Palo Alto Networks (NASDAQ:PANW) Updates Q1 2023 Earnings Guidance

Palo Alto Networks (NASDAQ:PANWGet Rating) updated its first quarter 2023 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.03-$2.06 for the period, compared to the consensus earnings per share estimate of $2.03. The company issued revenue guidance of $1.53 billion-$1.55 billion, compared to the consensus revenue estimate of $1.54 billion. Palo Alto Networks also updated its FY 2023 guidance to $9.40-$9.50 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. BMO Capital Markets upped their target price on Palo Alto Networks from $216.67 to $225.00 in a report on Tuesday, August 23rd. Atlantic Securities assumed coverage on Palo Alto Networks in a report on Friday, September 2nd. They issued a neutral rating and a $165.00 target price for the company. Wolfe Research lowered their target price on Palo Alto Networks to $238.00 and set an outperform rating for the company in a report on Wednesday, September 14th. Mizuho upped their target price on Palo Alto Networks from $200.00 to $220.00 and gave the stock a buy rating in a report on Tuesday, August 23rd. Finally, Royal Bank of Canada upped their price target on Palo Alto Networks from $226.67 to $233.33 in a research report on Tuesday, August 23rd. Four research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $218.79.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock traded down $3.97 on Friday, hitting $162.21. The company had a trading volume of 115,975 shares, compared to its average volume of 3,907,362. The stock has a market capitalization of $48.53 billion, a price-to-earnings ratio of -183.29, a P/E/G ratio of 8.05 and a beta of 1.13. Palo Alto Networks has a 1 year low of $140.52 and a 1 year high of $213.63. The stock has a 50 day moving average of $182.39 and a 200-day moving average of $180.69.

Palo Alto Networks (NASDAQ:PANWGet Rating) last issued its quarterly earnings data on Monday, August 22nd. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.76 by $0.04. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Palo Alto Networks had a negative return on equity of 42.61% and a negative net margin of 4.85%. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.21) earnings per share. Equities analysts anticipate that Palo Alto Networks will post 0.68 earnings per share for the current year.

Insider Activity at Palo Alto Networks

In related news, Director Aparna Bawa sold 237 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $567.09, for a total transaction of $134,400.33. Following the completion of the sale, the director now directly owns 1,662 shares of the company’s stock, valued at $942,503.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Aparna Bawa sold 237 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $567.09, for a total transaction of $134,400.33. Following the completion of the sale, the director now directly owns 1,662 shares of the company’s stock, valued at $942,503.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nikesh Arora sold 12,500 shares of the stock in a transaction on Monday, August 29th. The shares were sold at an average price of $554.56, for a total value of $6,932,000.00. Following the transaction, the chief executive officer now directly owns 462,514 shares of the company’s stock, valued at $256,491,763.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,034 shares of company stock valued at $23,954,654. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Palo Alto Networks

Institutional investors and hedge funds have recently bought and sold shares of the company. Northern Trust Corp boosted its holdings in shares of Palo Alto Networks by 1.1% in the first quarter. Northern Trust Corp now owns 861,098 shares of the network technology company’s stock worth $536,041,000 after acquiring an additional 8,994 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Palo Alto Networks by 151.8% in the first quarter. Federated Hermes Inc. now owns 198,339 shares of the network technology company’s stock worth $123,468,000 after acquiring an additional 119,565 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Palo Alto Networks by 210.0% in the first quarter. Mackenzie Financial Corp now owns 67,505 shares of the network technology company’s stock worth $42,023,000 after acquiring an additional 45,730 shares during the period. Employees Retirement System of Texas boosted its holdings in shares of Palo Alto Networks by 1.7% in the first quarter. Employees Retirement System of Texas now owns 60,600 shares of the network technology company’s stock worth $37,724,000 after acquiring an additional 1,000 shares during the period. Finally, Baird Financial Group Inc. boosted its holdings in shares of Palo Alto Networks by 5.9% in the first quarter. Baird Financial Group Inc. now owns 48,841 shares of the network technology company’s stock worth $30,404,000 after acquiring an additional 2,707 shares during the period. 86.17% of the stock is owned by institutional investors.

Palo Alto Networks Company Profile

(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.

Further Reading

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.