Palo Alto Networks (NASDAQ:PANW) Stock Price Expected to Rise, TD Cowen Analyst Says

Palo Alto Networks (NASDAQ:PANW) had its target price hoisted by TD Cowen from $400.00 to $420.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the network technology company’s stock. TD Cowen’s target price suggests a potential upside of 9.56% from the stock’s current price.

Several other equities analysts have also recently issued reports on PANW. Cantor Fitzgerald restated an “overweight” rating and issued a $445.00 target price on shares of Palo Alto Networks in a research note on Thursday. The Goldman Sachs Group upped their price objective on Palo Alto Networks from $376.00 to $425.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. BTIG Research lifted their target price on shares of Palo Alto Networks from $395.00 to $414.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets increased their price target on shares of Palo Alto Networks from $390.00 to $425.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, OTR Global reiterated a “negative” rating on shares of Palo Alto Networks in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, thirty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $402.03.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $383.36 on Thursday. The business’s 50-day simple moving average is $364.32 and its two-hundred day simple moving average is $339.39. The company has a market cap of $124.82 billion, a PE ratio of 52.88, a PEG ratio of 5.63 and a beta of 1.12. Palo Alto Networks has a fifty-two week low of $260.09 and a fifty-two week high of $408.53.

Shares of Palo Alto Networks are set to split before the market opens on Monday, December 16th. The 2-1 split was announced on Wednesday, November 20th. The newly issued shares will be issued to shareholders after the market closes on Friday, December 13th.

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

Insider Activity

In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total value of $3,484,900.00. Following the transaction, the director now owns 31,517 shares of the company’s stock, valued at $10,983,359.33. This represents a 24.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the sale, the executive vice president now owns 159,009 shares of the company’s stock, valued at approximately $54,854,924.82. This represents a 27.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,252 shares of company stock valued at $89,041,637 in the last quarter. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

A number of institutional investors have recently modified their holdings of PANW. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Palo Alto Networks during the first quarter worth about $536,000. Axxcess Wealth Management LLC increased its holdings in Palo Alto Networks by 0.6% during the 1st quarter. Axxcess Wealth Management LLC now owns 6,788 shares of the network technology company’s stock worth $1,929,000 after purchasing an additional 40 shares during the period. Westwood Holdings Group Inc. raised its position in Palo Alto Networks by 11.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 7,468 shares of the network technology company’s stock valued at $2,122,000 after purchasing an additional 738 shares in the last quarter. Steel Grove Capital Advisors LLC raised its holdings in Palo Alto Networks by 37.2% in the first quarter. Steel Grove Capital Advisors LLC now owns 977 shares of the network technology company’s stock valued at $278,000 after acquiring an additional 265 shares in the last quarter. Finally, Beck Capital Management LLC grew its holdings in Palo Alto Networks by 25.6% during the 1st quarter. Beck Capital Management LLC now owns 16,142 shares of the network technology company’s stock worth $4,586,000 after acquiring an additional 3,289 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

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.