Palo Alto Networks Gets Price Target Bumps By Analysts After Upbeat Results

Palo Alto Networks, Inc. PANW reported better-than-expected third-quarter results and raised its annual projections.

Palo Alto Networks reported quarterly revenue of $1.72 billion which beat an estimate of $1.71 billion. Its earnings came in at $1.10 per share, topping market expectations of 93 cents per share.

The company sees fiscal fourth-quarter revenue in the range of $1.937 billion and $1.967 billion versus an estimate of $1.95 billion.

Palo Alto Networks shares jumped 4.8% to $198.75 in today’s pre-market trading session.

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These analysts made changes to their price targets on Palo Alto Networks following earnings announcement.

• Barclays raised the price target on Palo Alto Networks from $235 to $245. Barclays analyst Saket Kalia maintained an Overweight rating.
• JMP Securities boosted the price target on Palo Alto Networks from $230 to $255. JMP Securities analyst Trevor Walsh maintained a Market Outperform rating.
• UBS raised Palo Alto Networks price target from $200 to $220. UBS analyst Roger Boyd maintained a Neutral rating.
• Raymond James increased Palo Alto Networks price target from $215 to $230. Raymond James analyst Adam Tindle maintained an Outperform rating.
• Wells Fargo boosted Palo Alto Networks price target from $250 to $265. Wells Fargo analyst Andrew Nowinski maintained the stock with an Overweight.
• BTIG increased Palo Alto Networks price target from $240 to $253. BTIG analyst Gray Powell maintained the stock with a Buy.
• Mizuho increased Palo Alto Networks price target from $220 to $230. Mizuho analyst Gregg Moskowitz maintained the stock with a Buy.
• Stifel boosted Palo Alto Networks price target from $225 to $240. Stifel analyst Adam Borg maintained the stock with a Buy.

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