Palo Alto Networks ( PANW ) is stirring up investor interest Wednesday with notable movement in its stock price. 

What's Going On: Anticipation appears to be building as the company prepares to release its third-quarter fiscal 2024 earnings on May 20. In the previous quarter, Palo Alto Networks ( PANW ) surpassed expectations, reporting EPS of $1.46 and revenue of $1.975 billion, outperforming the estimated EPS of $1.30 and revenue of $1.971 billion. For the upcoming quarter, analysts anticipate EPS of $1.25 and revenue of $1.967 billion, according to estimates from Benzinga Pro.

Analyst Updates: Morgan Stanley analyst Hamza Fodderwala reiterated Palo Alto Networks ( PANW ) with an Overweight rating on Wednesday and maintained a price target of $360.

A day earlier, Evercore ISI adjusted its price target to $385, while maintaining an Outperform rating. JMP Securities also reiterated Market Outperform and maintained a price target of $380.

The analyst updates came after Palo Alto and Accenture announced an expansion of their strategic alliance. The companies revealed new offerings combining Precision AI technology from Palo Alto Networks ( PANW ) with Accenture’s secure generative AI services. This collaboration aims to help organizations navigate the AI journey securely, prioritizing cybersecurity from the outset.

The offerings include Palo Alto’s Secure AI by Design and Accenture’s comprehensive AI diagnostic services, providing clients with a multilayered strategy to support every stage of the AI lifecycle. Through this partnership, Palo Alto Networks ( PANW ) and Accenture aim to foster ethical and responsible AI adoption while enabling organizations to leverage AI securely for business transformation.

Looking Ahead: Palo Alto’s response to evolving cyber threats, along with its strategic acquisitions and product offerings, will likely influence investor sentiment moving forward. Additionally, analysts emphasize the importance of monitoring earnings estimates and company developments for insights into future performance.

Palo Alto Networks ( PANW ) is a stock to watch closely in the coming days with earnings on the horizon.

See Also: Nvidia’s New Blackwell GPUs Expected To Boost Future Revenues, Analyst Forecasts

PANW Price Action: Palo Alto shares are currently up 3.77%, trading at $312.89 at the time of writing, according to Benzinga Pro.

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