Palo Alto Networks (PANW) Given New $263.00 Price Target at Barclays

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Palo Alto Networks (NYSE:PANW) had its price target increased by stock analysts at Barclays from $245.00 to $263.00 in a research report issued to clients and investors on Friday. The brokerage presently has an “overweight” rating on the network technology company’s stock. Barclays’ price target would suggest a potential upside of 19.34% from the stock’s previous close.

A number of other equities research analysts have also commented on the stock. JMP Securities upped their price target on shares of Palo Alto Networks from $210.00 to $240.00 and gave the company an “outperform” rating in a report on Monday, June 4th. Jefferies Financial Group upped their price target on shares of Palo Alto Networks from $206.00 to $239.00 and gave the company a “buy” rating in a report on Monday, June 4th. Maxim Group upped their price target on shares of Palo Alto Networks from $212.00 to $262.00 and gave the company a “buy” rating in a report on Tuesday, June 5th. Monness Crespi & Hardt upped their price target on shares of Palo Alto Networks from $210.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, June 5th. Finally, Wells Fargo & Co upped their price target on shares of Palo Alto Networks from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, June 28th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $227.31.

Shares of Palo Alto Networks stock opened at $220.37 on Friday. Palo Alto Networks has a 52-week low of $135.85 and a 52-week high of $232.88. The firm has a market capitalization of $20.64 billion, a PE ratio of -128.87, a price-to-earnings-growth ratio of 19.85 and a beta of 0.83.

Palo Alto Networks (NYSE:PANW) last announced its quarterly earnings data on Thursday, September 6th. The network technology company reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.11. Palo Alto Networks had a negative net margin of 8.65% and a negative return on equity of 8.51%. The company had revenue of $658.10 million during the quarter, compared to analysts’ expectations of $634.14 million. During the same quarter in the prior year, the company earned $0.92 EPS. The firm’s revenue was up 29.3% on a year-over-year basis. analysts forecast that Palo Alto Networks will post -0.27 earnings per share for the current fiscal year.

In other news, CMO Rene Bonvanie sold 13,503 shares of the company’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $199.03, for a total value of $2,687,502.09. Following the sale, the chief marketing officer now directly owns 74,733 shares of the company’s stock, valued at approximately $14,874,108.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nikesh Arora bought 15,750 shares of Palo Alto Networks stock in a transaction dated Wednesday, June 13th. The stock was acquired at an average cost of $212.23 per share, for a total transaction of $3,342,622.50. Following the completion of the transaction, the chief executive officer now directly owns 232,152 shares in the company, valued at $49,269,618.96. The disclosure for this purchase can be found here. Insiders sold a total of 242,662 shares of company stock valued at $49,447,386 over the last 90 days. Company insiders own 4.80% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC grew its position in shares of Palo Alto Networks by 12.0% in the 2nd quarter. Tradewinds Capital Management LLC now owns 2,330 shares of the network technology company’s stock worth $479,000 after buying an additional 250 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Palo Alto Networks by 10.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,102 shares of the network technology company’s stock worth $637,000 after buying an additional 305 shares during the period. Profund Advisors LLC grew its position in shares of Palo Alto Networks by 21.8% in the 1st quarter. Profund Advisors LLC now owns 1,804 shares of the network technology company’s stock worth $327,000 after buying an additional 323 shares during the period. Metropolitan Life Insurance Co. NY grew its position in shares of Palo Alto Networks by 4.9% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 6,984 shares of the network technology company’s stock worth $1,435,000 after buying an additional 328 shares during the period. Finally, Trust Co. of Vermont grew its position in shares of Palo Alto Networks by 107.7% in the 1st quarter. Trust Co. of Vermont now owns 671 shares of the network technology company’s stock worth $121,000 after buying an additional 348 shares during the period. 81.59% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides security platform solutions worldwide. Its platform includes Next-Generation Firewall that delivers application, user, and content visibility and control, as well as protection against network-based cyber threats; Advanced Endpoint Protection, which prevents cyber-attacks that exploit software vulnerabilities on various fixed, mobile, and virtual endpoints and servers; and Threat Intelligence Cloud, which offers central intelligence capabilities, security for software as a service applications, and automated delivery of preventative measures against cyber-attacks.

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