Why Analysts Are Chasing Palo Alto Networks Even Higher

By Chris Lange Updated Jan 12, 2:59AM EST · Published Feb 27, 12:15PM EST

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Why Analysts Are Chasing Palo Alto Networks Even Higher — © Thinkstock

Palo Alto Networks Inc. (NYSE: PANW) released its fiscal second-quarter financial results after the markets closed on Monday. Overall it was a very bullish showing for this cybersecurity firm, cementing its position in the top tier in that industry. Analysts seemed to agree and chased the stock higher.

24/7 Wall St. has included some brief highlights from the earnings report, as well as what analysts were saying about the stock after the fact.

The company posted $0.86 in earnings per share (EPS) on $542.4 million in revenue. That compares with consensus estimates from Thomson Reuters of $0.79 in EPS and revenue of $524.98 million. In the same period of last year, the company said it had EPS of $0.63 and $422.6 million in revenue.

In terms of the outlook for the fiscal third quarter, the company expects to see EPS in the range of $0.94 to $0.96 and revenues between $538 million and $548 million, with total billings of $665 million to $680 million. The consensus estimates call for $0.81 in EPS on $532.68 million in revenue for the quarter.

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Here’s what analysts had to say about Palo Alto Networks after the report:

Oppenheimer reiterated an Outperform rating and raised its price target to $200 from $180.
JPMorgan reiterated its Overweight rating and raised its target to $220 from $182.
Susquehanna reiterated a Positive rating and raised the target to $197 from $195.
Morgan Stanley raised its target price to $205 from $190.
BTIG raised its price target price to $210 from $175.
Maxim has a Buy rating and raised its price target from $196 to $212.
Monness, Crespi, Hard raised its price target from $170 to $190.
Raymond James raised its price target to $192 from $173.
BMO raised its price target to $190 from $170.
RBC raised its price target to $200 from $185.
Cowen raised its price target from $180 to $200.

Shares of Palo Alto Networks were last seen up about 2% at $172.76 on Tuesday, with a consensus analyst price target of $173.54 and a 52-week range of $107.31 to $179.11.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.