Palo Alto Networks (NASDAQ:PANW) Given New $355.00 Price Target at KeyCorp

Palo Alto Networks (NASDAQ:PANW) had its price target reduced by analysts at KeyCorp from $380.00 to $355.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the network technology company’s stock. KeyCorp’s target price suggests a potential upside of 28.01% from the company’s current price.

Several other research analysts also recently commented on the stock. Piper Sandler downgraded shares of Palo Alto Networks from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $350.00 to $300.00 in a report on Wednesday, February 21st. Mizuho decreased their target price on shares of Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. The Goldman Sachs Group upped their target price on shares of Palo Alto Networks from $274.00 to $310.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer upped their target price on shares of Palo Alto Networks from $305.00 to $330.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Rosenblatt Securities lowered shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $290.00 to $265.00 in a research report on Wednesday, February 21st. Eleven investment analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $314.82.

Palo Alto Networks Price Performance

Shares of PANW stock opened at $277.33 on Thursday. Palo Alto Networks has a 1 year low of $176.30 and a 1 year high of $380.84. The firm has a fifty day moving average price of $299.16 and a 200-day moving average price of $290.18. The company has a market cap of $89.61 billion, a price-to-earnings ratio of 43.33, a PEG ratio of 3.75 and a beta of 1.19.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.22. The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. Equities research analysts expect that Palo Alto Networks will post 2.76 EPS for the current year.

Insider Activity

In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,867 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $280.13, for a total transaction of $523,002.71. Following the completion of the transaction, the president now owns 25,812 shares in the company, valued at approximately $7,230,715.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Palo Alto Networks news, EVP Lee Klarich sold 45,000 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the sale, the executive vice president now owns 198,105 shares of the company’s stock, valued at $67,955,958.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President William D. Jenkins, Jr. sold 1,867 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $280.13, for a total value of $523,002.71. Following the sale, the president now owns 25,812 shares in the company, valued at approximately $7,230,715.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 167,917 shares of company stock valued at $49,395,553. Company insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Worth Asset Management LLC purchased a new position in shares of Palo Alto Networks during the 1st quarter worth about $26,000. Frank Rimerman Advisors LLC purchased a new position in Palo Alto Networks in the fourth quarter valued at approximately $27,000. First Pacific Financial raised its holdings in Palo Alto Networks by 421.7% in the third quarter. First Pacific Financial now owns 120 shares of the network technology company’s stock valued at $28,000 after buying an additional 97 shares during the period. Financial Synergies Wealth Advisors Inc. raised its holdings in Palo Alto Networks by 3,200.0% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after buying an additional 96 shares during the period. Finally, Pin Oak Investment Advisors Inc. purchased a new position in Palo Alto Networks in the second quarter valued at approximately $28,000. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.