Palo Alto Stock Price
Elnora Heidrick
A software update last week by CrowdStrike (CRWD) sparked a global tech outage that sent shares of CrowdStrike stock plummeting. While CrowdStrike crumbled, cybersecurity giant Palo Alto Networks (PANW) continued to set up a new base, with PANW stock targeting a 345.90 buy point.
While CrowdStrike continues to deal with the aftermath of last week's crash, Palo Alto Networks has joined two fellow cybersecurity firms on the IBD Breakout Stocks Index, which gets updated weekly. CyberArk Software (CYBR) and Gen Digital (GEN) also made this stock screen.
Since bouncing back above its 50-day moving average at the end of April, Palo Alto stock held support at that benchmark line. While still above the 50-day line, the stock lost support at its 21-day exponential moving average on Wednesday.
As artificial intelligence adds new challenges to companies already facing cybersecurity threats to their networks, Palo Alto Networks offers Precision AI. The idea is to fight AI with AI using a rich security data set. The goal of Precision AI is to identify and block AI-generated attacks while also simplifying cybersecurity using AI copilots to assist users.
Palo Alto Networks rebounded from a sharp 28% gap down following its February earnings report. The drop came on fears that Palo Alto Networks would spark a price war. CyberArk and CrowdStrike also got rattled. In its next quarterly report in May, Palo Alto beat views, but acquisition costs lowered its profit outlook.
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The opinions of 29 Wall Street analysts collated by TipRanks illustrate an even higher degree of optimism, with the consensus view being that the stock could reach a potential target price of $229.03.
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The Palo Alto Networks stock split date was 14 September 2022. The three-for-one split meant that for each share of PANW owned before the split, a shareholder would own three shares. This is the first time the company has split its stock.
Palo Alto Networks split its stock to make it more accessible to employees and investors as the price has risen significantly since its initial public offering in 2012. The split will also enable employees to participate more easily in its stock purchase plan.
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Palo Alto reports after the bell on Monday. The stock is highly-ranked for relative strength and seasonality. The period from May through August has been a bullish stretch for this stock. Short-term cycles imply a positive reaction to the earnings announcement. Weekly, the momentum has turned up and the long-term relative uptrend remains intact. The monthly cycle is rising. Anticipate a share price closer to $355 over the coming months.
The monthly cycle is rising but is not overbought. Relative strength has not made a new low since November. Seasonality is favorable. From May 20th to September 19th, the shares have risen 68% of the time over 44 years. The monthly cycle has bottomed. The share price could rise to $290 into June.
Updated Palo Alto Networks (PAN) is facing a proposed class action lawsuit that alleges investors were deceived about the traction of its platform tactics and hurt by an unexpectedly low billings forecast that crashed the share price.
The US security biz last week reported a 19 percent bounce in sales to $1.975 billion for its Q2 ended January 31, and net income of $1.476 billion helped by a tax benefit. So far so good, until it came to projections for the next three months.
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