DA Davidson Begins Coverage on Palo Alto Networks (NASDAQ:PANW)

DA Davidson assumed coverage on shares of Palo Alto Networks (NASDAQ:PANWFree Report) in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage issued a buy rating and a $380.00 target price on the network technology company’s stock.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada reduced their target price on shares of Palo Alto Networks from $365.00 to $360.00 and set an outperform rating for the company in a report on Tuesday, May 21st. Needham & Company LLC reissued a buy rating and set a $345.00 price objective on shares of Palo Alto Networks in a research note on Tuesday, May 21st. Evercore ISI cut their target price on Palo Alto Networks from $405.00 to $385.00 and set an outperform rating on the stock in a research report on Tuesday, May 14th. JMP Securities reiterated a market outperform rating and issued a $380.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Finally, JPMorgan Chase & Co. boosted their price objective on Palo Alto Networks from $330.00 to $340.00 and gave the stock an overweight rating in a report on Thursday, May 16th. Twelve analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $324.17.

Read Our Latest Analysis on PANW

Palo Alto Networks Stock Performance

Shares of NASDAQ PANW opened at $320.33 on Friday. Palo Alto Networks has a 1 year low of $201.17 and a 1 year high of $380.84. The stock has a fifty day moving average price of $301.84 and a two-hundred day moving average price of $306.17. The firm has a market cap of $103.72 billion, a P/E ratio of 46.56, a PEG ratio of 4.77 and a beta of 1.10.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last released its earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the company earned $0.38 earnings per share. Palo Alto Networks’s revenue was up 15.3% compared to the same quarter last year. On average, research analysts predict that Palo Alto Networks will post 2.94 earnings per share for the current fiscal year.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, Director Aparna Bawa sold 322 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total transaction of $99,820.00. Following the completion of the sale, the director now directly owns 3,767 shares in the company, valued at $1,167,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director John P. Key sold 2,163 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $305.41, for a total value of $660,601.83. Following the sale, the director now owns 12,639 shares in the company, valued at $3,860,076.99. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Aparna Bawa sold 322 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $310.00, for a total transaction of $99,820.00. Following the transaction, the director now directly owns 3,767 shares in the company, valued at approximately $1,167,770. The disclosure for this sale can be found here. In the last three months, insiders have sold 258,182 shares of company stock worth $74,850,597. 3.30% of the stock is owned by insiders.

Institutional Trading of Palo Alto Networks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Palo Alto Networks during the fourth quarter valued at about $1,563,020,000. International Assets Investment Management LLC raised its stake in shares of Palo Alto Networks by 29,086.9% in the fourth quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after purchasing an additional 2,050,917 shares in the last quarter. Jennison Associates LLC lifted its position in Palo Alto Networks by 83.1% in the fourth quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock worth $771,643,000 after purchasing an additional 1,187,915 shares during the period. Vanguard Group Inc. boosted its stake in Palo Alto Networks by 4.0% during the fourth quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock worth $8,129,800,000 after buying an additional 1,058,127 shares in the last quarter. Finally, Axiom Investors LLC DE increased its holdings in Palo Alto Networks by 359.3% in the 4th quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock valued at $282,406,000 after buying an additional 749,199 shares during the period. 79.82% of the stock is currently owned by institutional investors and hedge funds.

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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