Palo Alto Networks beats on earnings, raises guidance, cybersecurity stock rallies strongly today–raising target price in Jubak Picks and adding to Millennial Portfolio

Palo Alto Networks beats on earnings, raises guidance, cybersecurity stock rallies strongly today–raising target price in Jubak Picks and adding to Millennial Portfolio

Yesterday, May 20, after the market closed, Palo Alto Networks (PANW) reported third-quarter fiscal 2021 non-GAAP earnings of $1.38 per share. That beat the Wall Street consensus by almost 8%. Last earnings for the third quarter of the fiscal year were $1.17. Revenue gained 24% year over year to $1.07 billion. That was slightly above the Wall Street projection of $1.06 billion. After the earnings announcement the company raised guidance for the fiscal 2021 fourth quarter to project earnings per share of $1.42 to $.44 and year over year revenue growth of 23$ to 24% to $1.65 billion to $1.715 billion. For all of fiscal 2021 the company forecast adjusted earnings of $5.97 to $5.99 a share. That was up from an earlier projection of $5.80 to $5.90 a share.

Momentum sell off resumes

Even good news on initial claims for unemployment has not been able to turn a two-day rally in U.S. stocks into a three-day rally. With technology and momentum stocks leading the way lower—again—the NASDAQ Composite index is down 2.47% as of 2:15 p.m. in New York.