Why Shares of Palo Alto Networks Are Soaring Today
Shares of cybersecurity company Palo Alto Networks (NYSE: PANW) jumped on Friday following a better-than-expected fiscal fourth-quarter report. Palo Alto beat analyst estimates for both revenue and earnings, posting double-digit sales and adjusted earnings growth. The stock was up 11.5% at noon.
Palo Alto reported fourth-quarter revenue of $509.1 million, up 27% year over year and nearly $22 million higher than the average analyst estimate. Product revenue jumped 11.1% to $212.3 million, while subscription and support revenue soared 41.5% to $296.8 million. Billings grew 17% year over year to $670.8 million, while deferred revenue surged 43% to $1.8 billion.
The PA-7080 firewall. Image source: Palo Alto Networks.
Source: Fool.com
Palo Alto Networks Stock
€327.00
-1.230%
With 100 Buy predictions and not a single Sell prediction Palo Alto Networks is an absolute favorite of our community.
With a target price of 337 € there is a slightly positive potential of 3.06% for Palo Alto Networks compared to the current price of 327.0 €.
