Palo Alto Networks, Inc. (NYSE:PANW) was upgraded by equities research analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat.com reports. The firm currently has a $160.00 price target on the network technology company’s stock. Citigroup Inc.’s target price would suggest a potential upside of 17.52% from the company’s current price.

Several other research analysts have also recently weighed in on PANW. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $173.00 price objective on shares of Palo Alto Networks in a report on Tuesday, May 23rd. TheStreet cut shares of Palo Alto Networks from a “c-” rating to a “d+” rating in a report on Thursday, March 23rd. Monness Crespi & Hardt assumed coverage on shares of Palo Alto Networks in a report on Thursday, April 6th. They set a “buy” rating and a $150.00 price objective for the company. Cowen and Company reissued an “outperform” rating and set a $165.00 price objective (up from $150.00) on shares of Palo Alto Networks in a report on Thursday, June 1st. Finally, Deutsche Bank AG reissued a “hold” rating and set a $135.00 price objective (up from $125.00) on shares of Palo Alto Networks in a report on Thursday, June 1st. Twenty research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $151.27.

Shares of Palo Alto Networks (NYSE:PANW) traded up 2.65% during midday trading on Friday, reaching $136.15. 1,598,140 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $128.32 and a 200-day moving average of $127.52. Palo Alto Networks has a 12-month low of $107.31 and a 12-month high of $165.69. The stock’s market capitalization is $12.50 billion.

Palo Alto Networks (NYSE:PANW) last issued its earnings results on Wednesday, May 31st. The network technology company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.06. The business had revenue of $431.80 million during the quarter, compared to analysts’ expectations of $412.11 million. Palo Alto Networks had a negative net margin of 14.38% and a negative return on equity of 23.77%. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 earnings per share. Analysts anticipate that Palo Alto Networks will post $2.59 EPS for the current fiscal year.

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Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Palo Alto Networks by 3.9% in the first quarter. Vanguard Group Inc. now owns 7,007,233 shares of the network technology company’s stock valued at $789,575,000 after buying an additional 263,433 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Palo Alto Networks by 16.7% in the first quarter. Renaissance Technologies LLC now owns 2,152,800 shares of the network technology company’s stock valued at $242,578,000 after buying an additional 307,800 shares in the last quarter. Clearbridge Investments LLC increased its stake in shares of Palo Alto Networks by 11.3% in the first quarter. Clearbridge Investments LLC now owns 1,888,116 shares of the network technology company’s stock valued at $212,753,000 after buying an additional 191,475 shares in the last quarter. CI Global Investments Inc. increased its stake in shares of Palo Alto Networks by 17.4% in the first quarter. CI Global Investments Inc. now owns 1,580,240 shares of the network technology company’s stock valued at $178,061,000 after buying an additional 234,623 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Palo Alto Networks by 33.8% in the first quarter. Canada Pension Plan Investment Board now owns 807,113 shares of the network technology company’s stock valued at $90,945,000 after buying an additional 203,802 shares in the last quarter. 80.65% of the stock is currently owned by institutional investors and hedge funds.

About Palo Alto Networks

Palo Alto Networks, Inc offers a next-generation security platform. The Company’s security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture.

Analyst Recommendations for Palo Alto Networks (NYSE:PANW)

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