Palo Alto Networks (NASDAQ:PANW)
Following the cybersecurity company’s impressive fourth-quarter results and expectations, Palo Alto Networks (NASDAQ:PANW) shares increased by almost 12% on Tuesday, propelling numerous cloud computing companies higher.
The Nikesh Arora-led Palo Alto (PANW) reported that first-quarter revenue is anticipated to be between $1.54 billion and $1.56 billion, with billings likely to be between $1.68 billion and $1.7 billion. Analysts anticipate $1.74 billion in billings and $1.54 billion in revenue.
Palo Alto (PANW) forecasts sales of between $6.85 billion and $6.9 billion for the upcoming fiscal year, with profits per share of between $9.40 and $9.50. Analysts predict that the corporation will make $9.30 per share and $6.76 billion in revenue.
The results, according to Wedbush Securities analyst Dan Ives, were “another significant positive data point” for the industry, which will experience “substantial growth” over the following few years as global tensions continue to escalate.
Other cyber security stocks saw gains on Tuesday, including Fortinet (FTNT), Crowdstrike Holdings (CRWD), CyberArk (CYBR), and CheckPoint Software, thanks to the increase in Palo Alto Networks (PANW) shares Check Point Software Technologies Ltd. (CHKP).
On Tuesday, VMware (NYSE:VMW) increased by about 1% despite news that the cloud computing giant was slowing down some customer deals in preparation for its upcoming purchase by Broadcom (NASDAQ:AVGO).
As stated in internal communication, “VMware has made commitments to maintain the value of VMware until the acquisition is closed,” according to Insider. “So, we have strengthened our deal review,”
On August 24, Salesforce (CRM) will announce the second quarter results at market close. Following the news, other cloud computing stock prices were uneven. Salesforce (NYSE:CRM) fell 0.5% in midday trade, while Oracle (NYSE:ORCL), Adobe (NASDAQ:ADBE), and Intuit (INTU) all made slight increases.
Investment firm BMO Capital Markets increased Palo Alto Networks’ (PANW) price objective last month, demonstrating the firm’s belief in the company’s prospects for long-term development.
Featured Image:
Author Jowi Kwasu 
