Wells Fargo & Co Cuts Palo Alto Networks (NYSE:PANW) Price Target to $250.00

Palo Alto Networks (NYSE:PANW) had its price objective reduced by Wells Fargo & Co from $275.00 to $250.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the network technology company’s stock.

Several other research analysts have also recently commented on PANW. Northland Securities reissued a hold rating and set a $240.00 target price on shares of Palo Alto Networks in a research note on Tuesday, November 26th. Morgan Stanley boosted their target price on Palo Alto Networks from $290.00 to $315.00 and gave the stock an overweight rating in a research note on Monday, January 13th. Mizuho boosted their target price on Palo Alto Networks from to in a research note on Thursday, February 13th. Bank of America cut Palo Alto Networks from a buy rating to a neutral rating in a research note on Wednesday, January 8th. Finally, Raymond James cut Palo Alto Networks from an outperform rating to a market perform rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and nineteen have assigned a buy rating to the company. The company has an average rating of Buy and a consensus target price of $249.50.

Shares of NYSE PANW traded down $2.94 during trading on Tuesday, reaching $184.62. The stock had a trading volume of 3,584,448 shares, compared to its average volume of 1,332,661. Palo Alto Networks has a fifty-two week low of $181.06 and a fifty-two week high of $251.10. The company has a market cap of $18.32 billion, a P/E ratio of -102.57 and a beta of 0.96. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.78 and a current ratio of 1.78. The business’s 50-day moving average price is $240.36 and its 200-day moving average price is $225.65.

Palo Alto Networks (NYSE:PANW) last released its earnings results on Monday, February 24th. The network technology company reported $1.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.07. Palo Alto Networks had a negative return on equity of 2.23% and a negative net margin of 5.58%. The firm had revenue of $816.70 million during the quarter, compared to analysts’ expectations of $842.13 million. During the same period in the previous year, the firm posted $1.51 EPS. Palo Alto Networks’s revenue for the quarter was up 14.8% on a year-over-year basis. Analysts forecast that Palo Alto Networks will post -0.12 EPS for the current fiscal year.

In other news, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $234.86, for a total value of $2,818,320.00. Following the completion of the sale, the executive vice president now directly owns 875,246 shares of the company’s stock, valued at approximately $205,560,275.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jean Compeau sold 1,450 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $241.29, for a total value of $349,870.50. Following the completion of the sale, the chief accounting officer now directly owns 25,145 shares of the company’s stock, valued at $6,067,237.05. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,562 shares of company stock valued at $11,132,020. Insiders own 2.30% of the company’s stock.

Several institutional investors have recently bought and sold shares of PANW. BlackRock Inc. lifted its holdings in shares of Palo Alto Networks by 4.2% in the 2nd quarter. BlackRock Inc. now owns 5,683,627 shares of the network technology company’s stock valued at $1,158,096,000 after purchasing an additional 230,170 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in shares of Palo Alto Networks by 109.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 301 shares of the network technology company’s stock valued at $61,000 after purchasing an additional 157 shares during the last quarter. Rhumbline Advisers raised its stake in Palo Alto Networks by 0.9% during the 3rd quarter. Rhumbline Advisers now owns 92,413 shares of the network technology company’s stock valued at $18,837,000 after acquiring an additional 804 shares during the last quarter. Great Valley Advisor Group Inc. purchased a new stake in Palo Alto Networks during the 3rd quarter valued at approximately $249,000. Finally, Teacher Retirement System of Texas raised its stake in Palo Alto Networks by 15.6% during the 3rd quarter. Teacher Retirement System of Texas now owns 81,201 shares of the network technology company’s stock valued at $16,551,000 after acquiring an additional 10,981 shares during the last quarter. 79.32% of the stock is owned by institutional investors and hedge funds.

About Palo Alto Networks

Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Analyst Recommendations for Palo Alto Networks (NYSE:PANW)

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