Palo Alto Outperforms Our Expectations Amid Sales Restructuring Efforts; Increasing FVE to $112
Palo Alto Networks posted better-than-expected results in its third-quarter fiscal 2017 as product revenue unexpectedly grew by 1.3% year over year. The company’s new customer acquisition rate remains high (2,000 new customers in the quarter) despite the ongoing changes in the sales organization. Over the next few quarters, gross margin headwinds are expected to subside and sales reorganization should be largely completed. With this backdrop, we are raising our fair value estimate by $8 to $112 ...Palo Alto Networks provides a platform that allows enterprises, service providers, and government entities to secure their organizations. The company's platform uses a traffic classification engine that identifies network traffic by application, user, and content and provides security across the network, endpoint, and cloud. The company's product, subscription, and support offerings include: firewall appliances and software; and Panorama, which is a centralized security management solution for global control of various firewall appliances and software deployed on an end-customer's network as well as in their instances in public or private cloud environments as a virtual appliance or a physical appliance.
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