target to $100.

Analyst Karl Keirstead noted that Palo Alto Networks reported revenues well above Street estimates and predicts a long runway for future growth.

Pacific Crest - Maintained Outperform rating; $105 price target.

Analysts at the firm declare Palo Alto Networks as their top pick in network security and feel the company offers the “next-generation of security platform.”

FBN Securities - Maintained Outperform rating; raised price target to $110.

Shebly Seyrafi noted Palo Alto Networks’ increased revenue estimates for fiscal first quarter along with increased Next Generation Firewall margins.

Topeka Capital Markets - Reiterated Buy rating; raised price target to $100.

Analysts point out the most “stunning” metric from the earnings report is the 64 percent year over year billings growth.

JMP Securities - Maintained Outperform rating; raised price target to $120.

Analysts cited Palo Alto Networks’ accelerated billings, revenues, customer acquisition, and customer lifetime value will add upside to the company's shares.

Shares of Palo Alto Networks Closed Wednesday’s session at $98.75 up 10.6 percent