Why Palo Alto Stock Jumped This Week
Palo Alto Networks (NASDAQ: PANW) shareholders beat the market this week. The stock gained 12% through Thursday trading compared to a 0.7% decline in the wider market, according to data provided by S&P Global Market Intelligence.
The rally added to a great year so far for owners of the cybersecurity specialist. The stock has gained 3% in 2022 compared to a 13% slump in the S&P 500. It was spurred by good news on the earnings front.
Palo Alto Networks said in a Monday press release that revenue rose 27% in the selling period that ended in late July. That result beat the upgraded guidance that executives had issued a few months earlier and reflected robust demand across several of its network and remote access security products. "We were pleased by our fourth-quarter results," CEO Nikesh Arora told investors.
Source Fool.com
