Palo Alto Networks (NASDAQ:PANW) Given New $390.00 Price Target at Rosenblatt Securities

Palo Alto Networks (NASDAQ:PANW) had its price objective boosted by equities researchers at Rosenblatt Securities from $345.00 to $390.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the network technology company’s stock. Rosenblatt Securities’ target price indicates a potential upside of 0.14% from the stock’s previous close.

A number of other research analysts have also recently commented on PANW. Susquehanna raised their price target on shares of Palo Alto Networks from $340.00 to $420.00 and gave the stock a “positive” rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. raised their price target on shares of Palo Alto Networks from $340.00 to $365.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Bank of America raised their price target on shares of Palo Alto Networks from $370.00 to $400.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. KeyCorp raised their price target on shares of Palo Alto Networks from $400.00 to $435.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada lifted their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus target price of $390.39.

Palo Alto Networks Trading Up 0.6 %

PANW stock traded up $2.45 during trading on Monday, reaching $389.45. 529,186 shares of the stock were exchanged, compared to its average volume of 3,835,099. Palo Alto Networks has a twelve month low of $249.56 and a twelve month high of $408.53. The company has a market capitalization of $126.80 billion, a P/E ratio of 53.72, a price-to-earnings-growth ratio of 5.61 and a beta of 1.12. The stock has a 50 day simple moving average of $359.86 and a 200-day simple moving average of $336.73.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the business earned $0.80 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts predict that Palo Alto Networks will post 3.56 EPS for the current year.

Insider Buying and Selling

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 transaction of $20,698,800.00. Following the sale, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at $54,854,924.82. The trade was a 27.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the sale, the executive vice president now directly owns 1,115,567 shares in the company, valued at $370,926,027.50. This trade represents a 3.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 254,252 shares of company stock valued at $89,041,637. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Advisors Ltd. LLC lifted its position in 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 buying an additional 41 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Palo Alto Networks during the 3rd quarter worth about $29,000. Sound Income Strategies LLC lifted its position in Palo Alto Networks by 352.6% during the 3rd quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after buying an additional 67 shares in the last quarter. Strategic Investment Solutions Inc. IL lifted its position 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 in the last quarter. Finally, Pathway Financial Advisers LLC bought a new stake in shares of Palo Alto Networks in the 1st quarter valued at about $25,000. 79.82% of the stock is owned by institutional investors.

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.