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Palo Alto Networks Inc (NASDAQ:PANW) shares are trading higher Tuesday after the company reported better-than-expected financial results, authorized a new buyback and issued strong guidance. Multiple analysts also raised price targets on the stock following the print.
Total revenue was up 12% year-over-year. Remaining performance obligations grew 20% year-over-year to $12.7 billion. Next-generation security annual recurring revenue increased 43% year-over-year to $4.2 billion.
"We finished off the year with strong execution on our platformization strategy in Q4. As we look forward to fiscal year 2025 and beyond, we are focused on scaling our Next-Generation Security business through continued innovation and execution," said Nikesh Arora, chairman and CEO of Palo Alto Networks.
Palo Alto's board authorized an additional $500 million for share repurchases, bringing the company's remaining buyback authorization up to $1 billion. The buyback program is set to expire at the end of 2025.
Outlook: Palo Alto expects fiscal first-quarter revenue to be in the range of $2.1 billion to $2.13 billion versus estimates of $2.1 billion. The company expects first-quarter adjusted earnings to be between $1.47 and $1.49 per share versus estimates of $1.43 per share.
Palo Alto expects full-year 2025 revenue to be between $9.1 billion and $9.15 billion versus estimates of $9.11 billion. The company anticipates full-year earnings between $6.18 and $6.31 per share versus estimates of $6.19 per share.
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Analyst Changes:
PANW Price Action: Palo Alto shares were up 7.53% at $369.20 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: PANW