Palo Alto stock soars 5% on upbeat earnings and boosted outlook

6:20 pm 21 May 2021

Palo Alto Networks (PANW.US) stock jumped 5% as the cybersecurity company topped Wall Street estimates and boosted its full-year outlook. The company’s revenue rose to $1.07 billion in the fiscal third-quarter from $869.4 million in the year-ago quarter (FactSet consensus: $1.06 billion). Adjusted earnings amounted to $1.38 a share (vs $1.17 in the year-ago period) whereas analysts expected $1.29 a share. 

Palo Alto Networks boosted its outlook as well. For the year, the firm expects adjusted earnings of $5.97 to $5.99 a share on revenue of $5.28 to $5.30 billion. Meanwhile, Wall Street analysts expect $5.86 a share on revenue of $4.18 billion. 

"The work-from-home shift earlier in the year and recent cybersecurity issues have increased the focus on security," said Nikesh Arora, chairman and CEO. "We are pleased to be raising our guidance for fiscal year 2021 as we see these trends continuing into our fiscal fourth quarter, bolstering our confidence in our pipeline," the CEO added.

Palo Alto Networks (PANW.US) is trading roughly 10% below its all-time highs from February. Stock opened with a bullish gap after solid earnings and boosted full-year outlook. Based on previous price reactions, $372 seems to be crucial resistance level. On the other hand, $310 level and an upward trendline (green lines) could serve as support areas. Source: xStation5

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world.