Palo Alto Networks $PANW Stock Up In After-hours on Beats

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PANW stock rose 5% in after-hours trading on February 22, 2022, after the company reported EPS and revenue beats.

Palo Alto Networks Reports Fiscal Second Quarter 2022 Financial Results. Live earnings call at 2pm Pacific Time Today

On February 22, 2022, Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced financial results for its fiscal second quarter 2022, ended January 31, 2022. Palo Alto Networks reported Q2 adjusted EPS of $1.74 versus the consensus estimate of $1.64. The company reported Q2 revenue of $1.3B versus the consensus estimate of $1.28B.

“In Q2, our company continued to benefit from strength across our three security platforms, driven by strong cybersecurity demand, organizations architecting for hybrid work and growing their hyperscale cloud footprints,” said Nikesh Arora, chairman and CEO of Palo Alto Networks. “On the back of this strength, notably in our next-generation security offerings, we are raising our guidance for the year across revenue, billings, and earnings per share.”

“Total shareholder return was at the forefront of our Q2 results as we continued to deliver on accelerated revenue growth and strong cash flow generation as well as returned capital to shareholders,” said Dipak Golechha, chief financial officer of Palo Alto Networks.

Palo Alto Networks assumed with an Outperform at JMP Securities

JMP Securities analyst Trevor Walsh assumed coverage of Palo Alto Networks with an Outperform rating with a price target of $620, up from $585, reflecting his revised peer group and valuation methodology. The analyst believes that investors should consider the company’s “strong leadership position” in the network security domain, the rise of Zero Trust frameworks and Secure Access Service Edge models as critical strategies within cybersecurity, and its “well-seasoned” management team that has proven highly capable of executing both organic and inorganic growth plans.

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📉 PANW Stock Technical Analysis

Panw Stock

Both the short term and long term trends are neutral. PANW is one of the better performing stocks in the Software industry, it outperforms 92% of 361 stocks in the same industry. PANW is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.

There is a support zone ranging from 473.03 to 475.46. This zone is formed by a combination of multiple trend lines in the daily time frame. There is support at 458.01 from a trend line in the weekly time frame. There is also support at 427.27 from a trend line in the weekly time frame.

There is resistance at 482.16 from a horizontal line in the weekly time frame. There is also a resistance zone ranging from 515.18 to 534.50. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.

The technical rating of PANW is bad and it also does not present a quality setup at the moment. PANW stock has a Setup Rating of 3 out of 10. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when PANW stock has a Setup Rating of 8 or higher.

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