Palo Alto Networks (NASDAQ:PANW) Receives New Coverage from Analysts at Scotiabank

Scotiabank began coverage on shares of Palo Alto Networks (NASDAQ:PANWGet Rating) in a report released on Wednesday morning, The Fly reports. The brokerage issued an outperform rating on the network technology company’s stock.

Several other equities research analysts also recently weighed in on the company. Oppenheimer increased their price target on Palo Alto Networks from $200.00 to $220.00 in a report on Friday, November 18th. Guggenheim cut Palo Alto Networks from a buy rating to a neutral rating in a research report on Tuesday. Evercore ISI increased their price objective on Palo Alto Networks from $207.00 to $215.00 in a research report on Friday, November 18th. KeyCorp cut their price objective on Palo Alto Networks from $227.00 to $210.00 and set an overweight rating for the company in a research report on Wednesday, November 16th. Finally, Loop Capital upgraded Palo Alto Networks from a hold rating to a buy rating and increased their price objective for the stock from $183.00 to $200.00 in a research report on Thursday, November 10th. Six research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $231.31.

Palo Alto Networks Trading Down 0.2 %

PANW stock opened at $141.68 on Wednesday. The business has a 50 day simple moving average of $153.74 and a 200-day simple moving average of $166.15. Palo Alto Networks has a twelve month low of $132.22 and a twelve month high of $213.63. The company has a market capitalization of $42.56 billion, a P/E ratio of -287.18, a PEG ratio of 5.61 and a beta of 1.15.

Palo Alto Networks (NASDAQ:PANWGet Rating) last issued its quarterly earnings results on Thursday, November 17th. The network technology company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. Palo Alto Networks had a negative return on equity of 5.02% and a negative net margin of 2.46%. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.55 billion. Research analysts predict that Palo Alto Networks will post 0.79 EPS for the current fiscal year.

Insider Activity

In other news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $171.06, for a total value of $6,158,160.00. Following the transaction, the executive vice president now directly owns 1,900,523 shares of the company’s stock, valued at approximately $325,103,464.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $171.06, for a total transaction of $6,158,160.00. Following the sale, the executive vice president now directly owns 1,900,523 shares in the company, valued at approximately $325,103,464.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Aparna Bawa sold 714 shares of the business’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $170.98, for a total value of $122,079.72. Following the completion of the sale, the director now owns 4,272 shares of the company’s stock, valued at $730,426.56. The disclosure for this sale can be found here. Insiders have sold 299,930 shares of company stock valued at $48,677,038 in the last three months. Corporate insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PANW. RB Capital Management LLC raised its position in shares of Palo Alto Networks by 19.9% during the first quarter. RB Capital Management LLC now owns 602 shares of the network technology company’s stock worth $375,000 after purchasing an additional 100 shares during the period. Morgens Waterfall Vintiadis & Co. Inc. acquired a new position in Palo Alto Networks during the first quarter valued at $6,910,000. United Bank raised its position in Palo Alto Networks by 11.7% during the first quarter. United Bank now owns 2,822 shares of the network technology company’s stock valued at $1,757,000 after buying an additional 296 shares during the period. Yousif Capital Management LLC raised its position in Palo Alto Networks by 13.6% during the first quarter. Yousif Capital Management LLC now owns 1,547 shares of the network technology company’s stock valued at $963,000 after buying an additional 185 shares during the period. Finally, Prudential PLC acquired a new position in Palo Alto Networks during the first quarter valued at $1,022,000. Institutional investors and hedge funds own 81.82% of the company’s stock.

About Palo Alto Networks

(Get Rating)

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on a customer's network, as well as their instances in public or private cloud environments, as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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