Palo Alto Networks (NYSE:PANW) had its target price raised by investment analysts at Credit Suisse Group from $190.00 to $195.00 in a note issued to investors on Friday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the network technology company’s stock. Credit Suisse Group’s price target would suggest a potential downside of 16.54% from the stock’s current price.
Other equities research analysts have also recently issued reports about the stock. Dougherty & Co raised shares of Palo Alto Networks from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a research report on Tuesday. Piper Sandler boosted their price target on Palo Alto Networks from $200.00 to $280.00 and gave the company an “overweight” rating in a report on Friday. Monness Crespi & Hardt boosted their price target on Palo Alto Networks from $210.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird boosted their price target on Palo Alto Networks from $235.00 to $265.00 and gave the company an “outperform” rating in a report on Friday. Finally, Deutsche Bank lowered their price target on Palo Alto Networks from $210.00 to $180.00 and set a “hold” rating for the company in a report on Wednesday, April 1st. Twelve equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Palo Alto Networks has a consensus rating of “Buy” and a consensus target price of $254.48.
Shares of PANW stock traded up $4.15 on Friday, reaching $233.65. 212,776 shares of the company’s stock were exchanged, compared to its average volume of 1,247,325. The company’s fifty day simple moving average is $194.57 and its 200 day simple moving average is $214.23. The stock has a market capitalization of $23.38 billion, a PE ratio of -129.69 and a beta of 1.14. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.13. Palo Alto Networks has a 52 week low of $125.47 and a 52 week high of $251.10.
Palo Alto Networks (NYSE:PANW) last released its earnings results on Thursday, May 21st. The network technology company reported $1.17 earnings per share for the quarter, topping the consensus estimate of ($0.37) by $1.54. The business had revenue of $869.40 million during the quarter, compared to the consensus estimate of $831.52 million. Palo Alto Networks had a negative return on equity of 2.19% and a negative net margin of 5.58%. The business’s revenue for the quarter was up 19.7% compared to the same quarter last year. During the same period last year, the company earned $1.31 earnings per share. As a group, sell-side analysts predict that Palo Alto Networks will post -0.77 earnings per share for the current fiscal year.
In other news, Director John Donovan acquired 8,102 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were acquired at an average cost of $185.35 per share, with a total value of $1,501,705.70. Following the completion of the acquisition, the director now owns 11,222 shares of the company’s stock, valued at $2,079,997.70. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Nir Zuk sold 12,000 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $194.20, for a total value of $2,330,400.00. Following the completion of the transaction, the executive vice president now directly owns 986,875 shares in the company, valued at $191,651,125. The disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the company. APG Asset Management N.V. increased its holdings in shares of Palo Alto Networks by 29.5% in the first quarter. APG Asset Management N.V. now owns 173,386 shares of the network technology company’s stock valued at $28,428,000 after purchasing an additional 39,467 shares during the period. Eminence Capital LP purchased a new stake in shares of Palo Alto Networks in the first quarter valued at approximately $87,267,000. Squarepoint Ops LLC purchased a new position in shares of Palo Alto Networks during the 1st quarter valued at approximately $371,000. Tower Research Capital LLC TRC purchased a new stake in Palo Alto Networks in the 1st quarter worth $405,000. Finally, Weiss Multi Strategy Advisers LLC raised its position in Palo Alto Networks by 86.0% during the first quarter. Weiss Multi Strategy Advisers LLC now owns 27,900 shares of the network technology company’s stock worth $4,574,000 after acquiring an additional 12,900 shares during the period. 77.99% 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. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
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