Palo Alto Networks (NASDAQ:PANW) Price Target Raised to $330.00

Palo Alto Networks (NASDAQ:PANW) had its target price raised by Oppenheimer from $305.00 to $330.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the network technology company’s stock.

PANW has been the topic of several other reports. Citigroup raised their price objective on Palo Alto Networks from $280.00 to $335.00 and gave the stock a buy rating in a report on Wednesday, January 10th. Royal Bank of Canada increased their target price on Palo Alto Networks to $420.00 and gave the company an overweight rating in a research report on Thursday, February 22nd. Westpark Capital reiterated a hold rating on shares of Palo Alto Networks in a report on Monday, January 29th. Truist Financial lifted their price target on Palo Alto Networks from $330.00 to $385.00 and gave the company a buy rating in a report on Tuesday, February 20th. Finally, JMP Securities reiterated a market outperform rating and issued a $380.00 target price on shares of Palo Alto Networks in a report on Wednesday, February 21st. Eleven analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Palo Alto Networks currently has a consensus rating of Moderate Buy and a consensus price target of $314.82.

Palo Alto Networks Stock Down 1.2 %

PANW opened at $277.71 on Wednesday. The stock’s fifty day moving average is $295.46 and its two-hundred day moving average is $290.40. The company has a market capitalization of $89.73 billion, a P/E ratio of 43.39, a PEG ratio of 3.83 and a beta of 1.19. Palo Alto Networks has a 52 week low of $176.30 and a 52 week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.58 by $0.22. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.97 billion. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. Equities analysts anticipate that Palo Alto Networks will post 2.76 earnings per share for the current year.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 45,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the sale, the executive vice president now owns 198,105 shares in the company, valued at approximately $67,955,958.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Palo Alto Networks news, EVP Lee Klarich sold 45,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the sale, the executive vice president now owns 198,105 shares in the company, valued at approximately $67,955,958.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President William D. Jenkins, Jr. sold 1,867 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the completion of the sale, the president now owns 25,812 shares in the company, valued at approximately $7,230,715.56. The disclosure for this sale can be found here. Insiders have sold a total of 167,917 shares of company stock worth $49,395,553 over the last quarter. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

Several hedge funds have recently bought and sold shares of the stock. Covestor Ltd raised its position in Palo Alto Networks by 61.8% during the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock worth $35,000 after acquiring an additional 21 shares during the period. Worth Asset Management LLC purchased a new stake in shares of Palo Alto Networks during the first quarter worth about $26,000. Salem Investment Counselors Inc. raised its position in shares of Palo Alto Networks by 1,071.4% during the 2nd quarter. Salem Investment Counselors Inc. now owns 82 shares of the network technology company’s stock worth $41,000 after purchasing an additional 75 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new position in Palo Alto Networks in the 4th quarter valued at about $27,000. Finally, Webster Bank N. A. boosted its holdings in Palo Alto Networks by 607.1% in the 4th quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock worth $29,000 after buying an additional 85 shares during the last quarter. 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.