Wedbush Trims Palo Alto Networks (NASDAQ:PANW) Target Price to $580.00

Palo Alto Networks (NASDAQ:PANW – Get Rating) had its price target cut by investment analysts at Wedbush from $660.00 to $580.00 in a research report issued to clients and investors on Friday, The Fly reports. Wedbush’s price objective points to a potential upside of 32.91% from the company’s current price.

Several other analysts have also commented on PANW. Morgan Stanley increased their price objective on Palo Alto Networks from $670.00 to $823.00 and gave the company an “overweight” rating in a report on Monday, April 25th. Guggenheim reissued a “buy” rating and issued a $625.00 target price on shares of Palo Alto Networks in a research report on Friday, February 18th. Royal Bank of Canada upped their target price on Palo Alto Networks from $670.00 to $710.00 and gave the company an “outperform” rating in a research report on Friday, March 25th. Jefferies Financial Group cut their target price on Palo Alto Networks to $600.00 in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Palo Alto Networks from $605.00 to $587.00 in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-nine have given a buy rating to the company. According to data from MarketBeat, Palo Alto Networks presently has an average rating of “Buy” and a consensus price target of $626.38.

Palo Alto Networks stock opened at $436.37 on Friday. The business has a fifty day moving average of $569.94 and a two-hundred day moving average of $540.75. The firm has a market cap of $42.97 billion, a P/E ratio of -92.06 and a beta of 1.28. Palo Alto Networks has a twelve month low of $337.13 and a twelve month high of $640.90.

Palo Alto Networks (NASDAQ:PANW – Get Rating) last issued its quarterly earnings data on Thursday, May 19th. The network technology company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.68 by $0.11. Palo Alto Networks had a negative return on equity of 42.84% and a negative net margin of 9.50%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the prior year, the business posted ($0.62) EPS. The business’s revenue for the quarter was up 29.1% compared to the same quarter last year. Research analysts anticipate that Palo Alto Networks will post -1.29 earnings per share for the current year.

In other news, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $616.26, for a total transaction of $7,395,120.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Lee Klarich sold 4,001 shares of Palo Alto Networks stock in a transaction that occurred on Friday, March 11th. The shares were sold at an average price of $559.22, for a total transaction of $2,237,439.22. The disclosure for this sale can be found here. Insiders sold a total of 71,032 shares of company stock worth $40,587,677 over the last three months. Corporate insiders own 2.20% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Main Street Financial Solutions LLC grew its stake in shares of Palo Alto Networks by 1.8% in the first quarter. Main Street Financial Solutions LLC now owns 1,076 shares of the network technology company’s stock worth $670,000 after acquiring an additional 19 shares in the last quarter. FineMark National Bank & Trust grew its stake in shares of Palo Alto Networks by 2.6% in the third quarter. FineMark National Bank & Trust now owns 794 shares of the network technology company’s stock worth $380,000 after acquiring an additional 20 shares in the last quarter. Latitude Advisors LLC grew its stake in shares of Palo Alto Networks by 2.8% during the fourth quarter. Latitude Advisors LLC now owns 738 shares of the network technology company’s stock worth $411,000 after purchasing an additional 20 shares in the last quarter. Johanson Financial Advisors Inc. grew its stake in shares of Palo Alto Networks by 2.6% during the fourth quarter. Johanson Financial Advisors Inc. now owns 785 shares of the network technology company’s stock worth $437,000 after purchasing an additional 20 shares in the last quarter. Finally, Veriti Management LLC grew its stake in shares of Palo Alto Networks by 2.8% during the fourth quarter. Veriti Management LLC now owns 722 shares of the network technology company’s stock worth $402,000 after purchasing an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 84.33% of the company’s stock.

Palo Alto Networks Company Profile (Get Rating)

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-customer's network and instances in public or private cloud environments, as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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