Palo Alto Networks (PANW) PT Raised to $267.00

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Palo Alto Networks (NYSE:PANW) had its target price increased by Jefferies Financial Group to $267.00 in a research note issued to investors on Friday morning, The Fly reports. They currently have a buy rating on the network technology company’s stock.

A number of other research firms have also recently commented on PANW. Evercore ISI reaffirmed a buy rating and issued a $270.00 price target on shares of Palo Alto Networks in a report on Friday. Raymond James lifted their price target on shares of Palo Alto Networks from $240.00 to $254.00 and gave the stock an outperform rating in a report on Wednesday. Zacks Investment Research cut shares of Palo Alto Networks from a hold rating to a sell rating in a report on Tuesday, August 7th. ValuEngine raised shares of Palo Alto Networks from a buy rating to a strong-buy rating in a report on Friday, August 3rd. Finally, Wells Fargo & Co lifted their price target on shares of Palo Alto Networks from $240.00 to $250.00 and gave the stock an outperform rating in a report on Thursday, June 28th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Palo Alto Networks currently has an average rating of Buy and an average price target of $234.19.

Shares of NYSE PANW traded up $7.24 during midday trading on Friday, reaching $227.61. The company’s stock had a trading volume of 3,209,412 shares, compared to its average volume of 1,246,415. Palo Alto Networks has a 12-month low of $135.85 and a 12-month high of $234.35. The company has a market capitalization of $20.47 billion, a PE ratio of -413.84, a PEG ratio of 19.69 and a beta of 0.83.

Palo Alto Networks (NYSE:PANW) last announced its earnings results on Thursday, September 6th. The network technology company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. Palo Alto Networks had a negative return on equity of 4.57% and a negative net margin of 6.51%. The firm had revenue of $658.10 million for the quarter, compared to the consensus estimate of $634.14 million. During the same quarter in the previous year, the business earned $0.92 EPS. The company’s revenue was up 29.3% compared to the same quarter last year. research analysts expect that Palo Alto Networks will post 0.48 earnings per share for the current fiscal year.

In other Palo Alto Networks news, CFO Kathleen Bonanno sold 467 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $213.03, for a total transaction of $99,485.01. Following the sale, the chief financial officer now owns 34,954 shares of the company’s stock, valued at approximately $7,446,250.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stanley J. Meresman sold 1,979 shares of the business’s stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $212.17, for a total transaction of $419,884.43. Following the sale, the director now directly owns 315,667 shares in the company, valued at approximately $66,975,067.39. The disclosure for this sale can be found here. Insiders have sold a total of 242,662 shares of company stock worth $49,447,386 in the last three months. Insiders own 4.80% of the company’s stock.

A number of hedge funds have recently modified their holdings of PANW. Summit Trail Advisors LLC grew its position in shares of Palo Alto Networks by 19,903.8% during the 1st quarter. Summit Trail Advisors LLC now owns 848,163 shares of the network technology company’s stock valued at $848,000 after purchasing an additional 843,923 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Palo Alto Networks by 84.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,461,226 shares of the network technology company’s stock valued at $300,238,000 after purchasing an additional 670,016 shares in the last quarter. Bank of Montreal Can grew its position in shares of Palo Alto Networks by 193.7% during the 2nd quarter. Bank of Montreal Can now owns 545,383 shares of the network technology company’s stock valued at $112,061,000 after purchasing an additional 359,685 shares in the last quarter. First Trust Advisors LP grew its position in shares of Palo Alto Networks by 199.8% during the 2nd quarter. First Trust Advisors LP now owns 529,520 shares of the network technology company’s stock valued at $108,800,000 after purchasing an additional 352,914 shares in the last quarter. Finally, Altshuler Shaham Ltd purchased a new position in shares of Palo Alto Networks during the 2nd quarter valued at $65,038,000. 81.59% of the stock is currently owned by institutional investors and hedge funds.

About Palo Alto Networks

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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