Palo Alto Networks (NASDAQ:PANW) Price Target Increased to $410.00 by Analysts at Royal Bank of Canada

Palo Alto Networks (NASDAQ:PANW) had its price objective boosted by Royal Bank of Canada from $390.00 to $410.00 in a report released on Tuesday, Benzinga reports. The firm currently has an outperform rating on the network technology company’s stock.

PANW has been the topic of a number of other reports. Rosenblatt Securities boosted their price target on Palo Alto Networks from $300.00 to $345.00 and gave the company a neutral rating in a report on Monday. Scotiabank boosted their target price on Palo Alto Networks from $337.00 to $385.00 and gave the company a sector outperform rating in a research note on Wednesday, August 14th. Cantor Fitzgerald reaffirmed an overweight rating and set a $350.00 price target on shares of Palo Alto Networks in a research report on Monday. KeyCorp lowered their price objective on shares of Palo Alto Networks from $384.00 to $380.00 and set an overweight rating on the stock in a report on Wednesday, July 17th. Finally, Daiwa Capital Markets started coverage on shares of Palo Alto Networks in a report on Wednesday, May 29th. They set an outperform rating and a $350.00 target price for the company. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $360.20.

Palo Alto Networks Trading Up 7.2 %

NASDAQ:PANW opened at $368.01 on Tuesday. Palo Alto Networks has a 1 year low of $224.64 and a 1 year high of $380.84. The stock has a 50-day moving average price of $328.10 and a two-hundred day moving average price of $310.84. The stock has a market cap of $119.16 billion, a price-to-earnings ratio of 53.49, a PEG ratio of 4.48 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.10. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. Palo Alto Networks’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 EPS. Sell-side analysts forecast that Palo Alto Networks will post 2.94 earnings per share for the current year.

Insider Buying and Selling at Palo Alto Networks

In related news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at $8,443,916. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at approximately $8,443,916. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Nikesh Arora sold 66,668 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $336.54, for a total value of $22,436,448.72. Following the transaction, the chief executive officer now directly owns 694,228 shares of the company’s stock, valued at approximately $233,635,491.12. The disclosure for this sale can be found here. Insiders sold 366,993 shares of company stock valued at $118,596,770 in the last three months. Corporate insiders own 3.30% of the company’s stock.

Institutional Trading of Palo Alto Networks

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings 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 during the period. Norges Bank acquired a new position in shares of Palo Alto Networks in the 4th quarter worth approximately $1,563,020,000. Legal & General Group Plc boosted its stake in shares of Palo Alto Networks by 8.5% in the 2nd quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock valued at $1,099,564,000 after purchasing an additional 255,060 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Palo Alto Networks by 1.0% during the fourth quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock worth $924,905,000 after buying an additional 30,013 shares during the period. Finally, Jennison Associates LLC lifted its holdings in Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after buying an additional 198,078 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

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.