Palo Alto Networks' stock surges 8% on strong earnings, nearing all-time high

From CNBC: 2024-08-20 15:24:21

Wall Street responded favorably to Palo Alto Networks’ strong earnings, with shares surging over 8% to $372. The stock is within a few dollars of its all-time high after rising 27% since August. Analysts have raised price targets, with the Club setting a target of $380. CEO Nikesh Arora praised Palo Alto’s progress with platformization. Wells Fargo believes achieving $15 billion in annual recurring revenue by 2030 is feasible. Morgan Stanley predicts continued revenue growth, with the stock’s trough likely behind. UBS remains cautious due to modest growth guidance for RPO. Please note that Jim Cramer’s Charitable Trust holds PANW shares.



Read more at CNBC:: Palo Alto Networks extends recent stock rally on solid quarterly earnings