$PANW Plummets Off Highs to Test Key MA's
PANWShares of the stock dropped dead off the all-time top to test the major MA's in confluence, which could trigger a quick bounce. But it could also be a popular bounce speculation, leading to another evacuation of weak hands.
Palo Alto Networks Inc (NYSE:PANW) shares were shattered on Tuesday after strong billings were offset by a big 10% miss on product revenue (down 4% yr/yr). Shares of the stock are now testing key support at the confluence of the major moving averages.
In all, the company reported Q1 results, topping consensus for EPS on in-line revs (+17.7% yr/yr to $772 mln). Billings increased +18% yr/yr, surpassing co's guidance. The company commented that its product category did not meet its expectations in the quarter, weighing on Firewall as a Platform. Product revs declined 4% yr/yr to $231.2 mln.
PANW also announced that it will acquire machine identity-based microsegmentation company Aporeto for $150 mln in cash.
Palo Alto Networks Inc (NYSE:PANW) promulgates itself as a security platform solutions worldwide.
The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
Read More at: dailytrendingstocks.com/big-dips-that-could-be-big-opportunities-dltr-panw-hpe/
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