Palo Alto Networks (NYSE:PANW) Given New $600.00 Price Target at Piper Sandler

Palo Alto Networks (NYSE:PANW) had its price objective boosted by Piper Sandler from $500.00 to $600.00 in a research note issued to investors on Tuesday morning, The Fly reports. They currently have an overweight rating on the network technology company’s stock.

A number of other equities analysts have also issued reports on PANW. Oppenheimer raised their price target on Palo Alto Networks from $450.00 to $475.00 and gave the stock an outperform rating in a report on Tuesday, August 24th. Raymond James raised their price target on Palo Alto Networks from $410.00 to $450.00 and gave the stock an outperform rating in a report on Tuesday, August 24th. The Goldman Sachs Group lifted their price objective on Palo Alto Networks from $515.00 to $535.00 and gave the company a buy rating in a report on Monday. Royal Bank of Canada lifted their price objective on Palo Alto Networks from $475.00 to $525.00 and gave the company an outperform rating in a report on Friday, September 10th. Finally, Jefferies Financial Group lifted their price objective on Palo Alto Networks from $450.00 to $550.00 and gave the company a buy rating in a report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Buy and an average price target of $504.72.

NYSE PANW opened at $484.83 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 0.91 and a debt-to-equity ratio of 2.63. Palo Alto Networks has a 52-week low of $219.34 and a 52-week high of $495.92. The business’s 50-day moving average price is $411.18 and its 200 day moving average price is $371.94. The firm has a market cap of $47.23 billion, a P/E ratio of -93.60 and a beta of 1.40.

Palo Alto Networks (NYSE:PANW) last released its quarterly earnings results on Sunday, August 22nd. The network technology company reported $1.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.16. Palo Alto Networks had a negative return on equity of 17.08% and a negative net margin of 11.72%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the company posted $1.48 earnings per share. The business’s revenue was up 28.3% on a year-over-year basis. As a group, analysts anticipate that Palo Alto Networks will post -0.47 earnings per share for the current year.

In other news, Director Mark D. Mclaughlin sold 1,500 shares of the business’s stock in a transaction on Tuesday, August 3rd. The shares were sold at an average price of $400.55, for a total transaction of $600,825.00. Following the completion of the sale, the director now directly owns 53,883 shares of the company’s stock, valued at approximately $21,582,835.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction on Thursday, July 1st. The shares were sold at an average price of $369.01, for a total transaction of $4,428,120.00. The disclosure for this sale can be found here. Insiders sold a total of 50,184 shares of company stock valued at $20,813,424 over the last quarter. 2.30% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC boosted its position in Palo Alto Networks by 6.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 133,490 shares of the network technology company’s stock worth $49,532,000 after purchasing an additional 7,838 shares during the period. Headinvest LLC boosted its position in Palo Alto Networks by 13.7% during the 2nd quarter. Headinvest LLC now owns 2,631 shares of the network technology company’s stock worth $976,000 after purchasing an additional 317 shares during the period. B. Metzler seel. Sohn & Co. Holding AG boosted its position in Palo Alto Networks by 1,257.7% during the 2nd quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 89,855 shares of the network technology company’s stock worth $33,381,000 after purchasing an additional 83,237 shares during the period. Comerica Bank boosted its position in Palo Alto Networks by 5.5% in the 2nd quarter. Comerica Bank now owns 12,221 shares of the network technology company’s stock valued at $4,435,000 after buying an additional 635 shares during the last quarter. Finally, 1832 Asset Management L.P. purchased a new position in Palo Alto Networks in the 2nd quarter valued at about $22,840,000. 82.39% of the stock is owned by hedge funds and other institutional investors.

About Palo Alto Networks

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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