Palo Alto Networks Inc. (PANW) shares gained 5.87% to trade at $362.71 in after-market on Thursday, May 20, 2021. Earlier, PANW’s stock gained 2.09% to close Thursday’s normal trading session at $342.59 per share. PANW shares have risen 46.11% over the last 12 months, and they have moved up 5.78% in the past week. Over the past three months, the stock has lost 13.68%, while over the past six months, it has added 16.64%.
Let’s have a brief look at its latest news.
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Recent financial results announcement
On May 20, 2021, Palo Alto Networks released its financial results for its fiscal third-quarter 2021, which ended April 30, 2021.
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Q3 2021 financial highlights
- Palo Alto Networks reported total revenue of $1.1 billion for Q3 2021, compared with total revenue of $869.4 million for the fiscal third quarter of 2020.
- It suffered a GAAP net loss of $145.1 million, or $1.50 per diluted share for the fiscal third quarter 2021, compared with GAAP net loss of $74.8 million, or $0.77 per diluted share, for the fiscal third quarter 2020.
- Non-GAAP net income was $139.5 million, or $1.38 per diluted share in Q3 2021, compared with non-GAAP net income of $114.6 million, or $1.17 per diluted share in Q3 2020.
- Total operating expenses were $853.7 million in Q3 2021 compared to $667.6 million in Q3 2020.
FY 2021 financial outlook
The company amended its guidance for FY 2021 and expects:
- Total billings in the range of $5.28 billion to $5.30 billion
- Total revenue in the range of $4.20 billion to $4.21 billion
- Diluted non-GAAP net income per share in the range of $5.97 to $5.99
- Adjusted free cash flow margin of approximately 30%.
Introducing complete zero-trust network security
On May 19, 2021, Palo Alto Networks introduced five key innovations that make it easier for customers to adopt Zero Trust across their network security stack.
The company introduced SaaS Security, Advanced URL Filtering, DNS Security, Cloud Identity Engine, and new ML-Powered Firewalls which allow organizations to easily and effectively implement Zero Trust Network Security.
New Board member
On May 14, 2021, Palo Alto Networks appointed Aparna Bawa to the company’s board of directors.
MsBawa has served in diverse roles at growing technology companies and she has deep operational, financial, and legal expertise. She is currently the chief operating officer and interim chief legal officer of Zoom.
Participation in the upcoming investor conferences
Palo Alto Networks will participate in the JP Morgan 49th Annual Global Technology, Media, and Telecommunications Conference which is scheduled on Monday, May 24, 2021, at 8:00 a.m. PST.
The company is also confirmed that its management team will participate in BofA Securities 2021 Global Technology Conference to be held on Tuesday, June 8, 2021, at 8:30 a.m. PST.
Conclusion
The PANW stock surged after the company’s recent financial results beat the revenue and earnings estimates. We are expecting that it will continue to surge on Friday to close the week.
