Why Palo Alto Networks Stock Rallied Nearly 12% in August
Shares of Palo Alto Networks (NASDAQ: PANW) jumped 11.6% in August, according to data from S&P Global Market Intelligence. The leading global cybersecurity company reported strong fiscal fourth-quarter results last month, leading several analysts to boost their rating on the stock. The company also approved a 3-for-1 stock split.
Palo Alto Networks ended its 2022 fiscal year on a high note. The cybersecurity company's revenue grew 27% year over year in its fiscal fourth quarter to $1.55 billion. That came in at the top end of its $1.53 billion-$1.55 billion guidance range and ahead of the analysts' consensus estimate of $1.54 billion.
The cybersecurity company also posted expectation-beating adjusted earnings of $2.39 per share. That was well above the top end of its $2.26-$2.29 per share guidance range and the $2.28 analyst consensus. Palo Alto also delivered strong adjusted free cash flow, turning a third of revenue into free cash for the full year.
Source Fool.com
