Palo Alto Networks (NASDAQ:PANW) Shares Down 1.2%

Palo Alto Networks, Inc. (NASDAQ:PANW)’s stock price dropped 1.2% during trading on Thursday . The company traded as low as $340.59 and last traded at $341.99. Approximately 375,023 shares traded hands during trading, a decline of 91% from the average daily volume of 4,332,072 shares. The stock had previously closed at $346.15.

Analyst Ratings Changes

A number of analysts have recently weighed in on PANW shares. Scotiabank increased their price target on Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft lifted their price target on Palo Alto Networks from $330.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Westpark Capital reissued a “hold” rating on shares of Palo Alto Networks in a research note on Tuesday, August 20th. JPMorgan Chase & Co. raised their price objective on Palo Alto Networks from $340.00 to $365.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $350.00 price objective on shares of Palo Alto Networks in a research note on Monday, August 19th. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average target price of $366.08.

Palo Alto Networks Price Performance

The business has a 50 day moving average price of $335.82 and a 200 day moving average price of $310.48. The firm has a market capitalization of $108.74 billion, a P/E ratio of 48.81, a price-to-earnings-growth ratio of 5.29 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.80 earnings per share. As a group, equities analysts expect that Palo Alto Networks, Inc. will post 3.55 EPS for the current year.

Insider Buying and Selling

In related news, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the sale, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at $219,505,142.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,475 shares of Palo Alto Networks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $339.12, for a total transaction of $500,202.00. Following the sale, the president now directly owns 19,026 shares of the company’s stock, valued at $6,452,097.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total value of $22,865,104.68. Following the sale, the chief executive officer now directly owns 639,994 shares in the company, valued at $219,505,142.12. The disclosure for this sale can be found here. Insiders have sold a total of 466,238 shares of company stock valued at $154,690,169 over the last three months. 3.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palo Alto Networks

Institutional investors have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC acquired a new position in shares of Palo Alto Networks in the 1st quarter worth approximately $25,000. Frank Rimerman Advisors LLC bought a new position in Palo Alto Networks in the 4th quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. raised its position in Palo Alto Networks by 3,200.0% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock worth $28,000 after purchasing an additional 96 shares during the last quarter. Ulland Investment Advisors LLC bought a new position in Palo Alto Networks in the 1st quarter worth approximately $30,000. Finally, Central Bank & Trust Co. raised its position in Palo Alto Networks by 89.3% in the 1st quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock worth $30,000 after purchasing an additional 50 shares during 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.