Palo Alto Networks (NASDAQ:PANW) Price Target Cut to $355.00 by Analysts at KeyCorp

Palo Alto Networks (NASDAQ:PANW) had its price target reduced by KeyCorp from $380.00 to $355.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the network technology company’s stock. KeyCorp’s price objective suggests a potential upside of 27.83% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Mizuho dropped their price target on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Oppenheimer upped their price target on Palo Alto Networks from $305.00 to $330.00 and gave the company an “outperform” rating in a research report on Wednesday. Scotiabank dropped their price target on Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, February 21st. Loop Capital cut Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 price target on the stock. in a research report on Wednesday, February 21st. Finally, Susquehanna dropped their price target on Palo Alto Networks from $400.00 to $325.00 and set a “positive” rating on the stock in a research report on Monday, February 26th. Eleven analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $314.82.

Palo Alto Networks Trading Down 1.2 %

PANW stock opened at $277.71 on Thursday. The stock’s fifty day simple moving average is $295.46 and its two-hundred day simple moving average is $290.40. Palo Alto Networks has a 1-year low of $176.30 and a 1-year high of $380.84. The stock has a market cap of $89.73 billion, a P/E ratio of 43.39, a P/E/G ratio of 3.83 and a beta of 1.19.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. As a group, analysts forecast that Palo Alto Networks will post 2.76 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $280.00, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Lee Klarich sold 45,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $343.03, for a total transaction of $15,436,350.00. Following the transaction, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $67,955,958.15. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction that occurred on 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 owns 27,247 shares in the company, valued at $7,629,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 167,917 shares of company stock worth $49,395,553. 3.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palo Alto Networks

Institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd grew its position in Palo Alto Networks by 61.8% during the 1st quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock worth $35,000 after acquiring an additional 21 shares during the last quarter. Worth Asset Management LLC bought a new stake in shares of Palo Alto Networks in the 1st quarter worth approximately $26,000. Salem Investment Counselors Inc. grew its position in shares of Palo Alto Networks by 1,071.4% in the 2nd quarter. Salem Investment Counselors Inc. now owns 82 shares of the network technology company’s stock worth $41,000 after buying an additional 75 shares during the last quarter. Frank Rimerman Advisors LLC bought a new stake in shares of Palo Alto Networks in the 4th quarter worth approximately $27,000. Finally, Webster Bank N. A. grew its position in shares of Palo Alto Networks by 607.1% in the 4th quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock worth $29,000 after buying an additional 85 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors.

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.