Palo Alto Networks (NASDAQ:PANW) Issues Q1 2023 Earnings Guidance

Palo Alto Networks (NASDAQ:PANWGet Rating) issued an update on its first quarter 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.03-$2.06 for the period, compared to the consensus EPS estimate of $2.03. The company issued revenue guidance of $1.53 billion-$1.55 billion, compared to the consensus revenue estimate of $1.54 billion. Palo Alto Networks also updated its FY 2023 guidance to $9.40-$9.50 EPS.

Palo Alto Networks Trading Down 2.4 %

Palo Alto Networks stock traded down $3.97 during trading hours on Friday, hitting $162.21. 115,975 shares of the stock traded hands, compared to its average volume of 3,907,362. The firm’s 50-day moving average price is $182.39 and its two-hundred day moving average price is $180.69. The company has a market cap of $48.53 billion, a PE ratio of -183.29, a PEG ratio of 8.05 and a beta of 1.13. Palo Alto Networks has a one year low of $140.52 and a one year high of $213.63.

Palo Alto Networks (NASDAQ:PANWGet Rating) last posted its quarterly earnings data on Monday, August 22nd. The network technology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.04. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Palo Alto Networks had a negative return on equity of 42.61% and a negative net margin of 4.85%. The business’s revenue was up 27.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.21) EPS. On average, sell-side analysts expect that Palo Alto Networks will post 0.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PANW has been the topic of a number of analyst reports. UBS Group boosted their price target on Palo Alto Networks from $181.67 to $196.67 and gave the stock a neutral rating in a research report on Tuesday, August 23rd. Evercore ISI boosted their price target on Palo Alto Networks to $206.67 in a research report on Tuesday, August 23rd. Credit Suisse Group boosted their price target on Palo Alto Networks from $211.67 to $228.33 and gave the stock an outperform rating in a research report on Tuesday, August 23rd. MKM Partners initiated coverage on Palo Alto Networks in a research report on Thursday, September 15th. They issued a buy rating and a $250.00 price target on the stock. Finally, Wedbush boosted their price target on Palo Alto Networks from $193.33 to $206.67 and gave the stock an outperform rating in a research report on Tuesday, August 23rd. Four investment analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks presently has a consensus rating of Moderate Buy and an average price target of $218.79.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $554.56, for a total transaction of $6,932,000.00. Following the completion of the transaction, the chief executive officer now owns 462,514 shares in the company, valued at approximately $256,491,763.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Dipak Golechha sold 500 shares of Palo Alto Networks stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $559.58, for a total value of $279,790.00. Following the completion of the transaction, the chief financial officer now owns 29,176 shares in the company, valued at approximately $16,326,306.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Nikesh Arora sold 12,500 shares of Palo Alto Networks stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $554.56, for a total value of $6,932,000.00. Following the completion of the transaction, the chief executive officer now owns 462,514 shares of the company’s stock, valued at approximately $256,491,763.84. The disclosure for this sale can be found here. Insiders sold 46,034 shares of company stock worth $23,954,654 in the last quarter. 2.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palo Alto Networks

Institutional investors and hedge funds have recently modified their holdings of the stock. Echo Street Capital Management LLC purchased a new position in shares of Palo Alto Networks in the 1st quarter worth approximately $250,000. KB Financial Partners LLC lifted its stake in shares of Palo Alto Networks by 91.2% during the 1st quarter. KB Financial Partners LLC now owns 392 shares of the network technology company’s stock worth $244,000 after acquiring an additional 187 shares during the last quarter. Wall Street Access Asset Management LLC bought a new stake in shares of Palo Alto Networks during the 1st quarter worth approximately $240,000. Carolinas Wealth Consulting LLC lifted its stake in shares of Palo Alto Networks by 53.2% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 383 shares of the network technology company’s stock worth $238,000 after acquiring an additional 133 shares during the last quarter. Finally, West Family Investments Inc. bought a new stake in shares of Palo Alto Networks during the 1st quarter worth approximately $218,000. Hedge funds and other institutional investors own 86.17% of the company’s stock.

About Palo Alto Networks

(Get Rating)

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 an end-customer's network and 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.

Further Reading

Earnings History and Estimates for Palo Alto Networks (NASDAQ:PANW)

Receive News & Ratings for Palo Alto Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks and related companies with MarketBeat.com's FREE daily email newsletter.