Palo Alto, Ulta
Cybersecurity firm benefits from tailwinds.
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Stock Analyst NotesJune 3, 2026
Palo Alto Networks PANW reported very strong fiscal third-quarter results. Sales grew 31% to $3.00 billion and adjusted operating margin contracted 30 basis points to 27.1%. Next-generation annual recurring revenue grew 60% in the quarter to $8.13 billion. Palo Alto's business has secular tailwinds. Vendor consolidation, increased AI-driven firewall spending, and spending on securing agentic deployments are solid trends working in the company's favor.
Ulta Beauty ULTA achieved 5.3% same-store sales growth in the first quarter. Gross margin rose 100 basis points to 40.1% on a higher merchandise margin and lower theft, but operating margin increased just 10 basis points to 14.2% due to planned investments. EPS rose to $7.74 from $6.70. Since becoming CEO about a year and a half ago, Kecia Steelman has implemented marketing, merchandising, and store upgrades that have improved Ulta's competitiveness and growth.
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