BTIG Research Issues Positive Forecast for Palo Alto Networks (NASDAQ:PANW) Stock Price

Palo Alto Networks (NASDAQ:PANW) had its target price increased by BTIG Research from $395.00 to $414.00 in a research note issued to investors on Thursday morning, MarketBeat.com reports. They currently have a buy rating on the network technology company’s stock.

A number of other research analysts also recently commented on PANW. Westpark Capital reiterated a “hold” rating on shares of Palo Alto Networks in a research note on Tuesday, August 20th. BMO Capital Markets boosted their price target on Palo Alto Networks from $390.00 to $425.00 and gave the company an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. raised their price objective on Palo Alto Networks from $387.00 to $449.00 and gave the stock an “overweight” rating in a research note on Monday. Sanford C. Bernstein increased their target price on shares of Palo Alto Networks from $364.00 to $399.00 and gave the stock an “outperform” rating in a report on Tuesday, August 20th. Finally, Susquehanna upped their target price on Palo Alto Networks from $420.00 to $435.00 and gave the company a “positive” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $401.78.

Palo Alto Networks Price Performance

Shares of PANW stock traded down $17.52 during trading hours on Thursday, hitting $380.18. The stock had a trading volume of 1,653,304 shares, compared to its average volume of 3,849,889. Palo Alto Networks has a twelve month low of $260.09 and a twelve month high of $408.53. The stock’s 50 day moving average is $363.59 and its 200 day moving average is $338.82. The firm has a market capitalization of $123.79 billion, a PE ratio of 54.82, a PEG ratio of 5.63 and a beta of 1.12.

Shares of Palo Alto Networks are set to split on Monday, December 16th. The 2-1 split was announced on Wednesday, November 20th. The newly issued shares will be issued to shareholders after the closing bell on Friday, December 13th.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Wednesday, November 20th. The network technology company reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.08. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.12 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company’s revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 earnings per share. As a group, equities analysts predict that Palo Alto Networks will post 3.56 earnings per share for the current year.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at $54,854,924.82. The trade was a 27.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Nikesh Arora sold 66,666 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the completion of the transaction, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at $219,505,142.12. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 254,252 shares of company stock worth $89,041,637 over the last 90 days. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

Several hedge funds have recently made changes to their positions in the business. Capital Advisors Ltd. LLC raised its position in shares of Palo Alto Networks by 113.9% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after purchasing an additional 41 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Palo Alto Networks in the 3rd quarter valued at about $29,000. Sound Income Strategies LLC raised its holdings in Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after acquiring an additional 67 shares in the last quarter. Strategic Investment Solutions Inc. IL lifted its holdings in Palo Alto Networks by 177.4% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after buying an additional 55 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Palo Alto Networks in the 1st quarter valued at about $25,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Company Profile

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.