Palo Alto Networks (NASDAQ:PANW) Shares Up 0.7%

Palo Alto Networks, Inc. (NASDAQ:PANWGet Free Report)’s stock price shot up 0.7% on Friday . The company traded as high as $285.06 and last traded at $284.13. 3,400,498 shares changed hands during trading, a decline of 41% from the average session volume of 5,726,015 shares. The stock had previously closed at $282.26.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Truist Financial increased their price target on shares of Palo Alto Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, February 20th. Scotiabank reduced their price target on shares of Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating for the company in a research report on Wednesday, February 21st. Wedbush upped their price target on Palo Alto Networks from $350.00 to $425.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. BMO Capital Markets dropped their price objective on Palo Alto Networks from $378.00 to $327.00 and set an “outperform” rating for the company in a research note on Wednesday, February 21st. Finally, The Goldman Sachs Group boosted their target price on Palo Alto Networks from $274.00 to $310.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.82.

Get Our Latest Report on PANW

Palo Alto Networks Trading Up 0.7 %

The stock’s 50 day moving average price is $317.26 and its 200 day moving average price is $286.27. The company has a market cap of $91.80 billion, a price-to-earnings ratio of 44.40, a P/E/G ratio of 3.87 and a beta of 1.21.

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

Insider Buying and Selling

In other news, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the transaction, the chief accounting officer now directly owns 27,247 shares in the company, valued at approximately $7,629,160. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total transaction of $294,000.00. Following the completion of the sale, the chief accounting officer now directly owns 27,247 shares in the company, valued at $7,629,160. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President William D. Jenkins, Jr. sold 1,867 shares of the firm’s stock in a transaction 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 directly 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 ninety days, insiders have sold 143,153 shares of company stock valued at $44,107,332. 3.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palo Alto Networks

Several institutional investors and hedge funds have recently modified their holdings of the stock. Worth Asset Management LLC acquired a new position in Palo Alto Networks during the 1st quarter worth approximately $26,000. Frank Rimerman Advisors LLC acquired a new position in shares of Palo Alto Networks during the fourth quarter worth $27,000. First Pacific Financial boosted its stake in shares of 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 purchasing an additional 97 shares during the period. Pin Oak Investment Advisors Inc. acquired a new stake in Palo Alto Networks during the 2nd quarter valued at $28,000. Finally, Fortis Capital Advisors LLC purchased a new stake in Palo Alto Networks during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

About Palo Alto Networks

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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.

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