Shares of Palo Alto Networks (PANW) are down 5% after the cybersecurity firm reported mixed Fiscal first-quarter financial results.
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The California-based company announced earnings per share (EPS) of $1.56, which topped the consensus forecast of $1.48 on Wall Street. However, revenue of $2.10 billion fell slightly below analyst estimates of $2.12 billion, sending the share price lower in after hours trading.
Palo Alto Networks raised its forward guidance. Management said they expect revenue of $2.22 billion to $2.25 billion for the current Fiscal second quarter. That was in line with analyst estimates of $2.23 billion. The company also forecast EPS of $1.54 to $1.56, compared to forecasts of $1.55.
Stock Split
Palo Alto Networks also hiked its full-year guidance, saying it anticipates EPS of $6.26 to $6.39 on revenue of $9.12 billion to $9.17 billion. That compares to Wall Street estimates that called for $6.28 EPS and $9.13 billion of revenue.
Along with its latest financial results, Palo Alto Networks also announced a two-for-one stock split that takes effect on December 16 this year. PANW stock currently trades at $392.89, having increased 33% so far in 2024.
Is PANW Stock a Buy?
The stock of Palo Alto Networks has a consensus Strong Buy rating among 39 Wall Street analysts. That ratings is based on 33 Buy and six Hold recommendations issued in the last three months. There are no Sell ratings on the stock. The average PANW price target of $399.33 implies 1.64% upside from current levels.
