Diamonds and Dogs
Palo Alto Networks (PANW) work hard to keep the crooks away. The cybersecurity firm is up 7% after beating expectations as sales rose 22% to $805.8 million. The guidance was mixed but is seeing strong demand surpassing a billion dollars in billings within the quarter for the first time. Palo Alto Networks also announced a $75 million acquisition of Zingbox, an Internet of things security company. Zingbox is expected to add to the capabilities of our Next-Generation Firewall by offering a first-of-its kind subscription that will make it easier for organizations to protect IT devices from attackers. A slew of upgrades for Palo Alto with price targets as high as $316 a share.
Slack Technologies (WORK) seeing some slack in their stock price. The workplace-communications stock is down 13% following their first earnings report since coming public. The earnings were better than expected even though the company continues to lose money. Revenue topped estimates, but guidance was mixed and investors are starting to worrying competitor, Microsoft is gaining traction. The stock is down as much as 36% since coming public back in June.