Royal Bank of Canada Raises Palo Alto Networks (NYSE:PANW) Price Target to $445.00


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Palo Alto Networks (NYSE:PANW) had its price objective boosted by research analysts at Royal Bank of Canada from $425.00 to $445.00 in a note issued to investors on Tuesday, The Fly reports. The firm presently has an “outperform” rating on the network technology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 17.93% from the company’s current price.

Several other equities research analysts also recently weighed in on PANW. Bank of America upgraded shares of Palo Alto Networks from a “neutral” rating to a “buy” rating and increased their target price for the stock from $270.00 to $330.00 in a research note on Tuesday, November 17th. Piper Sandler reissued an “overweight” rating on shares of Palo Alto Networks in a report on Tuesday. KeyCorp increased their price target on shares of Palo Alto Networks from $391.00 to $420.00 and gave the stock an “overweight” rating in a report on Wednesday, January 20th. Mizuho increased their target price on shares of Palo Alto Networks from $360.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, February 17th. Finally, BMO Capital Markets raised shares of Palo Alto Networks from a “market perform” rating to an “outperform” rating and set a $455.00 target price for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $365.88.

Shares of PANW stock traded down $7.01 on Tuesday, reaching $377.34. 53,694 shares of the stock were exchanged, compared to its average volume of 1,112,484. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 4.18. Palo Alto Networks has a twelve month low of $125.47 and a twelve month high of $403.00. The company has a market capitalization of $36.05 billion, a price-to-earnings ratio of -121.72 and a beta of 1.50. The business’s 50 day moving average price is $372.13 and its 200 day moving average price is $296.77.

Palo Alto Networks (NYSE:PANW) last announced its earnings results on Sunday, February 21st. The network technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.12. Palo Alto Networks had a negative net margin of 8.36% and a negative return on equity of 8.66%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $985.90 million. During the same quarter in the prior year, the firm earned $1.19 earnings per share. The business’s quarterly revenue was up 24.5% compared to the same quarter last year. Equities research analysts forecast that Palo Alto Networks will post -1.69 earnings per share for the current year.

In related news, Director Mark D. Mclaughlin sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, January 4th. The shares were sold at an average price of $349.94, for a total transaction of $13,997,600.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 1st. The shares were sold at an average price of $293.89, for a total transaction of $3,526,680.00. Insiders have sold 209,195 shares of company stock worth $68,692,035 in the last 90 days. 2.30% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of PANW. Viking Global Investors LP bought a new stake in Palo Alto Networks in the fourth quarter worth approximately $670,667,000. Duquesne Family Office LLC boosted its holdings in shares of Palo Alto Networks by 457.8% during the 4th quarter. Duquesne Family Office LLC now owns 459,060 shares of the network technology company’s stock worth $163,145,000 after buying an additional 376,760 shares during the period. Frontier Capital Management Co. LLC acquired a new position in Palo Alto Networks during the 4th quarter valued at $94,102,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Palo Alto Networks during the 4th quarter valued at $89,061,000. Finally, Clearbridge Investments LLC raised its stake in Palo Alto Networks by 8.1% during the 4th quarter. Clearbridge Investments LLC now owns 2,784,934 shares of the network technology company’s stock valued at $989,738,000 after purchasing an additional 208,986 shares during the last quarter. 80.76% of the stock is owned by institutional investors.

About Palo Alto Networks

Palo Alto Networks, Inc provides cybersecurity platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances and software 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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Analyst Recommendations for Palo Alto Networks (NYSE:PANW)

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