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Palo Alto Networks (NASDAQ:PANW)’s share price reached a new 52-week high during trading on Tuesday after Oppenheimer raised their price target on the stock from $80.00 to $90.00, AnalystRatings.NET reports. Oppenheimer currently has an outperform rating on the stock. Palo Alto Networks traded as high as $89.57 and last traded at $87.54, with a volume of 2,520,905 shares traded. The stock had previously closed at $84.99.

The analysts wrote, “We are raising our PT to $90 from $80 following a round of late-Q checks (25 VARs in US/EMEA) suggesting PANW’s business is tracking ahead of consensus estimates ($161.3/$0.11). We remain positive on the shares for the following reasons: 1.) Continued strength across all core products and geographies (the Americas generates ~66% of total revenue) 2.) PANW’s high-end appliance (PA-7050) is gaining further momentum 3.) Solid traction of Wildfire (APT solution) and 4.) We continue to see PANW as a market disruptor in the network security market. Reiterate our Outperform rating.”

A number of other firms have also recently commented on PANW. Analysts at Stifel Nicolaus initiated coverage on shares of Palo Alto Networks in a research note on Thursday, August 28th. They set a “buy” rating and a $100.00 price target on the stock. Separately, analysts at Imperial Capital initiated coverage on shares of Palo Alto Networks in a research note on Thursday, August 14th. They set an “outperform” rating and a $95.00 price target on the stock. Finally, analysts at Piper Jaffray initiated coverage on shares of Palo Alto Networks in a research note on Tuesday, August 12th. They set an “overweight” rating and a $100.00 price target on the stock. Six investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $87.61.

The stock’s 50-day moving average is $81.80 and its 200-day moving average is $74.39. The company’s market cap is $6.764 billion.

Palo Alto Networks, Inc offers a network security platform that allows enterprises, service providers, and government entities to secure their networks.

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