Palo Alto Networks (NASDAQ:PANW) PT Raised to $230.00 at Raymond James

Palo Alto Networks (NASDAQ:PANW – Get Rating) had its price target raised by equities researchers at Raymond James from $215.00 to $230.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the network technology company’s stock. Raymond James’ price target points to a potential upside of 10.59% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Rosenblatt Securities began coverage on Palo Alto Networks in a research note on Monday, May 1st. They set a “buy” rating and a $250.00 target price on the stock. Wedbush raised their price objective on Palo Alto Networks from $210.00 to $225.00 in a research note on Wednesday. Piper Sandler raised their price objective on Palo Alto Networks from $220.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 22nd. Evercore ISI raised their price objective on Palo Alto Networks from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Credit Suisse Group raised their price objective on Palo Alto Networks from $235.00 to $260.00 and gave the stock an “outperform” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and thirty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $232.19.

Palo Alto Networks Stock Performance

Shares of NASDAQ PANW opened at $207.98 on Wednesday. The stock has a 50 day moving average price of $192.20 and a 200 day moving average price of $178.00. Palo Alto Networks has a 52 week low of $132.22 and a 52 week high of $208.87. The stock has a market capitalization of $62.94 billion, a PE ratio of 330.13, a price-to-earnings-growth ratio of 5.03 and a beta of 1.17.

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 (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.22. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. Palo Alto Networks had a return on equity of 69.46% and a net margin of 3.32%. As a group, research analysts forecast that Palo Alto Networks will post 1.2 EPS for the current year.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 275 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $186.60, for a total transaction of $51,315.00. Following the sale, the chief accounting officer now owns 30,944 shares in the company, valued at $5,774,150.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Palo Alto Networks news, CAO Josh D. Paul sold 275 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $186.60, for a total transaction of $51,315.00. Following the sale, the chief accounting officer now owns 30,944 shares in the company, valued at $5,774,150.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nikesh Arora sold 20,849 shares of the stock in a transaction on Monday, February 27th. The stock was sold at an average price of $192.06, for a total value of $4,004,258.94. Following the sale, the chief executive officer now owns 1,237,419 shares in the company, valued at approximately $237,658,693.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,330 shares of company stock valued at $50,478,046. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Palo Alto Networks

Several large investors have recently made changes to their positions in the business. RB Capital Management LLC raised its holdings in Palo Alto Networks by 19.9% in the 1st quarter. RB Capital Management LLC now owns 602 shares of the network technology company’s stock worth $375,000 after acquiring an additional 100 shares during the last quarter. Morgens Waterfall Vintiadis & Co. Inc. bought a new stake in Palo Alto Networks in the 1st quarter worth approximately $6,910,000. United Bank grew its position in shares of Palo Alto Networks by 11.7% during the 1st quarter. United Bank now owns 2,822 shares of the network technology company’s stock valued at $1,757,000 after acquiring an additional 296 shares during the period. Yousif Capital Management LLC grew its position in shares of Palo Alto Networks by 13.6% during the 1st quarter. Yousif Capital Management LLC now owns 1,547 shares of the network technology company’s stock valued at $963,000 after acquiring an additional 185 shares during the period. Finally, Prudential PLC bought a new position in Palo Alto Networks in the 1st quarter worth $1,022,000. 81.82% of the stock is currently owned by hedge funds and other institutional investors.

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.