On May 28, Palo Alto Networks rose 3.01% in regular trading, trading at approximately $255.54/share, with trading volume of $481 million.
The rebound follows the previous session's nearly 5% decline, which was triggered by cybersecurity peer Zscaler plunging over 20% after issuing weak revenue guidance that missed analyst consensus. That sector-wide contagion had pressured Palo Alto Networks despite its own fundamentals remaining intact.
Supporting today's recovery, multiple investment banks have recently raised their target prices on the stock. Wells Fargo lifted its target from $235 to $285 maintaining an overweight rating, Morgan Stanley raised to $253, Truist to $275, RBC to $255, and Mizuho to $265. Channel checks by Morgan Stanley indicated strong firewall refresh cycle demand, with third fiscal quarter remaining performance obligations expected to grow approximately 33% year-over-year. The company is scheduled to report quarterly earnings on June 2, with consensus revenue expectations of approximately $2.944 billion, representing 29.28% year-over-year growth.
(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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