The Goldman Sachs Group Boosts Palo Alto Networks (NYSE:PANW) Price Target to $535.00

Palo Alto Networks (NYSE:PANW) had its price objective increased by research analysts at The Goldman Sachs Group from $515.00 to $535.00 in a research note issued on Monday, The Fly reports. The firm currently has a “buy” rating on the network technology company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 10.35% from the company’s previous close.

A number of other brokerages have also weighed in on PANW. BMO Capital Markets raised their price target on shares of Palo Alto Networks from $480.00 to $525.00 and gave the company an “outperform” rating in a research note on Friday, September 10th. JMP Securities raised their price target on shares of Palo Alto Networks from $430.00 to $455.00 and gave the company an “outperform” rating in a research note on Tuesday, August 24th. Piper Sandler raised their price target on shares of Palo Alto Networks from $450.00 to $500.00 and gave the company an “overweight” rating in a research note on Tuesday, August 24th. Credit Suisse Group raised their price target on shares of Palo Alto Networks from $425.00 to $463.00 and gave the company an “outperform” rating in a research note on Tuesday, August 24th. Finally, Summit Insights reissued a “buy” rating and issued a $500.00 target price (up from $425.00) on shares of Palo Alto Networks in a research note on Tuesday, August 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-nine have issued a buy rating to the company. According to data from MarketBeat, Palo Alto Networks presently has a consensus rating of “Buy” and an average target price of $504.72.

NYSE:PANW opened at $484.83 on Monday. Palo Alto Networks has a 52 week low of $219.34 and a 52 week high of $495.92. The company has a quick ratio of 1.38, a current ratio of 0.91 and a debt-to-equity ratio of 2.63. The stock has a market capitalization of $47.23 billion, a PE ratio of -93.60 and a beta of 1.40. The stock’s 50-day moving average price is $411.18 and its 200-day moving average price is $371.94.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Sunday, August 22nd. The network technology company reported $1.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.16. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.17 billion. Palo Alto Networks had a negative net margin of 11.72% and a negative return on equity of 17.08%. Palo Alto Networks’s quarterly revenue was up 28.3% compared to the same quarter last year. During the same period last year, the company posted $1.48 EPS. Sell-side analysts expect that Palo Alto Networks will post -0.47 earnings per share for the current fiscal year.

In other Palo Alto Networks news, Director John P. Key sold 1,000 shares of the business’s stock in a transaction on Monday, August 30th. The shares were sold at an average price of $457.87, for a total value of $457,870.00. Following the completion of the transaction, the director now owns 4,521 shares in the company, valued at $2,070,030.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mark D. Mclaughlin sold 1,500 shares of the business’s stock in a transaction on Wednesday, September 8th. The stock was sold at an average price of $460.03, for a total transaction of $690,045.00. The disclosure for this sale can be found here. Insiders sold a total of 50,184 shares of company stock valued at $20,813,424 in the last quarter. 2.30% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in shares of Palo Alto Networks by 3.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 117,418 shares of the network technology company’s stock worth $41,730,000 after purchasing an additional 3,716 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Palo Alto Networks by 15.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 32,660 shares of the network technology company’s stock worth $10,518,000 after purchasing an additional 4,470 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Palo Alto Networks by 5.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 86,038 shares of the network technology company’s stock worth $27,709,000 after purchasing an additional 4,697 shares during the last quarter. IFM Investors Pty Ltd lifted its position in shares of Palo Alto Networks by 10.7% during the 1st quarter. IFM Investors Pty Ltd now owns 10,342 shares of the network technology company’s stock worth $3,331,000 after purchasing an additional 1,002 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its position in shares of Palo Alto Networks by 74.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 366 shares of the network technology company’s stock worth $118,000 after purchasing an additional 156 shares during the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

About Palo Alto Networks

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: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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