Palo Alto Enjoys Strong Open
May 21, 2021 at 10:52 AM EDT
Friday, May 21, 2021 Palo Alto Enjoys Strong Open Shares of Palo Alto Networks, Inc. (NYSE:PANW) opened Friday’s trading with strength. The company reported earnings that were better than estimates and also raised guidance. Shares may hit a wall of resistance if they reach $370. On April 15, the stock ran into a large group of sellers when it reached this level. A large selloff followed. Sometimes markets have memories with regards to which price levels are important. Resistance and support levels can stay intact for a long time. That could happen here with the $370 resistance level. Total revenue for the fiscal third quarter 2021 grew 24% year over year to $1 .1 billion, compared with total revenue of $869 .4 million for the fiscal third quarter 2020. GAAP net loss for the fiscal third quarter 2021 was $145 .1 million, or $1 .50 per diluted share, 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 for the fiscal third quarter 2021 was $139 .5 million, or $1 .38 per diluted share, compared with non-GAAP net income of $114 .6 million, or $1 .17 per diluted share, for the fiscal third quarter 2020. A reconciliation between GAAP and non-GAAP information is contained in the tables below. "The work-from-home shift earlier in the year and recent cybersecurity issues have increased the focus on security. Coupled with good execution, this has driven great strength across our business, with Q3 billings growth accelerating to 27% year over year. In particular, we saw a number of customers make large commitments to Palo Alto Networks across our three major platforms," said CEO Nikesh Arora, PANW shares leaped $18.22, or 5.3%, to $360.81.