Palo Alto Networks (PANW) Upgraded to “Outperform” by Evercore ISI

Evercore ISI upgraded shares of Palo Alto Networks (NYSE:PANW) from an in-line rating to an outperform rating in a report released on Thursday, MarketBeat reports. Evercore ISI currently has $180.00 price target on the network technology company’s stock.

PANW has been the topic of a number of other reports. Zacks Investment Research raised Palo Alto Networks from a hold rating to a buy rating and set a $169.00 price objective on the stock in a report on Tuesday, November 28th. Jefferies Group reaffirmed a buy rating and issued a $183.00 price target (up from $168.00) on shares of Palo Alto Networks in a research note on Tuesday, November 21st. Piper Jaffray Companies reaffirmed an overweight rating and issued a $173.00 price target (up from $155.00) on shares of Palo Alto Networks in a research note on Tuesday, November 21st. Royal Bank of Canada lifted their price target on Palo Alto Networks from $159.00 to $175.00 and gave the stock an outperform rating in a research note on Tuesday, November 21st. Finally, Maxim Group reaffirmed a buy rating and issued a $195.00 price target (up from $168.00) on shares of Palo Alto Networks in a research note on Thursday, September 28th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and thirty-three have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $165.74.

Shares of Palo Alto Networks (NYSE PANW) traded down $0.60 during midday trading on Thursday, hitting $157.22. The company had a trading volume of 1,008,935 shares, compared to its average volume of 806,813. Palo Alto Networks has a 52 week low of $107.31 and a 52 week high of $158.78.

Palo Alto Networks (NYSE:PANW) last announced its quarterly earnings data on Monday, November 20th. The network technology company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.06. The company had revenue of $505.50 million for the quarter, compared to analysts’ expectations of $489.36 million. Palo Alto Networks had a negative return on equity of 15.77% and a negative net margin of 11.97%. Palo Alto Networks’s revenue for the quarter was up 27.0% compared to the same quarter last year. During the same period last year, the firm posted $0.55 EPS. research analysts anticipate that Palo Alto Networks will post -0.37 earnings per share for the current year.

In related news, CMO Rene Bonvanie sold 16,596 shares of Palo Alto Networks stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $151.83, for a total transaction of $2,519,770.68. Following the sale, the chief marketing officer now directly owns 95,584 shares in the company, valued at $14,512,518.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James J. Goetz sold 78,000 shares of Palo Alto Networks stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $146.78, for a total value of $11,448,840.00. The disclosure for this sale can be found here. Insiders have sold 354,644 shares of company stock worth $52,415,318 over the last three months. Insiders own 4.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WESPAC Advisors SoCal LLC boosted its position in shares of Palo Alto Networks by 2.4% during the second quarter. WESPAC Advisors SoCal LLC now owns 2,125 shares of the network technology company’s stock valued at $284,000 after purchasing an additional 50 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Palo Alto Networks by 2.2% during the second quarter. Nordea Investment Management AB now owns 2,607 shares of the network technology company’s stock valued at $349,000 after purchasing an additional 55 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Palo Alto Networks by 1.2% during the second quarter. Principal Financial Group Inc. now owns 5,590 shares of the network technology company’s stock valued at $748,000 after purchasing an additional 68 shares in the last quarter. YorkBridge Wealth Partners LLC boosted its position in shares of Palo Alto Networks by 1.4% during the second quarter. YorkBridge Wealth Partners LLC now owns 5,198 shares of the network technology company’s stock valued at $691,000 after purchasing an additional 70 shares in the last quarter. Finally, Glenview Trust Co boosted its position in shares of Palo Alto Networks by 2.2% during the second quarter. Glenview Trust Co now owns 4,600 shares of the network technology company’s stock valued at $616,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 79.98% of the company’s stock.

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About Palo Alto Networks

Palo Alto Networks, Inc offers a next-generation security platform. The Company’s security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture.

Analyst Recommendations for Palo Alto Networks (NYSE:PANW)

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