KeyCorp Cuts Palo Alto Networks (NASDAQ:PANW) Price Target to $355.00

Palo Alto Networks (NASDAQ:PANW) had its target price decreased by KeyCorp from $380.00 to $355.00 in a research note released on Thursday morning, Benzinga reports. KeyCorp currently has an overweight rating on the network technology company’s stock.

PANW has been the subject of several other research reports. Mizuho dropped their price target on Palo Alto Networks from $405.00 to $350.00 and set a buy rating for the company in a research note on Wednesday, February 21st. Citigroup lifted their price target on shares of Palo Alto Networks from $280.00 to $335.00 and gave the stock a buy rating in a research note on Wednesday, January 10th. Loop Capital cut Palo Alto Networks from a buy rating to a hold rating and set a $300.00 price objective on the stock. in a research note on Wednesday, February 21st. Royal Bank of Canada boosted their target price on Palo Alto Networks to $420.00 and gave the company an overweight rating in a research note on Thursday, February 22nd. Finally, Barclays reduced their price target on Palo Alto Networks from $400.00 to $345.00 and set an overweight rating on the stock in a research report on Wednesday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $314.82.

Palo Alto Networks Trading Down 1.2 %

Shares of NASDAQ PANW opened at $277.71 on Thursday. The business has a 50-day moving average of $295.46 and a 200-day moving average of $290.81. The firm has a market capitalization of $89.73 billion, a price-to-earnings ratio of 43.39, a PEG ratio of 3.79 and a beta of 1.19. Palo Alto Networks has a 12 month low of $176.30 and a 12 month high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. On average, analysts predict that Palo Alto Networks will post 2.76 earnings per share for the current year.

Insider Activity at Palo Alto Networks

In related news, President William D. Jenkins, Jr. sold 1,867 shares of Palo Alto Networks stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the completion of the sale, the president now directly owns 25,812 shares in the company, valued at approximately $7,230,715.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,867 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $280.13, for a total transaction of $523,002.71. Following the completion of the sale, the president now directly owns 25,812 shares in the company, valued at approximately $7,230,715.56. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lee Klarich sold 45,000 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the completion of the transaction, the executive vice president now owns 198,105 shares in the company, valued at $67,955,958.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 167,917 shares of company stock valued at $49,395,553. 3.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palo Alto Networks

A number of large investors have recently made changes to their positions in PANW. Covestor Ltd increased its holdings in Palo Alto Networks by 61.8% during the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after buying an additional 21 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Palo Alto Networks by 0.8% during the first quarter. Geneos Wealth Management Inc. now owns 2,961 shares of the network technology company’s stock valued at $1,843,000 after purchasing an additional 23 shares in the last quarter. Brighton Jones LLC grew its holdings in Palo Alto Networks by 6.5% during the first quarter. Brighton Jones LLC now owns 425 shares of the network technology company’s stock valued at $265,000 after purchasing an additional 26 shares during the period. Penserra Capital Management LLC increased its position in Palo Alto Networks by 6.4% in the first quarter. Penserra Capital Management LLC now owns 452 shares of the network technology company’s stock worth $281,000 after buying an additional 27 shares in the last quarter. Finally, Horizon Family Wealth Inc. raised its stake in shares of Palo Alto Networks by 1.1% in the fourth quarter. Horizon Family Wealth Inc. now owns 2,463 shares of the network technology company’s stock worth $726,000 after buying an additional 28 shares during the period. 79.82% of the stock is currently owned by institutional investors.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.