Palo Alto Networks Inc PANW reported better-than-expected Q2 results and issued strong guidance.
Palo Alto’s revenue increased 26% year-over-year to $1.66 billion, which beat consensus estimates of $1.65 billion. The company reported quarterly adjusted earnings of $1.05 per share, which beat estimates of 78 cents per share.
The company said it sees Q3 revenue to be in a range of $1.695 billion to $1.725 billion versus estimates of $1.74 billion.
The company projects adjusted earnings to be in a range of 90 cents to 94 cents per share versus estimates of 78 cents per share.
Palo Alto shares jumped 8.9% to $181.76 in pre-market trading.
These analysts made changes to their price targets on Palo Alto following the release of results.
- Keybanc raised the price target on Palo Alto from $210 to $230. Keybanc analyst Michael Turits maintained an Overweight rating.
- JMP Securities boosted the price target on Palo Alto from $208 to $230. JMP Securities analyst Trevor Walsh maintained a Market Outperform rating.
- Barclays increased the price target on Palo Alto from $215 to $227. Barclays analyst Saket Kalia maintained an Overweight rating.
- Deutsche Bank boosted the price target on Palo Alto from $165 to $210. Deutsche Bank analyst Brad Zelnick maintained the stock with a Buy.
- JP Morgan increased the price target on Palo Alto from $195 to $225. JP Morgan analyst Brian Essex maintained an Overweight rating.
- Wolfe Research raised the price target on Palo Alto from $170 to $210. Wolfe Research analyst Joshua Tilton maintained an Outperform rating.
- Jefferies boosted the price target on Palo Alto from $195 to $215. Jefferies analyst Joseph Gallo maintained the stock with a Buy rating.
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