Palo Alto Networks (NASDAQ:PANW) Stock Price Down 2.9%

Shares of Palo Alto Networks, Inc. (NASDAQ:PANWGet Free Report) traded down 2.9% during trading on Tuesday . The stock traded as low as $307.07 and last traded at $312.18. 1,881,166 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 5,128,752 shares. The stock had previously closed at $321.60.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $350.00 target price on shares of Palo Alto Networks in a research note on Wednesday, April 17th. Royal Bank of Canada reduced their target price on shares of Palo Alto Networks from $365.00 to $360.00 and set an “outperform” rating for the company in a research note on Tuesday, May 21st. Barclays reduced their price objective on shares of Palo Alto Networks from $400.00 to $345.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Oppenheimer reiterated an “outperform” rating and issued a $330.00 price objective on shares of Palo Alto Networks in a research note on Tuesday, May 21st. Finally, KeyCorp raised their price objective on shares of Palo Alto Networks from $355.00 to $384.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Twelve research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $321.39.

Check Out Our Latest Report on Palo Alto Networks

Palo Alto Networks Price Performance

The firm’s 50-day moving average is $291.10 and its 200 day moving average is $301.12. The stock has a market cap of $100.73 billion, a price-to-earnings ratio of 45.38, a price-to-earnings-growth ratio of 5.20 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last issued its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the business posted $0.38 earnings per share. Palo Alto Networks’s revenue for the quarter was up 15.3% compared to the same quarter last year. On average, sell-side analysts forecast that Palo Alto Networks, Inc. will post 2.79 EPS for the current year.

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 121,276 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the completion of the sale, the executive vice president now owns 166,542 shares of the company’s stock, valued at $49,895,983.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the sale, the chief accounting officer now owns 27,247 shares of the company’s stock, valued at $7,629,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lee Klarich sold 121,276 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $299.60, for a total transaction of $36,334,289.60. Following the completion of the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at approximately $49,895,983.20. The disclosure for this sale can be found here. Insiders sold 278,326 shares of company stock valued at $80,147,130 over the last 90 days. Corporate insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Palo Alto Networks by 3.6% in the first quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock valued at $8,118,190,000 after purchasing an additional 1,002,239 shares during the period. Norges Bank purchased a new position in shares of Palo Alto Networks in the fourth quarter valued at $1,563,020,000. Northern Trust Corp boosted its stake in shares of Palo Alto Networks by 2.6% in the third quarter. Northern Trust Corp now owns 3,430,299 shares of the network technology company’s stock valued at $804,199,000 after purchasing an additional 86,995 shares during the period. Clearbridge Investments LLC boosted its stake in shares of Palo Alto Networks by 1.0% in the fourth quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock valued at $924,905,000 after purchasing an additional 30,013 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after purchasing an additional 198,078 shares during the period. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Company Profile

(Get Free Report)

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.

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