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Palo Alto Networks Inc (NASDAQ:PANW) reported better-than-expected Q2 results and issued strong guidance.
Palo Alto’s revenue increased 26% year-over-year to $1.66 billion, which beat consensus estimates of $1.65 billion. The company reported quarterly adjusted earnings of $1.05 per share, which beat estimates of 78 cents per share.
The company said it sees Q3 revenue to be in a range of $1.695 billion to $1.725 billion versus estimates of $1.74 billion.
The company projects adjusted earnings to be in a range of 90 cents to 94 cents per share versus estimates of 78 cents per share.
Palo Alto shares jumped 8.9% to $181.76 in pre-market trading.
These analysts made changes to their price targets on Palo Alto following the release of results.
- Keybanc raised the price target on Palo Alto from $210 to $230. Keybanc analyst Michael Turits maintained an Overweight rating.
- JMP Securities boosted the price target on Palo Alto from $208 to $230. JMP Securities analyst Trevor Walsh maintained a Market Outperform rating.
- Barclays increased the price target on Palo Alto from $215 to $227. Barclays analyst Saket Kalia maintained an Overweight rating.
- Deutsche Bank boosted the price target on Palo Alto from $165 to $210. Deutsche Bank analyst Brad Zelnick maintained the stock with a Buy.
- JP Morgan increased the price target on Palo Alto from $195 to $225. JP Morgan analyst Brian Essex maintained an Overweight rating.
- Wolfe Research raised the price target on Palo Alto from $170 to $210. Wolfe Research analyst Joshua Tilton maintained an Outperform rating.
- Jefferies boosted the price target on Palo Alto from $195 to $215. Jefferies analyst Joseph Gallo maintained the stock with a Buy rating.
Read More: Top 5 Tech And Telecom Stocks That You May Want To Dump In Q1 2023
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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