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Why Palo Alto Networks Stock Rose in June 2017

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Aug. 18 2020, Updated 4:41 a.m. ET

Stock rose 14% in June

The stock for cybersecurity (HACK) firm Palo Alto Networks (PANW) rose 14.0% in June 2017 to close at $133.81. It announced its fiscal 3Q17 results and reported revenue of $431.8 million, a rise of 25.0% YoY (year-over-year) compared to $345.8 million in fiscal 3Q16. Non-GAAP (generally accepted accounting principles) net income was $57.1 million, or $0.61 per share, compared to net income of $42.3 million, or $0.46 per share, in fiscal 3Q16.

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During the earnings call, Mark McLaughlin, chief executive officer of Palo Alto Networks, stated, “We reported record revenue of $432 million in our fiscal third quarter and added the second highest number of new customers in the company’s history. The integrated and highly automated prevention capabilities of our Next-Generation Security Platform continue to differentiate us in the market as we help our customers protect our digital way of life.”

Analyst estimates

PANW stock has risen more than 9.0% in the trailing 12-month period and more than 7.0% since the start of 2017 after falling almost 30.0% so far in 2017.

Of the 43 analysts covering PANW, 23 have recommended a “buy” for the stock, while one has recommended a “sell,” and 19 have recommended a “hold.”

Analysts have an average 12-month target price of $151 for PANW, with a median target of $150. That means PANW is trading at a discount of 12.0% to median analyst estimates.

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