Palo Alto Networks (NASDAQ:PANW) Stock Price Up 4.3% After Analyst Upgrade

Palo Alto Networks, Inc. (NASDAQ:PANW)’s share price rose 4.3% during mid-day trading on Tuesday 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 $186.15 and last traded at $184.77. Approximately 2,460,327 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 6,106,095 shares. The stock had previously closed at $177.11.

A number of other research analysts have also weighed in on the company. JPMorgan Chase & Co. lifted their target price on Palo Alto Networks from $193.50 to $224.50 and gave the company an “overweight” rating in a report on Monday, November 18th. BNP Paribas began coverage on Palo Alto Networks in a report on Tuesday, October 8th. They set an “outperform” rating and a $205.00 target price for the company. Bank of America lifted their target price on Palo Alto Networks from $200.00 to $215.00 and gave the company a “neutral” rating in a report on Thursday, November 21st. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 target price on shares of Palo Alto Networks in a report on Thursday, November 21st. Finally, JMP Securities reissued a “market outperform” rating and set a $208.00 price objective on shares of Palo Alto Networks in a report on Tuesday, January 14th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $200.85.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 176,242 shares of the stock in a transaction on 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 owns 1,086,404 shares in the company, valued at approximately $195,596,176.16. This 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 the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $179.70, for a total value of $21,564,000.00. Following the completion of the transaction, the executive vice president now owns 365,856 shares of the company’s stock, valued at approximately $65,744,323.20. This trade represents a 24.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 867,734 shares of company stock worth $161,546,523 over the last quarter. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palo Alto Networks

Institutional investors have recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC raised its holdings in Palo Alto Networks by 113.9% in the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after purchasing an additional 41 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in Palo Alto Networks in the third quarter worth $29,000. Sound Income Strategies LLC raised its holdings in Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after purchasing an additional 67 shares in the last quarter. Strategic Investment Solutions Inc. IL grew its stake in shares of Palo Alto Networks by 177.4% in the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after acquiring an additional 55 shares during the last quarter. Finally, True Wealth Design LLC grew its stake in shares of Palo Alto Networks by 2,933.3% in the third quarter. True Wealth Design LLC now owns 91 shares of the network technology company’s stock worth $31,000 after acquiring an additional 88 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Price Performance

The stock has a market capitalization of $120.42 billion, a PE ratio of 47.79, a PEG ratio of 5.07 and a beta of 1.14. The business has a 50 day moving average price of $189.18 and a 200 day moving average price of $178.72.

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