What Happened With Palo Alto Networks Stock On Thursday?

Palo Alto Networks, Inc. PANW shares are trading lower Thursday. A Wedbush analyst reiterated Palo Alto Networks' rating and maintained its price target.

What To Know: Wedbush analyst Daniel Ives reiterated Palo Alto Networks with an Outperform and maintained the $290 price target.

Ives drew attention to the company's decision to hold a conference call this Friday after-hours to discuss its earnings and guidance.

The decision has caused uneasiness in investors, magnified by Fortinet's soft earnings and guidance.

Ives expressed some concern regarding fourth-quarter revenues and billings missing Street expectations, suggesting a risk for full-year 2024 Billings and FCF guide to be below current Street estimates.

It is speculated that the reason behind the mixed buyside expectations are the earnings call on a Friday, as well as the decline in momentum seen in industry peers.

Palo Alto Networks is set to report fourth-quarter earnings on Aug. 18. The company is expected to report earnings of $1.28 per share and revenue of $1.96 billion.

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PANW Price Action: Shares of PANW closed down 2.99% at $207.57 at the time of publication, according to Benzinga Pro.

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