Palo Alto Networks (NASDAQ:PANW) PT Raised to $222.00 at Scotiabank

Palo Alto Networks (NASDAQ:PANW – Get Rating) had its target price increased by Scotiabank from $212.00 to $222.00 in a report released on Wednesday, Marketbeat reports. The brokerage presently has a “sector outperform” rating on the network technology company’s stock. Scotiabank’s target price points to a potential upside of 6.74% from the company’s current price.

Other analysts also recently issued research reports about the stock. Loop Capital lifted their target price on shares of Palo Alto Networks from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, February 22nd. Wolfe Research lifted their target price on shares of Palo Alto Networks from $170.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, February 22nd. Robert W. Baird lifted their target price on shares of Palo Alto Networks from $230.00 to $235.00 and gave the stock an “outperform” rating in a report on Wednesday. BMO Capital Markets lifted their target price on shares of Palo Alto Networks from $228.00 to $235.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Evercore ISI lifted their target price on shares of Palo Alto Networks from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and thirty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $232.19.

Palo Alto Networks Price Performance

Palo Alto Networks stock opened at $207.98 on Wednesday. The firm has a market capitalization of $62.94 billion, a PE ratio of 330.13, a P/E/G ratio of 5.03 and a beta of 1.17. The company’s 50-day moving average is $192.20 and its 200-day moving average is $178.00. Palo Alto Networks has a fifty-two week low of $132.22 and a fifty-two week high of $208.87.

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

Insiders Place Their Bets

In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction on Wednesday, March 1st. The shares were 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 directly owns 1,774,898 shares in the company, valued at $332,260,905.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $187.20, for a total transaction of $6,739,200.00. Following the completion of the transaction, the executive vice president now directly owns 1,774,898 shares in the company, valued at $332,260,905.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nikesh Arora sold 13,800 shares of Palo Alto Networks stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $201.42, for a total transaction of $2,779,596.00. Following the transaction, the chief executive officer now owns 1,177,193 shares of the company’s stock, valued at $237,110,214.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,330 shares of company stock worth $50,478,046. 3.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PANW. JNBA Financial Advisors grew its holdings in shares of Palo Alto Networks by 200.0% during the third quarter. JNBA Financial Advisors now owns 150 shares of the network technology company’s stock valued at $25,000 after buying an additional 100 shares during the last quarter. Ten Capital Wealth Advisors LLC grew its holdings in shares of Palo Alto Networks by 200.0% during the third quarter. Ten Capital Wealth Advisors LLC now owns 150 shares of the network technology company’s stock valued at $25,000 after buying an additional 100 shares during the last quarter. American National Bank grew its holdings in shares of Palo Alto Networks by 600.0% during the first quarter. American National Bank now owns 126 shares of the network technology company’s stock valued at $25,000 after buying an additional 108 shares during the last quarter. Dark Forest Capital Management LP grew its holdings in shares of Palo Alto Networks by 2,950.0% during the fourth quarter. Dark Forest Capital Management LP now owns 183 shares of the network technology company’s stock valued at $26,000 after buying an additional 177 shares during the last quarter. Finally, Grey Fox Wealth Advisors LLC purchased a new position in Palo Alto Networks during the fourth quarter worth about $26,000. 81.82% of the stock is currently owned by institutional investors and hedge funds.

About Palo Alto Networks

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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.