Palo Alto Networks (NASDAQ:PANW) PT Raised to $345.00

Palo Alto Networks (NASDAQ:PANWGet Free Report) had its price objective raised by investment analysts at Citigroup from $335.00 to $345.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the network technology company’s stock. Citigroup’s price objective points to a potential upside of 10.78% from the stock’s current price.

Several other equities analysts have also commented on the company. Truist Financial boosted their price target on Palo Alto Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Tuesday, February 20th. Rosenblatt Securities downgraded shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and decreased their target price for the company from $290.00 to $265.00 in a research note on Wednesday, February 21st. Royal Bank of Canada dropped their price target on shares of Palo Alto Networks from $365.00 to $360.00 and set an “outperform” rating on the stock in a research note on Tuesday. Sanford C. Bernstein upped their price objective on shares of Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Susquehanna lifted their target price on Palo Alto Networks from $325.00 to $340.00 and gave the stock a “positive” rating in a research report on Tuesday. Twelve equities research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $317.45.

Get Our Latest Research Report on Palo Alto Networks

Palo Alto Networks Stock Up 0.9 %

PANW opened at $311.44 on Wednesday. Palo Alto Networks has a 52-week low of $194.08 and a 52-week high of $380.84. The company has a 50 day moving average of $289.58 and a two-hundred day moving average of $299.15. The company has a market cap of $100.84 billion, a P/E ratio of 45.27, a P/E/G ratio of 5.03 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last announced its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the company earned $0.38 EPS. The firm’s revenue was up 15.3% on a year-over-year basis. Research analysts anticipate that Palo Alto Networks will post 2.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Lee Klarich sold 121,276 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $299.60, for a total value of $36,334,289.60. Following the sale, the executive vice president now directly owns 166,542 shares in the company, valued at approximately $49,895,983.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Lee Klarich sold 121,276 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the completion of the transaction, the executive vice president now owns 166,542 shares in the company, valued at approximately $49,895,983.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Josh D. Paul sold 1,050 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $280.00, for a total transaction of $294,000.00. Following the sale, the chief accounting officer now owns 27,247 shares in the company, valued at $7,629,160. The disclosure for this sale can be found here. In the last 90 days, insiders sold 278,326 shares of company stock worth $80,147,130. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

Institutional investors have recently added to or reduced their stakes in the company. Horizon Family Wealth Inc. raised its stake in Palo Alto Networks by 1.1% during the 4th quarter. Horizon Family Wealth Inc. now owns 2,463 shares of the network technology company’s stock valued at $726,000 after purchasing an additional 28 shares during the last quarter. MV Capital Management Inc. grew its position in Palo Alto Networks by 37.2% during the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock worth $32,000 after buying an additional 29 shares in the last quarter. Manchester Capital Management LLC raised its holdings in Palo Alto Networks by 17.2% in the 4th quarter. Manchester Capital Management LLC now owns 204 shares of the network technology company’s stock valued at $60,000 after acquiring an additional 30 shares in the last quarter. Quent Capital LLC lifted its position in shares of Palo Alto Networks by 15.9% in the 4th quarter. Quent Capital LLC now owns 233 shares of the network technology company’s stock worth $69,000 after acquiring an additional 32 shares during the period. Finally, Parisi Gray Wealth Management grew its holdings in shares of Palo Alto Networks by 2.2% during the 4th quarter. Parisi Gray Wealth Management now owns 1,519 shares of the network technology company’s stock worth $448,000 after purchasing an additional 33 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

About Palo Alto Networks

(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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