Palo Alto Networks (NASDAQ:PANW) Stock Price Up 1.6% on Analyst Upgrade

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW) were up 1.6% on Wednesday after The Goldman Sachs Group raised their price target on the stock from $376.00 to $425.00. The Goldman Sachs Group currently has a buy rating on the stock. Palo Alto Networks traded as high as $362.71 and last traded at $360.70. Approximately 689,618 shares were traded during trading, a decline of 83% from the average daily volume of 4,090,821 shares. The stock had previously closed at $355.13.

Several other equities analysts also recently commented on PANW. Bank of America upped their price target on shares of Palo Alto Networks from $370.00 to $400.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Evercore ISI increased their price target on Palo Alto Networks from $385.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, August 20th. Cantor Fitzgerald restated an “overweight” rating and set a $350.00 price objective on shares of Palo Alto Networks in a report on Monday, August 19th. Stifel Nicolaus increased their target price on Palo Alto Networks from $360.00 to $385.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Palo Alto Networks from $330.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Eleven investment 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $371.50.

Insider Transactions at Palo Alto Networks

In related news, CEO Nikesh Arora sold 66,666 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total value of $22,865,104.68. Following the transaction, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at $219,505,142.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Josh D. Paul sold 200 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total value of $64,682.00. Following the sale, the chief accounting officer now owns 24,782 shares in the company, valued at $8,014,746.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nikesh Arora sold 66,666 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 639,994 shares of the company’s stock, valued at $219,505,142.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 269,866 shares of company stock worth $88,620,447. Company insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Palo Alto Networks

Institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC purchased a new position in Palo Alto Networks during the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of 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 valued at $28,000 after purchasing an additional 96 shares during the period. Sound Income Strategies LLC lifted its stake in shares of Palo Alto Networks by 352.6% in the 3rd quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after purchasing an additional 67 shares during the period. Central Bank & Trust Co. boosted its holdings in Palo Alto Networks by 89.3% during the first quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock worth $30,000 after buying an additional 50 shares in the last quarter. Finally, Cape Investment Advisory Inc. grew its position in Palo Alto Networks by 1,111.1% during the first quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock valued at $31,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Price Performance

The business’s fifty day simple moving average is $339.77 and its two-hundred day simple moving average is $318.54. The company has a market cap of $119.61 billion, a PE ratio of 53.08, a PEG ratio of 4.82 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the firm posted $0.80 EPS. Palo Alto Networks’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, analysts predict that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

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.