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Three notable technology companies saw significant developments that impacted their stock prices in a day of mixed market performance. Analysts gave Palo Alto Networks (PANW) a new price target, FactSet (FDS) reported strong earnings and raised guidance, and Texas Instruments (TXN) announced a strategic collaboration in the electric vehicle sector.

Palo Alto Networks Gains on New Coverage
 

Shares of Palo Alto Networks rose 2.84% to $319.88 after DA Davidson initiated coverage with a Buy rating and a price target of $380.

The cybersecurity firm was added to DA Davidson’s Best-of-Breed Bison initiative, highlighting its significant potential in the expanding cybersecurity market. Analysts noted Palo Alto Networks’ three platforms offer unmatched vendor consolidation, with the company currently holding approximately 7% of the total addressable market, which is nearing $200 billion.

The stock has shown impressive growth, with a year-to-date return of 8.47% and a three-year return of 158.16%.

FactSet Surges on Earnings Beat and Raised Outlook
 

FactSet Research Systems saw its stock climb 3.64% to $423.20 following strong fiscal 2024 third-quarter results. The financial data and analytics company reported adjusted earnings per share of $4.37, surpassing analysts’ estimates of $3.90. Revenue rose 4.3% year-over-year to $552.7 million, with organic revenue up 4.5%.

FactSet raised its full-year adjusted EPS outlook to $16.00-$16.40 from $15.60-$16.00, although it slightly lowered its revenue guidance. The company’s performance reflects its robust position in the financial services sector, with a three-year return of 33.52% and a five-year return of 47.11%.

Texas Instruments Partners for EV Innovation
 

Texas Instruments shares increased 2.00% to $196.61 following the announcement of a long-term collaboration with Delta Electronics to advance electric vehicle onboard charging and power solutions.

The partnership will establish a joint innovation laboratory in Pingzhen, Taiwan, aiming to optimize power density, performance, and size for EVs. The collaboration leverages Texas Instruments’ semiconductor expertise and Delta’s power management experience, with a goal to reduce charger size by 30% while achieving up to 95% power conversion efficiency.

This strategic move aligns with the growing demand for electric vehicle technologies, reflected in the stock’s year-to-date return of 16.25% and five-year return of 99.11%.

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