Palo Alto Networks (PANW) Sets New 52-Week High and Low After Analyst Upgrade

Shares of Palo Alto Networks Inc (NYSE:PANW) reached a new 52-week high and low during mid-day trading on Friday after Deutsche Bank raised their price target on the stock from $210.00 to $240.00. Deutsche Bank currently has a buy rating on the stock. Palo Alto Networks traded as low as $211.27 and last traded at $210.40, with a volume of 15793 shares. The stock had previously closed at $207.60.

A number of other equities analysts have also recently commented on the company. Deutsche Bank lifted their target price on Palo Alto Networks from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday. Royal Bank of Canada lifted their target price on Palo Alto Networks to $220.00 and gave the stock an “outperform” rating in a report on Wednesday. Gabelli cut Palo Alto Networks from a “buy” rating to a “hold” rating and set a $188.00 target price for the company. in a report on Monday, April 30th. They noted that the move was a valuation call. ValuEngine upgraded Palo Alto Networks from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Finally, Monness Crespi & Hardt lifted their target price on Palo Alto Networks from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, March 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and thirty-eight have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $185.42.

In other news, CEO Mark D. Mclaughlin sold 55,000 shares of the business’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $180.52, for a total value of $9,928,600.00. Following the completion of the transaction, the chief executive officer now directly owns 341,418 shares of the company’s stock, valued at approximately $61,632,777.36. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Nir Zuk sold 30,000 shares of the business’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $181.65, for a total value of $5,449,500.00. Following the completion of the transaction, the executive vice president now directly owns 1,384,919 shares of the company’s stock, valued at $251,570,536.35. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 228,960 shares of company stock valued at $42,091,349. 4.80% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PANW. Sands Capital Management LLC raised its position in shares of Palo Alto Networks by 27.7% in the 4th quarter. Sands Capital Management LLC now owns 3,962,586 shares of the network technology company’s stock worth $574,337,000 after acquiring an additional 860,117 shares in the last quarter. Summit Trail Advisors LLC raised its position in shares of Palo Alto Networks by 19,903.8% in the 1st quarter. Summit Trail Advisors LLC now owns 848,163 shares of the network technology company’s stock worth $848,000 after acquiring an additional 843,923 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Palo Alto Networks by 18.4% in the 4th quarter. Renaissance Technologies LLC now owns 4,379,100 shares of the network technology company’s stock worth $634,707,000 after acquiring an additional 681,200 shares in the last quarter. Millennium Management LLC raised its position in shares of Palo Alto Networks by 335.9% in the 4th quarter. Millennium Management LLC now owns 803,544 shares of the network technology company’s stock worth $116,466,000 after acquiring an additional 619,215 shares in the last quarter. Finally, Hunt Lane Capital LP bought a new position in shares of Palo Alto Networks in the 4th quarter worth $53,222,000. 82.12% of the stock is owned by hedge funds and other institutional investors.

The stock has a market capitalization of $19.21 billion, a P/E ratio of -122.39 and a beta of 0.94.

Palo Alto Networks (NYSE:PANW) last announced its earnings results on Monday, February 26th. The network technology company reported ($0.40) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.19). Palo Alto Networks had a negative net margin of 9.96% and a negative return on equity of 14.74%. The business had revenue of $542.40 million for the quarter, compared to analyst estimates of $525.37 million. equities analysts anticipate that Palo Alto Networks Inc will post -0.37 EPS for the current fiscal year.

About Palo Alto Networks

Palo Alto Networks, Inc provides security platform solutions worldwide. Its platform includes Next-Generation Firewall that delivers application, user, and content visibility and control, as well as protection against network-based cyber threats; Advanced Endpoint Protection, which prevents cyber-attacks that exploit software vulnerabilities on various fixed, mobile, and virtual endpoints and servers; and Threat Intelligence Cloud, which offers central intelligence capabilities, security for software as a service applications, and automated delivery of preventative measures against cyber-attacks.

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