Cybersecurity Stock Surges on Another Profitable Quarter

So far in 2023, PANW has already added over 32%

Digital Content Manager
Feb 22, 2023 at 10:48 AM
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Palo Alto Networks Inc (NASDAQ:PANW) announced a third-straight profitable quarter after 10 years of losses, with its fiscal second-quarter results easily beating Wall Street's estimates. The cybersecurity concern also provided a strong third-quarter outlook. In response, PANW is up 10.7% to trade at $184.82

The brokerage bunch is responding with a slew of bull notes. The stock attracted at least 13 price-target hikes, including one from Northland Capital to $246 from $235. Options traders are chiming in as well, with overall volume running at 15 times the intraday average, So far, 63,000 calls and 24,000 puts across the tape so far, and the most popular contract is the 2/24 190-strike call, followed by the 200-strike call in that weekly series, with new positions being opened at both.
 
This penchant for bullish bets has been the norm lately, per Palo Alto Networks stock's 50-day call/put volume ratio of 2.18 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 97% of readings from the past year. 
 
The shares are today trading at their highest level since September, blasting through long-term overhead pressure at the $180 mark with support from their 20-day moving average. So far in 2023, PANW has already added 32.2%.
 

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