Palo Alto Networks (NASDAQ:PANW) Price Target Raised to $435.00

Palo Alto Networks (NASDAQ:PANW) had its target price boosted by research analysts at KeyCorp from $400.00 to $435.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the network technology company’s stock. KeyCorp’s price target points to a potential upside of 15.65% from the company’s current price.

A number of other brokerages have also recently issued reports on PANW. Susquehanna upped their price target on shares of Palo Alto Networks from $340.00 to $420.00 and gave the stock a “positive” rating in a research note on Thursday, September 5th. Truist Financial boosted their target price on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Needham & Company LLC boosted their target price on Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Scotiabank boosted their target price 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. Finally, The Goldman Sachs Group boosted their target price 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. Eleven analysts have rated the stock with a hold rating, thirty have assigned 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 a consensus target price of $374.15.

Palo Alto Networks Trading Up 0.8 %

Shares of PANW stock opened at $376.15 on Friday. Palo Alto Networks has a 12 month low of $233.81 and a 12 month high of $380.84. The stock has a market cap of $121.80 billion, a PE ratio of 54.67, a price-to-earnings-growth ratio of 5.26 and a beta of 1.13. The company’s fifty day moving average price is $347.80 and its 200-day moving average price is $322.01.

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

Insider Activity

In other news, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the transaction, the chief executive officer now directly owns 618,715 shares in the company, valued at approximately $227,680,932.85. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the sale, the executive vice president now owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total value of $30,022,832.14. Following the sale, the chief executive officer now owns 618,715 shares in the company, valued at $227,680,932.85. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 351,452 shares of company stock worth $118,643,279. 3.30% of the stock is currently owned by insiders.

Institutional Trading of Palo Alto Networks

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Investment Advisors LLC raised its holdings in Palo Alto Networks by 5.5% during the 3rd quarter. Capital Investment Advisors LLC now owns 4,200 shares of the network technology company’s stock valued at $1,435,000 after buying an additional 220 shares during the period. Blue Trust Inc. increased its stake in Palo Alto Networks by 222.6% in the third quarter. Blue Trust Inc. now owns 2,949 shares of the network technology company’s stock worth $1,000,000 after purchasing an additional 2,035 shares during the period. Mogy Joel R Investment Counsel Inc. increased its stake in Palo Alto Networks by 1.3% in the third quarter. Mogy Joel R Investment Counsel Inc. now owns 151,843 shares of the network technology company’s stock worth $51,900,000 after purchasing an additional 1,977 shares during the period. Moss Adams Wealth Advisors LLC purchased a new stake in Palo Alto Networks in the third quarter worth $210,000. Finally, Accurate Wealth Management LLC increased its stake in Palo Alto Networks by 5.7% in the third quarter. Accurate Wealth Management LLC now owns 1,468 shares of the network technology company’s stock worth $550,000 after purchasing an additional 79 shares during the period. Hedge funds and other institutional investors 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.