Palo Alto Networks Inc.’s stock surged to close at an all-time high Wednesday with nearly half of analysts hiking price targets after the cybersecurity company crushed it on their quarterly results late Tuesday and rolled out a new automated security product.
Palo Alto Networks PANW, -2.17% shares closed up 8.2% at $254,89, after touching a record intraday high of $260.63, for their highest close ever, beating a previous high of $236.23 set on Sept. 12. In comparison, the S&P 500 indexSPX, -0.04% finished down less than 0.1%, the tech-heavy Nasdaq Composite Index COMP, +0.04% closed up less than 0.1%, and the ETFMG Prime Cyber Security ETF HACK, +0.07% rose 1.3%.
Late Tuesday, Palo Alto Networks turned in a big beat to quarterly earnings and a solid outlook and announced a new $1 billion stock buyback plan. While analysts were united in praising Palo Alto Networks on the results, they also focused on the introduction of Cortex XDR product, which Palo Alto Networks hailed as “the industry’s only open and integrated, AI-based continuous security platform.” more