Palo Alto Networks (NASDAQ:PANW) Price Target Raised to $360.00

Palo Alto Networks (NASDAQ:PANW) had its target price hoisted by Robert W. Baird from $340.00 to $360.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the network technology company’s stock.

Other analysts have also issued reports about the stock. Evercore ISI reduced their price objective on shares of 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. Macquarie raised their price target on Palo Alto Networks from $270.00 to $285.00 and gave the stock a neutral rating in a research note on Tuesday, May 21st. JMP Securities reaffirmed a market outperform rating and issued a $380.00 price objective on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Sanford C. Bernstein upped their target price on shares of Palo Alto Networks from $335.00 to $364.00 and gave the stock an outperform rating in a research note on Tuesday, May 21st. Finally, Redburn Atlantic increased their price target on Palo Alto Networks from $275.00 to $350.00 and gave the stock a buy rating in a research report on Tuesday, March 19th. Twelve analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $326.29.

Palo Alto Networks Trading Down 0.5 %

PANW opened at $339.01 on Thursday. The stock has a 50-day moving average of $307.06 and a 200 day moving average of $307.16. Palo Alto Networks has a 12 month low of $201.17 and a 12 month high of $380.84. The firm has a market cap of $109.77 billion, a P/E ratio of 49.27, a P/E/G ratio of 5.22 and a beta of 1.10.

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

Insider Activity

In other news, EVP Lee Klarich sold 121,276 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $299.60, for a total transaction of $36,334,289.60. Following 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 available at this link. In other news, Director Aparna Bawa sold 322 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $310.00, for a total value of $99,820.00. Following the sale, the director now directly owns 3,767 shares of the company’s stock, valued at $1,167,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lee Klarich sold 121,276 shares of the business’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 owns 166,542 shares of the company’s stock, valued at $49,895,983.20. The disclosure for this sale can be found here. Insiders sold 258,182 shares of company stock worth $74,850,597 over the last three months. 3.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palo Alto Networks

A number of large investors have recently modified their holdings of PANW. Vanguard Group Inc. boosted its position in Palo Alto Networks by 3.6% during the first quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock worth $8,118,190,000 after acquiring an additional 1,002,239 shares during the last quarter. Norges Bank acquired a new position in shares of Palo Alto Networks during the 4th quarter worth approximately $1,563,020,000. Clearbridge Investments LLC grew its position in shares of Palo Alto Networks by 1.0% in the fourth quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock valued at $924,905,000 after purchasing an additional 30,013 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Palo Alto Networks by 7.6% in the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock worth $799,792,000 after acquiring an additional 198,078 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in Palo Alto Networks by 29,086.9% during the fourth quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock worth $606,854,000 after purchasing an additional 2,050,917 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

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.