Palo Alto Networks (NASDAQ:PANW) Price Target Raised to $420.00

Palo Alto Networks (NASDAQ:PANW) had its price objective increased by analysts at TD Cowen from $400.00 to $420.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the network technology company’s stock. TD Cowen’s price objective indicates a potential upside of 7.29% from the company’s current price.

Several other analysts also recently issued reports on the stock. UBS Group boosted their target price on shares of Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Wedbush reissued an “outperform” rating and issued a $375.00 price objective on shares of Palo Alto Networks in a research note on Friday, August 16th. JMP Securities lifted their target price on Palo Alto Networks from $380.00 to $415.00 and gave the company a “market outperform” rating in a research note on Thursday. Truist Financial increased their price target on shares of Palo Alto Networks from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Monday. Finally, DA Davidson upped their price objective on shares of Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, ten have given a hold rating, thirty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and an average target price of $404.62.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW traded down $1.43 on Thursday, reaching $391.46. 3,532,072 shares of the company traded hands, compared to its average volume of 3,842,345. The stock has a market capitalization of $127.46 billion, a PE ratio of 54.31, a P/E/G ratio of 5.63 and a beta of 1.12. The company’s 50 day moving average is $362.55 and its 200-day moving average is $338.41. Palo Alto Networks has a fifty-two week low of $260.09 and a fifty-two week high of $408.53.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Wednesday, November 20th. The network technology company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.08. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter in the previous year, the company earned $0.63 EPS. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, analysts expect that Palo Alto Networks will post 3.56 EPS for the current year.

Insider Activity at Palo Alto Networks

In other news, Director Mary Pat Mccarthy sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the completion of the transaction, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. This trade represents a 24.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nikesh Arora sold 66,666 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the completion of the sale, the chief executive officer now directly owns 639,994 shares in the company, valued at approximately $219,505,142.12. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,252 shares of company stock worth $89,041,637 over the last three months. Company insiders own 2.50% of the company’s stock.

Institutional Trading of Palo Alto Networks

Institutional investors have recently bought and sold shares of the stock. Pathway Financial Advisers LLC acquired a new stake in shares of Palo Alto Networks in the 1st quarter valued at $25,000. Capital Advisors Ltd. LLC grew its stake in Palo Alto Networks by 113.9% during the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after buying an additional 41 shares during the last quarter. Sound Income Strategies LLC increased its holdings in shares of Palo Alto Networks by 352.6% during the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after buying an additional 67 shares in the last quarter. Strategic Investment Solutions Inc. IL raised its stake in shares of Palo Alto Networks by 177.4% in the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock valued at $29,000 after acquiring an additional 55 shares during the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Palo Alto Networks in the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

About Palo Alto Networks

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.