Palo Alto Networks (NASDAQ:PANW) Price Target Increased to $230.00 by Analysts at Raymond James

Palo Alto Networks (NASDAQ:PANW – Get Rating) had its price objective increased by Raymond James from $215.00 to $230.00 in a research report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the network technology company’s stock.

Several other equities analysts also recently issued reports on PANW. Mizuho raised their price target on shares of Palo Alto Networks from $220.00 to $230.00 and gave the company a buy rating in a research note on Wednesday. The Goldman Sachs Group raised their price target on shares of Palo Alto Networks from $205.00 to $213.00 and gave the company a buy rating in a research note on Wednesday, February 22nd. Wedbush raised their price target on shares of Palo Alto Networks from $210.00 to $225.00 in a research note on Wednesday. Citigroup raised their price target on shares of Palo Alto Networks from $195.00 to $220.00 and gave the company a buy rating in a research note on Wednesday, February 22nd. Finally, StockNews.com started coverage on shares of Palo Alto Networks in a research note on Thursday, May 18th. They set a hold rating for the company. Five research analysts have rated the stock with a hold rating and thirty-seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $232.19.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW opened at $204.31 on Wednesday. The company has a market cap of $61.83 billion, a price-to-earnings ratio of 2,786.17, a PEG ratio of 5.09 and a beta of 1.17. The firm has a 50 day simple moving average of $192.60 and a 200 day simple moving average of $176.45. Palo Alto Networks has a one year low of $132.22 and a one year high of $207.38.

Palo Alto Networks (NASDAQ:PANW – Get Rating) last issued its quarterly earnings data on Tuesday, February 21st. The network technology company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.12 by $0.22. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. Palo Alto Networks had a net margin of 0.56% and a return on equity of 36.62%. As a group, analysts expect that Palo Alto Networks will post 1.2 EPS for the current year.

Insider Activity at Palo Alto Networks

In related news, EVP Lee Klarich sold 45,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $183.12, for a total transaction of $8,240,400.00. Following the transaction, the executive vice president now directly owns 605,212 shares of the company’s stock, valued at $110,826,421.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $187.20, for a total transaction of $6,739,200.00. Following the transaction, the executive vice president now directly owns 1,774,898 shares of the company’s stock, valued at $332,260,905.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 45,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $183.12, for a total transaction of $8,240,400.00. Following the transaction, the executive vice president now directly owns 605,212 shares in the company, valued at $110,826,421.44. The disclosure for this sale can be found here. Insiders have sold 268,880 shares of company stock valued at $50,764,796 over the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Institutional Trading of Palo Alto Networks

Hedge funds have recently added to or reduced their stakes in the stock. Worth Asset Management LLC bought a new stake in Palo Alto Networks in the first quarter worth about $26,000. Covestor Ltd raised its position in Palo Alto Networks by 61.8% in the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock worth $35,000 after acquiring an additional 21 shares during the period. Salem Investment Counselors Inc. raised its position in Palo Alto Networks by 1,071.4% in the second quarter. Salem Investment Counselors Inc. now owns 82 shares of the network technology company’s stock worth $41,000 after acquiring an additional 75 shares during the period. High Net Worth Advisory Group LLC bought a new stake in Palo Alto Networks in the first quarter worth about $71,000. Finally, American National Bank raised its position in Palo Alto Networks by 600.0% in the first quarter. American National Bank now owns 126 shares of the network technology company’s stock worth $25,000 after acquiring an additional 108 shares during the period. Institutional investors own 81.82% of the company’s stock.

Palo Alto Networks Company Profile

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Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.