Palo Alto announces partial release of lock-up agreements with certain officers Palo Alto Networks announced that Morgan Stanley & Co. LLC and Goldman, Sachs & Co., who were lead joint book-running managers for Palo Alto Networks' initial public offering in July 2012, are releasing a lock-up restriction with respect to certain shares of Palo Alto Networks' common stock held by certain officers and directors of Palo Alto Networks. The release will take effect concurrently with Palo Alto Networks' recently announced proposed secondary offering, and the shares may be sold only in connection with such offering. On Oct. 5, the company filed a registration statement with the U.S. SEC for a proposed public offering of shares of its common stock. All of the shares to be sold in the offering will be sold by existing stockholders of the company. Palo Alto Networks will not receive any proceeds from the sale of the shares. The primary purposes of the offering are to facilitate an orderly distribution of shares and to increase the company's public float.
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Palo Alto upgraded at Morgan Stanley As previously reported, Morgan Stanley upgraded Palo Alto to Overweight from Equal Weight. The analyst said Palo Alto is benefiting from security spending for Next Gen Firewalls and can sustain 35%+ revenue growth. Price target is $65.
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