Palo Alto (NYSE:PANW) Hits All-Time High; Synta (NASDAQ:SNTA) Shares Jump

Technology Stocks News 9

Shares of Palo Alto Networks (NYSE:PANW) hit a new all-time high Monday, after the cyber security company reported adjusted fiscal Q2 results above analysts’ expectations, boosted by strong demand as companies increased their investments in security against cyber attacks.

For the quarter ended Jan. 31, the company reported a net loss attributable to common stockholders of $39.9 million, or $0.55 per share, compared with a prior-year net loss of $2.6 million, or $0.04 per share.

Excluding one-time items, the company reported its earnings per share doubled to $0.10 per share, topping the $0.09 average estimate from analysts polled by Capital IQ.  Revenue rose 46% to $141.1 million, coming in ahead of the $135 million consensus.

PANW was up 7.7% at $79.25 recently, after reaching a fresh record at $79.99. The shares are up 34% from a year ago.

Synta Pharmaceuticals Corp. (NASDAQ:SNTA) shares are up 5.6% after it said its lead compounds have been shown to be effective in multiple preclinical cancer models.

The company was reporting progress with lead compounds from its Hsp90-Inhibitor Drug Conjugate (HDC) platform at the IASLC 14th Annual Targeted Therapies of the Treatment of Lung Cancer Meeting in Santa Monica, California.

According to SNTA, complete, or near complete regression of tumors was observed in models of non-small cell lung cancer, small-cell lung cancer, breast cancer, pancreatic cancer, colon cancer, and skin cancer.

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