Palo Alto Networks (NYSE:PANW) Price Target Raised to $525.00 at Truist

Palo Alto Networks (NYSE:PANW) had its price target increased by Truist from $475.00 to $525.00 in a research note released on Tuesday, The Fly reports. They currently have a buy rating on the network technology company’s stock.

A number of other research analysts have also issued reports on PANW. Morgan Stanley upped their target price on shares of Palo Alto Networks from $550.00 to $600.00 and gave the company an overweight rating in a report on Tuesday. Barclays increased their target price on shares of Palo Alto Networks from $535.00 to $615.00 and gave the stock an overweight rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upped their price target on Palo Alto Networks from $490.00 to $515.00 and gave the stock a buy rating in a report on Tuesday, August 24th. Cowen upped their price target on Palo Alto Networks from $425.00 to $475.00 and gave the stock an outperform rating in a report on Tuesday, August 24th. Finally, Jefferies Financial Group increased their target price on Palo Alto Networks from $450.00 to $550.00 and gave the company a buy rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $504.72.

Shares of Palo Alto Networks stock opened at $484.83 on Tuesday. Palo Alto Networks has a 52-week low of $219.34 and a 52-week high of $495.92. The company has a 50 day moving average of $411.18 and a 200 day moving average of $371.94. The company has a quick ratio of 1.38, a current ratio of 0.91 and a debt-to-equity ratio of 2.63. The company has a market capitalization of $47.23 billion, a P/E ratio of -93.60 and a beta of 1.40.

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

In related news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction on Thursday, July 1st. The stock was sold at an average price of $369.01, for a total value of $4,428,120.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark D. Mclaughlin sold 1,500 shares of the stock in a transaction on Wednesday, September 8th. The shares were sold at an average price of $460.03, for a total value of $690,045.00. The disclosure for this sale can be found here. Insiders have sold 50,184 shares of company stock worth $20,813,424 over the last three months. Corporate insiders own 2.30% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC boosted its position in Palo Alto Networks by 84.7% during the 1st quarter. Los Angeles Capital Management LLC now owns 6,772 shares of the network technology company’s stock worth $2,181,000 after acquiring an additional 3,105 shares during the period. Alpha Cubed Investments LLC boosted its position in Palo Alto Networks by 4.3% during the 2nd quarter. Alpha Cubed Investments LLC now owns 31,877 shares of the network technology company’s stock worth $11,828,000 after acquiring an additional 1,300 shares during the period. Stephens Investment Management Group LLC boosted its position in Palo Alto Networks by 1.9% during the 1st quarter. Stephens Investment Management Group LLC now owns 128,716 shares of the network technology company’s stock worth $41,454,000 after acquiring an additional 2,377 shares during the period. Handelsbanken Fonder AB boosted its position in Palo Alto Networks by 7.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 24,135 shares of the network technology company’s stock worth $8,955,000 after acquiring an additional 1,674 shares during the period. Finally, Wesbanco Bank Inc. boosted its position in Palo Alto Networks by 22.1% during the 2nd quarter. Wesbanco Bank Inc. now owns 22,117 shares of the network technology company’s stock worth $8,206,000 after acquiring an additional 4,006 shares during the period. Hedge funds and other institutional investors own 82.39% of the company’s stock.

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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