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'Better than the rest:' Wall Street cheers Palo Alto Networks earnings beat, forward guidance

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Palo Alto Networks beat analyst expectations when it reported results Monday.

Palo Alto Networks' earnings report on Monday garnered it a slew of analyst upgrades and positive notes. The company reported quarterly results that beat Wall Street's expectations on the top and bottom lines, provided strong quarterly and full-year guidance and announced that its board approved a 3-for-1 stock split to take place in September. In addition, the company expanded its stock repurchase program by $915 million to a total of $1 billion.

In addition, Liani noted that the company's guidance for full-year 2023 and that management expects to achieve positive GAAP net income, another positive and formerly a weak spot. Liani has a price target of $650 per share on the stock, which represents upside of 28% from Monday's close, and a buy rating. Positive EPS The company said it expects total revenue between $1.535 billion and $1.555 billion with diluted non-GAAP net income per share between $2.03 to $2.

 

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