Palo Alto Networks posted its third-quarter fiscal 2022 results, where earnings grew year-over-year and also surpassed Zacks Consensus Estimates. Revenues, too, topped expectations.
The cybersecurity company’s non-GAAP earnings rose +29.7% from the year-ago quarter to $1.79 per share, well above the Zacks Consensus Estimate of $1.67.
Palo Alto’s fiscal third-quarter revenues of $1.39 billion also surpassed the Zacks Consensus Estimate of $1.36 billion. The top line is +29% higher from the year-ago quarter.
Revenues from the company’s Product segment surged +22% year over year to $351.5 million (25.3% of total revenues). Subscription and support revenues grew +31.9% year over year to $1035.2 million (74.7% of total revenues).
Billings grew +40% to $1.80 billion.
Looking ahead, the company now projects fiscal 2022 revenues of $5.481-$5.501 billion, thereby implying growth of around 29% from the fiscal 2021. In its prior forecast, the expectation was $5.425 billion - $5.475 billion, which indicated year-over-year growth of 27-29%.
Total billings projection is now $7.106-$7.136 billion for fiscal 2022, indicating year-over-year increase of 30-31%. Prior estimates from the company was in the range of $6.80-$6.85 billion, implying a 25-26% increase from the year-ago quarter.
The company boosted its non-GAAP earnings forecast range to $7.43-$7.46 per share, vs. prior forecast of $7.23-$7.30 per share
It reaffirmed non-GAAP adjusted free cash flow margin forecast of 32-33%.
PANW may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In of 37 cases where PANW's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a provider of network security solutions
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