Palo Alto Networks (NASDAQ:PANW) PT Raised to $348.00

Palo Alto Networks (NASDAQ:PANWGet Free Report) had its price target upped by stock analysts at Argus from $336.00 to $348.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the network technology company’s stock. Argus’ target price would indicate a potential upside of 18.70% from the company’s current price.

Several other research firms have also commented on PANW. JPMorgan Chase & Co. raised their target price on Palo Alto Networks from $330.00 to $340.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Citigroup upped their price objective on shares of Palo Alto Networks from $335.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Sanford C. Bernstein lifted their price target on Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a research note on Tuesday, May 21st. JMP Securities reiterated a “market outperform” rating and set a $380.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Finally, Loop Capital lowered Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 target price on the stock. in a research report on Wednesday, February 21st. Twelve 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 currently has an average rating of “Moderate Buy” and an average price target of $322.78.

Get Our Latest Stock Report on Palo Alto Networks

Palo Alto Networks Stock Down 4.5 %

Palo Alto Networks stock opened at $293.18 on Wednesday. Palo Alto Networks has a 52 week low of $201.17 and a 52 week high of $380.84. The stock has a 50-day moving average price of $292.25 and a 200 day moving average price of $301.48. The company has a market capitalization of $94.93 billion, a price-to-earnings ratio of 42.61, a price-to-earnings-growth ratio of 4.98 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last released its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.25 by $0.07. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. Research analysts anticipate that Palo Alto Networks will post 2.79 EPS for the current fiscal year.

Insider Buying and Selling

In other news, President William D. Jenkins, Jr. sold 1,621 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total value of $497,517.32. Following the completion of the transaction, the president now owns 20,501 shares in the company, valued at approximately $6,292,166.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $288.24, for a total value of $10,376,640.00. Following the completion of the transaction, the executive vice president now owns 1,295,567 shares in the company, valued at $373,434,232.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President William D. Jenkins, Jr. sold 1,621 shares of Palo Alto Networks stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total value of $497,517.32. Following the transaction, the president now directly owns 20,501 shares of the company’s stock, valued at approximately $6,292,166.92. The disclosure for this sale can be found here. Insiders have sold a total of 279,947 shares of company stock valued at $80,644,647 over the last quarter. 3.30% of the stock is currently owned by insiders.

Institutional Trading of Palo Alto Networks

Institutional investors and hedge funds have recently modified their holdings of the business. Cornerstone Wealth Management LLC purchased a new position in Palo Alto Networks during the third quarter worth $376,000. Savant Capital LLC raised its stake in Palo Alto Networks by 9.7% in the 3rd quarter. Savant Capital LLC now owns 5,874 shares of the network technology company’s stock valued at $1,377,000 after purchasing an additional 521 shares during the last quarter. SouthState Corp boosted its stake in shares of Palo Alto Networks by 21.6% during the 3rd quarter. SouthState Corp now owns 591 shares of the network technology company’s stock worth $139,000 after purchasing an additional 105 shares during the last quarter. Financial Counselors Inc. grew its holdings in shares of Palo Alto Networks by 0.7% during the third quarter. Financial Counselors Inc. now owns 28,233 shares of the network technology company’s stock worth $6,619,000 after buying an additional 194 shares in the last quarter. Finally, Impax Asset Management Group plc lifted its stake in shares of Palo Alto Networks by 7.1% during the third quarter. Impax Asset Management Group plc now owns 153,964 shares of the network technology company’s stock valued at $36,095,000 after buying an additional 10,156 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Palo Alto Networks (NASDAQ:PANW)

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