Palo Alto Networks Plunges After JMP Analysts Note 'Challenging' Sales Environment

Palo Alto Networks Inc (NASDAQ: PANW) shares are trading lower $12 at $120.67 in Thursday's session. The catalyst for the sharp decline may be a cautious note from JMP Securities regarding its Q2 earnings outlook.
The issue has now reversed all of its gains from the last three sessions as it had rallied from last Friday's close ($123.74) to $132.67 at Wednesday's close.

After a lower open, it managed a $0.50 pop to $129.90 before resuming its move lower. The ensuing decline has found intraday support ahead of last Friday's low ($117.30), only reaching $118.88 before rebounding back into the $120 handle.

Palo Alto faces a "challenging sales environment" and shipping checks look "rushed," analysts at JMP wrote.