Palo Alto Networks (NASDAQ:PANW) Shares Down 0.6%

Palo Alto Networks, Inc. (NASDAQ:PANWGet Free Report) shares traded down 0.6% during trading on Tuesday . The stock traded as low as $292.28 and last traded at $292.78. 518,403 shares were traded during mid-day trading, a decline of 90% from the average session volume of 5,079,325 shares. The stock had previously closed at $294.48.

Wall Street Analyst Weigh In

PANW has been the topic of several research analyst reports. Capital One Financial cut shares of Palo Alto Networks from an “overweight” rating to an “equal weight” rating and set a $302.00 target price on the stock. in a research report on Wednesday, February 21st. Piper Sandler cut shares of Palo Alto Networks from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $350.00 to $300.00 in a research note on Wednesday, February 21st. JPMorgan Chase & Co. increased their target price on Palo Alto Networks from $330.00 to $340.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. Evercore ISI cut their price objective on Palo Alto Networks from $405.00 to $385.00 and set an “outperform” rating on the stock in a report on Tuesday, May 14th. Finally, Wedbush reissued an “outperform” rating and set a $375.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Twelve analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus price target of $322.78.

Read Our Latest Research Report on PANW

Palo Alto Networks Stock Performance

The company has a market cap of $95.65 billion, a P/E ratio of 42.94, a P/E/G ratio of 4.46 and a beta of 1.10. The stock has a 50 day moving average price of $292.94 and a 200 day moving average price of $302.97.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last posted its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The company had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the firm posted $0.38 EPS. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. As a group, equities research analysts predict that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current year.

Insider Buying and Selling at Palo Alto Networks

In related news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $293.31, for a total value of $10,559,160.00. Following the transaction, the executive vice president now directly owns 1,259,567 shares in the company, valued at approximately $369,443,596.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $293.31, for a total transaction of $10,559,160.00. Following the transaction, the executive vice president now owns 1,259,567 shares of the company’s stock, valued at approximately $369,443,596.77. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the sale, the executive vice president now directly owns 174,075 shares of the company’s stock, valued at $46,659,063. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 314,897 shares of company stock valued at $90,909,807. Corporate insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Palo Alto Networks by 3.6% in the first quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock valued at $8,118,190,000 after purchasing an additional 1,002,239 shares in the last quarter. Norges Bank acquired a new position in Palo Alto Networks in the fourth quarter worth approximately $1,563,020,000. Northern Trust Corp raised its position in Palo Alto Networks by 2.6% during the third quarter. Northern Trust Corp now owns 3,430,299 shares of the network technology company’s stock valued at $804,199,000 after acquiring an additional 86,995 shares in the last quarter. Clearbridge Investments LLC grew its position in Palo Alto Networks by 1.0% in the fourth quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock worth $924,905,000 after acquiring an additional 30,013 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Palo Alto Networks by 7.6% in the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after purchasing an additional 198,078 shares during the last quarter. Institutional investors and hedge funds 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.

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