On May 29, Palo Alto Networks rose 3.41% in regular trading, trading at approximately $270.62/share, with trading volume of $357 million. The rally marks a full recovery from the nearly 5% selloff earlier in the week triggered by peer Zscaler's weak guidance.
On the news front, multiple investment banks have collectively raised their price targets on the company in recent days: Jefferies lifted its target from $265 to $300, Evercore ISI raised to $320, Benchmark to $270, and Berenberg to $290, all maintaining buy or outperform ratings. The upgrades reflect strong institutional confidence ahead of the company's quarterly earnings report scheduled for June 2, with consensus estimates projecting revenue of approximately $2.944 billion, representing 29.28% year-over-year growth. Morgan Stanley previously noted that channel surveys indicate robust firewall refresh cycle demand, with remaining performance obligations expected to grow approximately 33% year-over-year in the fiscal third quarter.
Within the Systems Software sector, broader strength was evident, with CrowdStrike up 5.63%, ServiceNow up 9.66%, Oracle up 6.12%, and Microsoft up 2.77%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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