JPMorgan Chase & Co. Raises Palo Alto Networks (NASDAQ:PANW) Price Target to $340.00

Palo Alto Networks (NASDAQ:PANWFree Report) had its price target boosted by JPMorgan Chase & Co. from $330.00 to $340.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the network technology company’s stock.

A number of other research analysts also recently issued reports on the stock. Piper Sandler downgraded shares of Palo Alto Networks from an overweight rating to a neutral rating and reduced their price target for the stock from $350.00 to $300.00 in a research report on Wednesday, February 21st. Mizuho cut their target price on shares of Palo Alto Networks from $405.00 to $350.00 and set a buy rating on the stock in a report on Wednesday, February 21st. Westpark Capital restated a hold rating on shares of Palo Alto Networks in a research note on Monday, January 29th. Royal Bank of Canada increased their price target on Palo Alto Networks to $420.00 and gave the stock an overweight rating in a research report on Thursday, February 22nd. Finally, Scotiabank reduced their price objective on Palo Alto Networks from $363.00 to $337.00 and set a sector outperform rating for the company in a research report on Wednesday, February 21st. Eleven analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. According to data from MarketBeat.com, Palo Alto Networks currently has a consensus rating of Moderate Buy and an average price target of $319.13.

View Our Latest Stock Analysis on PANW

Palo Alto Networks Stock Performance

NASDAQ:PANW opened at $317.85 on Thursday. The stock has a 50-day simple moving average of $287.39 and a 200 day simple moving average of $297.63. Palo Alto Networks has a one year low of $186.75 and a one year high of $380.84. The company has a market capitalization of $102.70 billion, a price-to-earnings ratio of 49.66, a price-to-earnings-growth ratio of 4.32 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last issued its earnings results on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The company had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. On average, equities research analysts forecast that Palo Alto Networks will post 2.77 EPS for the current fiscal year.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 121,276 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $299.60, for a total transaction of $36,334,289.60. Following the completion of the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at $49,895,983.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $288.24, for a total transaction of $10,376,640.00. Following the transaction, the executive vice president now directly owns 1,295,567 shares in the company, valued at approximately $373,434,232.08. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lee Klarich sold 121,276 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $299.60, for a total transaction of $36,334,289.60. Following the sale, the executive vice president now directly owns 166,542 shares in the company, valued at $49,895,983.20. The disclosure for this sale can be found here. Insiders sold 280,193 shares of company stock worth $80,670,132 in the last quarter. 3.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PANW. Wahed Invest LLC boosted its position in Palo Alto Networks by 17.6% during the 1st quarter. Wahed Invest LLC now owns 6,154 shares of the network technology company’s stock worth $1,749,000 after acquiring an additional 923 shares during the period. Artal Group S.A. purchased a new position in Palo Alto Networks during the first quarter valued at approximately $852,000. Rokos Capital Management LLP purchased a new stake in Palo Alto Networks in the 1st quarter worth approximately $31,874,000. Heartland Bank & Trust Co acquired a new stake in shares of Palo Alto Networks during the 1st quarter valued at $1,085,000. Finally, Plato Investment Management Ltd grew its holdings in shares of Palo Alto Networks by 693.5% during the 1st quarter. Plato Investment Management Ltd now owns 4,610 shares of the network technology company’s stock valued at $1,310,000 after acquiring an additional 4,029 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

About Palo Alto Networks

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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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