Credit Suisse Group Increases Palo Alto Networks (NASDAQ:PANW) Price Target to $260.00

Palo Alto Networks (NASDAQ:PANWGet Rating) had its price objective lifted by analysts at Credit Suisse Group from $235.00 to $260.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm presently has an “outperform” rating on the network technology company’s stock. Credit Suisse Group’s price target would indicate a potential upside of 25.01% from the company’s previous close.

Several other brokerages have also recently issued reports on PANW. Roth Mkm lifted their target price on Palo Alto Networks from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, February 22nd. The Goldman Sachs Group lifted their target price on Palo Alto Networks from $205.00 to $213.00 and gave the company a “buy” rating in a research report on Wednesday, February 22nd. Jefferies Financial Group lifted their target price on Palo Alto Networks from $215.00 to $230.00 in a research report on Thursday, May 18th. Stifel Nicolaus lifted their target price on Palo Alto Networks from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, February 22nd. Finally, Oppenheimer lifted their price target on Palo Alto Networks from $220.00 to $250.00 and gave the stock an “outperform” rating in a report on Monday, April 17th. Five equities research analysts have rated the stock with a hold rating and thirty-seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $232.19.

Palo Alto Networks Stock Performance

Shares of NASDAQ:PANW opened at $207.98 on Wednesday. The business’s 50 day simple moving average is $192.20 and its two-hundred day simple moving average is $178.00. The firm has a market cap of $62.94 billion, a P/E ratio of 330.13, a PEG ratio of 5.03 and a beta of 1.17. Palo Alto Networks has a 52-week low of $132.22 and a 52-week high of $208.87.

Palo Alto Networks (NASDAQ:PANWGet Rating) last announced its quarterly earnings results on Tuesday, February 21st. The network technology company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.22. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. Palo Alto Networks had a return on equity of 69.46% and a net margin of 3.32%. On average, equities analysts forecast that Palo Alto Networks will post 1.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Nikesh Arora sold 13,800 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 1,177,193 shares in the company, valued at $237,110,214.06. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Nikesh Arora sold 13,800 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 1,177,193 shares in the company, valued at $237,110,214.06. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $182.57, for a total value of $6,572,520.00. Following the transaction, the executive vice president now owns 1,702,898 shares of the company’s stock, valued at $310,898,087.86. The disclosure for this sale can be found here. Insiders sold a total of 267,330 shares of company stock worth $50,478,046 over the last ninety days. 3.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palo Alto Networks

A number of hedge funds and other institutional investors have recently modified their holdings of PANW. RB Capital Management LLC boosted its holdings in shares of Palo Alto Networks by 19.9% in the 1st quarter. RB Capital Management LLC now owns 602 shares of the network technology company’s stock worth $375,000 after purchasing an additional 100 shares in the last quarter. Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in shares of Palo Alto Networks in the 1st quarter worth about $6,910,000. United Bank boosted its holdings in shares of Palo Alto Networks by 11.7% in 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 boosted its holdings in shares of Palo Alto Networks by 13.6% in 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 in the 1st quarter worth about $1,022,000. 81.82% of the stock is currently owned by hedge funds and other institutional investors.

About Palo Alto Networks

(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.

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