Cybersecurity leader Palo Alto Networks (PANW) has endured a slew of volatile trading sessions over the past month, plunging on the back of a peer’s weak forward guidance before skyrocketing early this week after reporting blockbuster quarterly results. But while Palo Alto’s share price may be seesawing, the company’s underlying business fundamentals and its future growth prospects remain intact. So, we encourage long-term investors to block out any short-term noise. We’re optimistic shares will continue to move higher over the next six-to-nine months, which is why we raised our price target on Palo Alto stock on Monday to $280 a share, up from $245. Shares of Palo Alto were up more than 1.4% in afternoon trading Friday, at roughly $230.70 apiece. “Cybersecurity is still number one on the agenda in all boardrooms,” CNBC Jim Cramer said during the Club’s August Monthly Meeting . Still, Palo Alto stock had slumped 10% after cybersecurity rival Fortinet (FTNT) reported weak forward guidance on Aug. 3, while warning that customer deals were being delayed. Following the sell-off, we increased Palo Alto’s rating to a 1, from a 2, meaning we would’ve been buyers at those levels. Palo Alto’s unusual decision to release its results — and hold its post-earnings conference call — after the closing bell last Friday had some on Wall Street nervous, to say the least. The stock was down a total of 18% from the start of the month going into the print. But the market angst proved to be largely unwarranted, with Palo Alto delivering solid fiscal 2023 fourth-quarter results and sending shares soaring by more than 15% on Monday. The stock has since retreated around 5.5% throughout this past week. To be sure, there were some weak spots in the results. Sales missed marginally and subscription-and-support numbers came in slightly below estimates. But the company’s strong profit margins, better-than-expected free cash flow and favorable forward guidance offset those negatives. “It…
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