Palo Alto Networks (NASDAQ:PANW) Shares Up 1.5% After Analyst Upgrade

Palo Alto Networks, Inc. (NASDAQ:PANW) shares traded up 1.5% during trading on Wednesday after Scotiabank raised their price target on the stock from $200.00 to $225.00. Scotiabank currently has a sector outperform rating on the stock. Palo Alto Networks traded as high as $187.02 and last traded at $186.29. 1,547,199 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 6,089,137 shares. The stock had previously closed at $183.51.

Several other research analysts have also recently weighed in on PANW. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $190.00 price objective (down from $207.00) on shares of Palo Alto Networks in a research report on Wednesday, January 8th. BNP Paribas started coverage on shares of Palo Alto Networks in a research note on Tuesday, October 8th. They set an “outperform” rating and a $205.00 price objective for the company. JPMorgan Chase & Co. upped their target price on Palo Alto Networks from $193.50 to $224.50 and gave the stock an “overweight” rating in a report on Monday, November 18th. StockNews.com downgraded Palo Alto Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, December 24th. Finally, Guggenheim cut Palo Alto Networks from a “neutral” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research note on Monday, January 6th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $200.85.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 176,242 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $180.04, for a total value of $31,730,609.68. Following the completion of the transaction, the chief executive officer now directly owns 1,086,404 shares in the company, valued at approximately $195,596,176.16. This trade represents a 13.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 120,000 shares of Palo Alto Networks stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $179.70, for a total transaction of $21,564,000.00. Following the sale, the executive vice president now owns 365,856 shares in the company, valued at approximately $65,744,323.20. This represents a 24.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 867,734 shares of company stock valued at $161,546,523. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of Palo Alto Networks

Institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC raised its holdings in Palo Alto Networks by 34,318.2% during the 3rd quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock worth $1,113,948,000 after purchasing an additional 3,249,594 shares during the last quarter. Nordea Investment Management AB lifted its holdings in Palo Alto Networks by 199.1% in the fourth quarter. Nordea Investment Management AB now owns 1,822,336 shares of the network technology company’s stock valued at $333,925,000 after buying an additional 1,213,073 shares during the period. Jennison Associates LLC grew its holdings in Palo Alto Networks by 50.1% during the 3rd quarter. Jennison Associates LLC now owns 3,147,215 shares of the network technology company’s stock worth $1,075,718,000 after acquiring an additional 1,050,173 shares during the period. Fifth Third Bancorp raised its position in shares of Palo Alto Networks by 100.6% in the 4th quarter. Fifth Third Bancorp now owns 1,374,653 shares of the network technology company’s stock worth $250,132,000 after acquiring an additional 689,458 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Palo Alto Networks in the 3rd quarter valued at about $174,124,000. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Palo Alto Networks Trading Up 1.5 %

The firm has a 50-day moving average of $188.87 and a 200 day moving average of $178.81. The company has a market cap of $122.19 billion, a P/E ratio of 48.48, a price-to-earnings-growth ratio of 5.07 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Wednesday, November 20th. The network technology company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.04. Palo Alto Networks had a net margin of 32.99% and a return on equity of 23.36%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same period in the prior year, the firm earned $0.32 earnings per share. Palo Alto Networks’s revenue was up 13.9% on a year-over-year basis. On average, equities analysts predict that Palo Alto Networks, Inc. will post 1.74 EPS for the current year.

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.