Shares of Palo Alto Networks (NASDAQ:PANW) gained in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $1.10, which beat analysts’ consensus estimate of $0.94 per share. Sales increased by 23.7% year-over-year, with revenue hitting $1.7 billion. This was mostly in line with analyst expectations.
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Palo Alto Networks management also provided future projections for the fourth quarter. Revenue is expected between $1.937 billion and $1.967 billion against analyst consensus of $1.95 billion. Meanwhile, earnings per share are expected between $1.26 to $1.30, against analyst consensus of $1.18.
Further, for the full year 2023, management expects revenue between $6.88 billion and $6.91 billion, while analysts look for $6.9 billion. Meanwhile, earnings per share for the full year are expected between $4.25 and $4.29, against analyst projections of $3.99.
Overall, Wall Street has a consensus price target of $227.90 on Palo Alto Networks stock, implying 20.1% upside potential, as indicated by the graphic above.