Palo Alto Networks (NASDAQ:PANW) Given New $275.00 Price Target at Rosenblatt Securities

Palo Alto Networks (NASDAQ:PANW) had its target price boosted by stock analysts at Rosenblatt Securities from $225.00 to $275.00 in a note issued to investors on Monday,MarketScreener reports. The firm presently has a “buy” rating on the network technology company’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 13.25% from the stock’s previous close.

A number of other brokerages have also weighed in on PANW. Scotiabank reissued an “outperform” rating on shares of Palo Alto Networks in a research report on Wednesday, February 18th. Susquehanna dropped their price target on shares of Palo Alto Networks from $230.00 to $200.00 and set a “positive” rating on the stock in a report on Wednesday, February 18th. HSBC reduced their price target on shares of Palo Alto Networks from $157.00 to $114.00 in a research note on Thursday, February 19th. Truist Financial restated a “buy” rating and set a $220.00 price objective (up from $205.00) on shares of Palo Alto Networks in a research report on Wednesday, May 6th. Finally, BMO Capital Markets dropped their target price on shares of Palo Alto Networks from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $217.59.

Palo Alto Networks Stock Performance

PANW stock opened at $242.83 on Monday. The stock’s 50 day simple moving average is $174.81 and its 200 day simple moving average is $180.99. Palo Alto Networks has a 12-month low of $139.57 and a 12-month high of $245.80. The stock has a market capitalization of $198.15 billion, a PE ratio of 134.16, a price-to-earnings-growth ratio of 8.75 and a beta of 0.77.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Wednesday, February 18th. The network technology company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.09. Palo Alto Networks had a return on equity of 17.60% and a net margin of 12.96%.The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the company earned $0.81 EPS. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. On average, research analysts predict that Palo Alto Networks will post 2.14 earnings per share for the current year.

Insider Activity

In other Palo Alto Networks news, CEO Nikesh Arora bought 68,085 shares of the business’s stock in a transaction that occurred on Friday, March 27th. The stock was bought at an average cost of $146.87 per share, for a total transaction of $9,999,643.95. Following the completion of the transaction, the chief executive officer owned 343,394 shares of the company’s stock, valued at $50,434,276.78. This represents a 24.73% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Key sold 1,572 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $173.32, for a total transaction of $272,459.04. Following the sale, the director directly owned 20,000 shares of the company’s stock, valued at approximately $3,466,400. This represents a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 30,356 shares of company stock worth $4,981,575. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

A number of hedge funds have recently modified their holdings of PANW. Norges Bank bought a new position in Palo Alto Networks in the 4th quarter worth $1,415,364,000. Vanguard Group Inc. increased its position in Palo Alto Networks by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 67,929,063 shares of the network technology company’s stock worth $12,512,533,000 after buying an additional 2,659,100 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in Palo Alto Networks by 1,665.1% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,761,909 shares of the network technology company’s stock worth $442,788,000 after buying an additional 2,605,433 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Palo Alto Networks by 11.9% in the fourth quarter. Bank of America Corp DE now owns 19,375,486 shares of the network technology company’s stock worth $3,568,964,000 after buying an additional 2,065,776 shares during the period. Finally, Employees Provident Fund Board purchased a new position in shares of Palo Alto Networks during the 4th quarter valued at about $281,542,000. Institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Company Profile

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next?generation firewalls as a core on?premises capability, alongside cloud?delivered security services and software for securing public and private clouds.