Palo Alto Networks (NYSE:PANW) Given New $585.00 Price Target at Northland Securities

Palo Alto Networks (NYSE:PANW) had its target price upped by Northland Securities from $460.00 to $585.00 in a research report sent to investors on Tuesday morning, The Fly reports. They currently have an outperform rating on the network technology company’s stock.

Several other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Palo Alto Networks from $317.00 to $350.00 and gave the stock an underweight rating in a research report on Friday, May 21st. Zacks Investment Research raised Palo Alto Networks from a hold rating to a buy rating and set a $386.00 price target for the company in a research report on Tuesday, June 15th. Stifel Nicolaus increased their price target on Palo Alto Networks from $490.00 to $560.00 and gave the company a buy rating in a research report on Tuesday. Cowen increased their price target on Palo Alto Networks from $425.00 to $475.00 and gave the company an outperform rating in a research report on Tuesday, August 24th. Finally, Jefferies Financial Group increased their price target on Palo Alto Networks from $450.00 to $550.00 and gave the company a buy rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Palo Alto Networks currently has a consensus rating of Buy and an average price target of $504.72.

PANW stock opened at $484.83 on Tuesday. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.91 and a quick ratio of 1.38. The stock has a market capitalization of $47.23 billion, a P/E ratio of -93.60 and a beta of 1.40. The business has a 50-day moving average of $411.18 and a 200-day moving average of $371.94. Palo Alto Networks has a fifty-two week low of $219.34 and a fifty-two week high of $495.92.

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

In other Palo Alto Networks news, President Amit K. Singh sold 5,500 shares of the firm’s stock in a transaction on Monday, July 12th. The stock was sold at an average price of $391.50, for a total transaction of $2,153,250.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lee Klarich sold 6,870 shares of the firm’s stock in a transaction on Wednesday, September 8th. The shares were sold at an average price of $462.48, for a total value of $3,177,237.60. Following the completion of the sale, the executive vice president now directly owns 265,453 shares in the company, valued at approximately $122,766,703.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,184 shares of company stock worth $20,813,424. Corporate insiders own 2.30% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Los Angeles Capital Management LLC boosted its holdings in shares of Palo Alto Networks by 84.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 6,772 shares of the network technology company’s stock valued at $2,181,000 after purchasing an additional 3,105 shares in the last quarter. Alpha Cubed Investments LLC boosted its holdings in shares of Palo Alto Networks by 4.3% during the 2nd quarter. Alpha Cubed Investments LLC now owns 31,877 shares of the network technology company’s stock valued at $11,828,000 after acquiring an additional 1,300 shares in the last quarter. Stephens Investment Management Group LLC boosted its holdings in shares of Palo Alto Networks by 1.9% during the 1st quarter. Stephens Investment Management Group LLC now owns 128,716 shares of the network technology company’s stock valued at $41,454,000 after acquiring an additional 2,377 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Palo Alto Networks by 7.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 24,135 shares of the network technology company’s stock valued at $8,955,000 after acquiring an additional 1,674 shares in the last quarter. Finally, Wesbanco Bank Inc. boosted its holdings in shares of Palo Alto Networks by 22.1% during the 2nd quarter. Wesbanco Bank Inc. now owns 22,117 shares of the network technology company’s stock valued at $8,206,000 after acquiring an additional 4,006 shares in the last quarter. 82.39% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Company Profile

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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