Here are the key analyst insights:
Needham analyst Mike Cikos maintained a Buy rating, while reducing the price target from $230 to $200.
Goldman Sachs analyst Gabriela Borges reiterated a Buy rating, while slashing the price target from $240 to $224.
Scotiabank analyst Patrick Colville reaffirmed a Sector Outperform rating, while reducing the price target from $228 to $180.
DA Davidson analyst Rudy Kessinger reiterated a Buy rating, while cutting the price target from $210 to $190.
Rosenblatt Securities analyst Catharine Trebnick maintained a Buy rating and price target of $225.
BTIG analyst Gray Powell reaffirmed a Buy rating and price target of $200.
Wedbush analyst Dan Ives maintained an Outperform rating and price target of $225.
Citizens JMP Securities analyst Trevor Walsh reiterated a Market Outperform rating and price target of $250.
Check out other analyst stock ratings.
Needham: Palo Alto Networks reported "solid" results for the quarter, with earnings exceeding expectations on an organic basis, Cikos said in a note. Organic NGS ARR (next-generation security annualized recurring revenue) grew 28% year-on-year to $6.14 billion, excluding $200 million from Chronosphere, which was at the upper end of the guidance range of $6.11-$6.14 billion, he added.
"We calculate Net-New ARR outperformed the sell-side estimate by ~$11 million," the analyst wrote. The company guided to NGS ARR for the fiscal third quarter at $7.94-$7.96 billion, including $1.47 billion from acquisitions, which came in-line with consensus on an organic basis, he further stated.
Goldman Sachs: Palo Alto Networks reported NGS ARR 3% above Street expectations, primarily due to around $200 million from the Chronosphere acquisition, Borges said. The stock came under pressure due to limited organic upside and "inorganic moving pieces that ...
