JPMorgan Chase & Co. Increases Palo Alto Networks (NASDAQ:PANW) Price Target to $251.00

Palo Alto Networks (NASDAQ:PANW – Get Rating) had its target price raised by stock analysts at JPMorgan Chase & Co. from $225.00 to $251.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm currently has an “overweight” rating on the network technology company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 20.68% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Evercore ISI raised their price target on Palo Alto Networks from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler raised their price target on Palo Alto Networks from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 22nd. Capital One Financial began coverage on Palo Alto Networks in a research report on Friday, May 12th. They set an “overweight” rating and a $247.00 price target on the stock. Wells Fargo & Company raised their price target on Palo Alto Networks from $250.00 to $265.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Stifel Nicolaus raised their price target on Palo Alto Networks from $225.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and thirty-seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $232.19.

Palo Alto Networks Stock Up 1.8 %

NASDAQ:PANW opened at $207.98 on Wednesday. The stock has a market cap of $62.94 billion, a P/E ratio of 330.13, a PEG ratio of 5.03 and a beta of 1.17. Palo Alto Networks has a twelve month low of $132.22 and a twelve month high of $208.87. The business’s 50-day moving average price is $192.20 and its two-hundred day moving average price is $178.00.

Palo Alto Networks (NASDAQ:PANW – Get Rating) last announced its quarterly earnings data on Tuesday, February 21st. The network technology company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.22. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Palo Alto Networks had a return on equity of 69.46% and a net margin of 3.32%. On average, equities research analysts expect that Palo Alto Networks will post 1.2 EPS for the current fiscal year.

Insider Transactions at Palo Alto Networks

In other news, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $187.20, for a total value of $6,739,200.00. Following the completion of the transaction, the executive vice president now owns 1,774,898 shares of the company’s stock, valued at $332,260,905.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Lee Klarich sold 45,000 shares of the business’s stock in a transaction dated Monday, March 13th. The stock was sold at an average price of $185.82, for a total value of $8,361,900.00. Following the sale, the executive vice president now directly owns 612,745 shares in the company, valued at $113,860,275.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $187.20, for a total value of $6,739,200.00. Following the completion of the sale, the executive vice president now owns 1,774,898 shares in the company, valued at $332,260,905.60. The disclosure for this sale can be found here. Insiders sold a total of 267,330 shares of company stock valued at $50,478,046 over the last 90 days. Company insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd raised its position in Palo Alto Networks by 61.8% during the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after purchasing an additional 21 shares during the period. Geneos Wealth Management Inc. raised its position in Palo Alto Networks by 0.8% during the first quarter. Geneos Wealth Management Inc. now owns 2,961 shares of the network technology company’s stock valued at $1,843,000 after purchasing an additional 23 shares during the period. Brighton Jones LLC raised its position in Palo Alto Networks by 6.5% during the first quarter. Brighton Jones LLC now owns 425 shares of the network technology company’s stock valued at $265,000 after purchasing an additional 26 shares during the period. Penserra Capital Management LLC raised its position in Palo Alto Networks by 6.4% during the first quarter. Penserra Capital Management LLC now owns 452 shares of the network technology company’s stock valued at $281,000 after purchasing an additional 27 shares during the period. Finally, Wealthfront Advisers LLC raised its position in Palo Alto Networks by 0.9% during the first quarter. Wealthfront Advisers LLC now owns 4,797 shares of the network technology company’s stock valued at $2,986,000 after purchasing an additional 41 shares during the period. 81.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Company Profile

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Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.