7 Analysts on Palo Alto Networks Earnings: Upbeat Results Despite ‘Continued Tough Supply Environment’

The logo of Palo Alto Networks on the building of its corporate headquarters in Santa Clara, Calif., in January 2020. Google Maps/Screenshot via The Epoch Times

Palo Alto Networks Inc. on Thursday reported revenues and earnings for its fiscal third-quarter ahead of expectations.

BofA Securities on Palo Alto Networks

Analyst Tal Liani reiterated a Buy rating and a price target of $650.

“Palo Alto Networks continues to draw strength from its new offerings with NGS ARR growing 65 percent YoY, a continuation of the 70 percent + growth seen in the last two quarters,” Liani wrote in a note to clients. “FY22 guidance was raised across almost all metrics, with expectations for growth around both legacy and new areas,” he added.

BMO Capital Markets on Palo Alto Networks

Analyst Keith Bachman maintained an Outperform rating for the company while reducing the price target from $685 to $615.