The market has been correcting lately (although not bad enough to call it an official correction).
This week, investors felt key to the market going forward was Palo Alto Networks (PANW), which was set to report earnings Friday after the bell.
Companies normally report Monday thru Thursday. So it got our attention.
Palo Alto just beat the street and the stock is up 9% after hours.
So the outlook is positive for stocks heading into next week.
Tweet of the Day
The Palo Alto Networks results aftermarket are being well received. $panw . I would expect these results to lead a big relief rally on Monday. We will have to see how the conference call goes in 40 minutes. pic.twitter.com/4TrLGUTHUl
— Roy Mattox (@RoyLMattox) August 18, 2023
Chart of the Day
Here is the ten-year chart of PANW as of June 21, 2023, when the stock was at $239.
Palo Alto Networks has the industry’s most comprehensive platform for large organizations, and delivers both hardware and software to prevent and/or stop breaches. This company is the top cyber-security provider within the Network Security business, and has recently broadened its spectrum and developed next-generation security platforms in cloud security as well as data analysis. PANW has been investing on AI having introduced machine learning in their offerings seven years ago. Now the company is on track to capitalize on new advancements in AI, especially with Cortex XSIAM, the company’s next-generation security operations center (SOC), which was built on AI.
PANW stock has been hitting All-Time highs as profits surge. Profits soared 83% last quarter and beat estimates of 55%. Large enterprise companies are fueling its growth. Deals above $10 million jumped 136% last quarter. Included in those deals was a Japanese tech company, a US global beverage company ($30 million), and a European tech company ($30 million). Cybersecurity remains a priority for many companies especially as AI gains traction. Hackers use Artificial Intelligence too. In the realm of cybersecurity, AI is used not only to improve security, but also generate attacks.
PANW is part of the Growth Portfolio and Aggressive Growth Portfolio.
