Posted 2/23/2024, 10:03:11 PM
Palo Alto Networks Stock Plummets 25% After Cutting Growth Forecast
- Palo Alto Networks stock dropped 25% this week after the company lowered its revenue and billings guidance for fiscal year 2024
- The lowered guidance was below analysts' expectations, causing many to downgrade the stock
- Palo Alto Networks reported slowing growth last quarter, with 19% YoY revenue growth
- The stock remains expensive even after the selloff, trading at 30x free cash flow
- Palo Alto Networks faces high growth expectations amid rising cybersecurity threats, making it a potential "buy the dip" candidate