Shares of Palo Alto Networks (NASDAQ: PANW) are up in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.83, which beat analysts’ consensus estimate of $0.69 per share.
Sales increased 25% year-over-year, with revenue hitting $1.563 billion. This was also higher than the $1.551 billion that analysts were looking for.
Looking forward, management now expects revenue and adjusted earnings per share for Q2 2023 to be in the ranges of $1.63 billion to $1.66 billion and $0.76 to $0.78, respectively.
Is PANW Stock a Buy?
PANW stock has a Strong Buy consensus rating based on 30 Buys, three Holds, and zero Sells assigned in the past three months. The average PANW stock price target of $223.70 implies 42.73% upside potential.