Palo Alto Networks (NASDAQ:PANW) Sets New 1-Year High After Analyst Upgrade

Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) shares hit a new 52-week high during mid-day trading on Wednesday after Loop Capital raised their price target on the stock from $225.00 to $240.00. The company traded as high as $207.38 and last traded at $203.75, with a volume of 5449566 shares. The stock had previously closed at $189.74.

Several other analysts have also recently weighed in on PANW. Wolfe Research raised their price target on Palo Alto Networks from $210.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday. Roth Capital reiterated a “buy” rating and set a $230.00 price objective (up from $220.00) on shares of Palo Alto Networks in a research report on Tuesday, February 21st. Robert W. Baird increased their price objective on Palo Alto Networks from $230.00 to $235.00 and gave the company an “outperform” rating in a research report on Wednesday. Mizuho lifted their price target on Palo Alto Networks from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Raymond James boosted their target price on Palo Alto Networks from $215.00 to $230.00 and gave the company an “outperform” rating in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and thirty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and an average price target of $232.19.

Insiders Place Their Bets

In related news, EVP Lee Klarich sold 45,000 shares of the stock in a transaction on Friday, May 5th. The stock was sold at an average price of $183.12, for a total value of $8,240,400.00. Following the transaction, the executive vice president now owns 605,212 shares of the company’s stock, valued at $110,826,421.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Lee Klarich sold 45,000 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $183.12, for a total transaction of $8,240,400.00. Following the completion of the sale, the executive vice president now owns 605,212 shares in the company, valued at $110,826,421.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Nikesh Arora sold 13,800 shares of the stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $201.42, for a total transaction of $2,779,596.00. Following the sale, the chief executive officer now owns 1,177,193 shares of the company’s stock, valued at approximately $237,110,214.06. The disclosure for this sale can be found here. Insiders have sold 268,880 shares of company stock worth $50,764,796 over the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

Hedge funds have recently added to or reduced their stakes in the company. RB Capital Management LLC increased its holdings in Palo Alto Networks by 19.9% in the first quarter. RB Capital Management LLC now owns 602 shares of the network technology company’s stock valued at $375,000 after buying an additional 100 shares in the last quarter. Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in Palo Alto Networks in the first quarter valued at about $6,910,000. United Bank increased its stake in shares of Palo Alto Networks by 11.7% during the 1st quarter. United Bank now owns 2,822 shares of the network technology company’s stock worth $1,757,000 after purchasing an additional 296 shares in the last quarter. Yousif Capital Management LLC increased its stake in shares of Palo Alto Networks by 13.6% during the 1st quarter. Yousif Capital Management LLC now owns 1,547 shares of the network technology company’s stock worth $963,000 after purchasing an additional 185 shares in the last quarter. Finally, Prudential PLC purchased a new position in shares of Palo Alto Networks during the 1st quarter worth approximately $1,022,000. Institutional investors and hedge funds own 81.82% of the company’s stock.

Palo Alto Networks Trading Up 7.7 %

The stock’s 50 day moving average price is $192.60 and its two-hundred day moving average price is $176.45. The firm has a market capitalization of $61.83 billion, a PE ratio of 2,786.17, a PEG ratio of 5.09 and a beta of 1.17.

Palo Alto Networks (NASDAQ:PANW – Get Rating) last released its earnings results on Tuesday, February 21st. The network technology company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.12 by $0.22. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Palo Alto Networks had a net margin of 0.56% and a return on equity of 36.62%. Analysts expect that Palo Alto Networks, Inc. will post 1.2 earnings per share for the current year.

Palo Alto Networks Company Profile

(Get Rating)

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: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.