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

Palo Alto Networks (NASDAQ:PANWGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $9.40-$9.50 for the period, compared to the consensus earnings per share estimate of $9.29. The company issued revenue guidance of $6.85 billion-$6.90 billion, compared to the consensus revenue estimate of $6.74 billion. Palo Alto Networks also updated its Q1 2023 guidance to $2.03-$2.06 EPS.

Palo Alto Networks Stock Down 2.4 %

Shares of PANW traded down $3.97 during trading hours 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 firm has a market cap of $48.53 billion, a P/E ratio of -183.29, a P/E/G ratio of 8.05 and a beta of 1.13. The stock’s 50 day moving average price is $182.39 and its 200 day moving average price is $180.69. Palo Alto Networks has a 52-week low of $140.52 and a 52-week high of $213.63.

Palo Alto Networks (NASDAQ:PANWGet Rating) last released 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 for 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% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.21) earnings per share. On average, research analysts expect that Palo Alto Networks will post 0.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PANW has been the topic of several research reports. Atlantic Securities initiated coverage on Palo Alto Networks in a research report on Friday, September 2nd. They set a neutral rating and a $165.00 price objective on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on Palo Alto Networks from $201.67 to $208.33 in a research report on Tuesday, August 23rd. Evercore ISI lifted their price objective on Palo Alto Networks to $206.67 in a research report on Tuesday, August 23rd. Jefferies Financial Group reissued a buy rating and issued a $220.00 price target on shares of Palo Alto Networks in a research report on Thursday, September 15th. Finally, KeyCorp boosted their price objective on shares of Palo Alto Networks from $210.00 to $226.67 and gave the stock an overweight rating in a report on Tuesday, August 23rd. Four equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $218.79.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 4,162 shares of the firm’s stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $520.47, for a total value of $2,166,196.14. Following the completion of the sale, the executive vice president now directly owns 243,582 shares in the company, valued at $126,777,123.54. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction on Monday, August 1st. The shares were sold at an average price of $500.58, for a total transaction of $6,006,960.00. Following the completion of the sale, the executive vice president now directly owns 671,812 shares in the company, valued at $336,295,650.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lee Klarich sold 4,162 shares of Palo Alto Networks stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $520.47, for a total transaction of $2,166,196.14. Following the sale, the executive vice president now owns 243,582 shares of the company’s stock, valued at $126,777,123.54. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,034 shares of company stock worth $23,954,654. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PANW. Covestor Ltd increased its holdings in Palo Alto Networks by 61.8% in the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after buying an additional 21 shares in the last quarter. Worth Asset Management LLC purchased a new position in Palo Alto Networks in the first quarter valued at $26,000. Salem Investment Counselors Inc. increased its holdings in Palo Alto Networks by 1,071.4% in the second quarter. Salem Investment Counselors Inc. now owns 82 shares of the network technology company’s stock valued at $41,000 after buying an additional 75 shares in the last quarter. High Net Worth Advisory Group LLC purchased a new position in Palo Alto Networks in the first quarter valued at $71,000. Finally, Centaurus Financial Inc. acquired a new stake in shares of Palo Alto Networks in the first quarter valued at about $103,000. Hedge funds and other institutional investors own 86.17% 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.

Further Reading

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

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