Posted 2/23/2024, 10:03:11 PM
Palo Alto Networks Stock Plummets 25% as Lowered Forecast Sparks Downgrades
- Palo Alto Networks (PANW) stock dropped 25% this week after the company lowered its revenue and billings guidance for fiscal year 2024
- Palo Alto Networks reported slowing growth in Q2, with revenue up 19% year-over-year
- The company now expects total billings of $10.1B-$10.2B, down from $10.7B-$10.8B previously
- Many analysts downgraded PANW stock following the earnings report and guidance cuts
- Even after the drop, PANW remains expensive, trading at 30x free cash flow, but could be a "buy the dip" candidate given growing cybersecurity spending