Buy Palo Alto Networks Stock on This Dip -- Just Not Yet
Veteran investors know the time to step into good stocks is after an erroneous sell-off. That's why so many people are now eying Palo Alto Networks (NASDAQ: PANW) shares following Wednesday's post-earnings dip. The 28% tumble is a huge discount on a solid company's stock.
This is one of those cases, however, where interested investors might want to keep their powder dry for at least a few more days. This plunge is different than the typical setback for most stocks. It could linger, and perhaps even worsen before reversing course.
Cybersecurity outfit Palo Alto Networks reported its fiscal second-quarter 2024 numbers after Tuesday's close. The top line grew to the tune of 19% to $2 billion in the period ended Dec. 31, 2023, and per-share profits of $1.46 were a marked improvement on the year-ago comparison of $1.05. Contracted revenue (for future booking) was up 22% year over year to $10.8 billion. Last quarter's numbers were also better than analysts' expectations.
Source Fool.com
