Palo Alto Networks (NASDAQ:PANW – Get Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $5.27-$5.40 for the period, compared to the consensus estimate of $4.98. The company issued revenue guidance of $8.15 billion-$8.20 billion, compared to the consensus revenue estimate of $8.38 billion. Palo Alto Networks also updated its FY24 guidance to $5.27-5.40 EPS.
Palo Alto Networks Stock Up 1.0 %
Shares of PANW opened at $209.69 on Monday. The business’s 50 day moving average price is $238.74 and its 200-day moving average price is $210.54. Palo Alto Networks has a 52 week low of $132.22 and a 52 week high of $258.88. The stock has a market cap of $64.14 billion, a P/E ratio of 166.42, a P/E/G ratio of 3.52 and a beta of 1.20.
Palo Alto Networks (NASDAQ:PANW – Get Free Report) last released its quarterly earnings results on Friday, August 18th. The network technology company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.15. The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.96 billion. Palo Alto Networks had a return on equity of 65.50% and a net margin of 6.38%. The company’s revenue was up 26.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 EPS. On average, equities analysts anticipate that Palo Alto Networks will post 1.84 EPS for the current year.
Analysts Set New Price Targets
Check Out Our Latest Analysis on PANW
Insider Transactions at Palo Alto Networks
In other news, CEO Nikesh Arora sold 30,000 shares of the company’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $208.51, for a total transaction of $6,255,300.00. Following the transaction, the chief executive officer now directly owns 1,092,959 shares of the company’s stock, valued at $227,892,881.09. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $215.36, for a total value of $7,752,960.00. Following the transaction, the executive vice president now directly owns 1,666,898 shares of the company’s stock, valued at approximately $358,983,153.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Nikesh Arora sold 30,000 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $208.51, for a total value of $6,255,300.00. Following the completion of the transaction, the chief executive officer now directly owns 1,092,959 shares in the company, valued at $227,892,881.09. The disclosure for this sale can be found here. Over the last three months, insiders have sold 232,258 shares of company stock valued at $53,069,368. Corporate insiders own 3.90% of the company’s stock.
Hedge Funds Weigh In On Palo Alto Networks
Several hedge funds have recently made changes to their positions in PANW. Worth Asset Management LLC acquired a new position in shares of Palo Alto Networks in the 1st quarter valued at $26,000. Fortis Capital Advisors LLC acquired a new stake in Palo Alto Networks during the 4th quarter worth about $28,000. Pin Oak Investment Advisors Inc. acquired a new stake in Palo Alto Networks during the 2nd quarter worth about $28,000. Sunbelt Securities Inc. acquired a new stake in Palo Alto Networks during the 1st quarter worth about $34,000. Finally, Covestor Ltd grew its position in Palo Alto Networks by 61.8% during the 1st quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock worth $35,000 after purchasing an additional 21 shares during the period. 89.84% of the stock is owned by institutional investors and hedge funds.
Palo Alto Networks Company Profile
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 a customer's network, as well as their 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.
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