Palo Alto Networks reported better-than-expected third-quarter results, with revenue hitting $2.29 billion and next-generation security annual recurring revenue rising 34% to $5.09 billion. The company reaffirmed its fourth quarter outlook, projecting $2.49 to $2.51 billion in revenue and EPS of $0.87 to $0.89, both in line with Street estimates. Wedbush analyst Daniel Ives maintained an Outperform rating with a $225 price target, calling Palo Alto a top cybersecurity pick. Shares were down 6.99% to $180.90 at last check Wednesday.
