Palo Alto Networks (NASDAQ:PANW) Releases 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 (EPS) guidance of $7.43-$7.46 for the period, compared to the consensus 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.

Palo Alto Networks stock traded down $3.42 during trading hours on Thursday, reaching $502.09. 1,774,722 shares of the company’s stock traded hands, compared to its average volume of 1,802,423. Palo Alto Networks has a fifty-two week low of $350.96 and a fifty-two week high of $640.90. The firm has a market capitalization of $50.03 billion, a price-to-earnings ratio of -126.15 and a beta of 1.28. The firm’s 50 day moving average is $564.01 and its 200-day moving average is $540.41.

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

A number of brokerages have recently commented on PANW. Citigroup upped their price target on Palo Alto Networks from $600.00 to $610.00 and gave the company a buy rating in a research note on Friday, May 20th. Morgan Stanley upped their price target 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. The Goldman Sachs Group upped their price target on Palo Alto Networks from $650.00 to $700.00 in a research note on Tuesday, April 12th. Loop Capital lowered their price target on Palo Alto Networks from $530.00 to $510.00 and set a hold rating for the company in a research note on Wednesday, February 23rd. Finally, Barclays upped their price target on Palo Alto Networks from $625.00 to $645.00 and gave the company an overweight rating in a research note on Wednesday, February 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and thirty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Palo Alto Networks presently has an average rating of Buy and a consensus target price of $626.48.

In other news, CEO Nikesh Arora sold 3,125 shares of the business’s stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $500.52, for a total transaction of $1,564,125.00. Following the completion of the transaction, the chief executive officer now directly owns 489,791 shares in the company, valued at approximately $245,150,191.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 12,000 shares of the business’s 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. Insiders sold a total of 75,108 shares of company stock worth $42,628,785 in the last ninety days. 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. The Manufacturers Life Insurance Company grew its position in Palo Alto Networks by 198.0% in the first quarter. The Manufacturers Life Insurance Company now owns 7,326 shares of the network technology company’s stock worth $4,533,000 after acquiring an additional 4,868 shares in the last quarter. Golden State Equity Partners purchased a new position in Palo Alto Networks in the first quarter worth $415,000. Gamco Investors INC. ET AL purchased a new position in Palo Alto Networks in the first quarter worth $260,000. Wall Street Access Asset Management LLC purchased a new position in Palo Alto Networks in the first quarter worth $240,000. Finally, Walleye Capital LLC purchased a new position in Palo Alto Networks in the first quarter worth $538,000. Hedge funds and other 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.

See Also

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

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