Palo Alto Networks (NASDAQ:PANW) Price Target Cut to $360.00 by Analysts at Royal Bank of Canada

Palo Alto Networks (NASDAQ:PANW) had its price objective decreased by Royal Bank of Canada from $365.00 to $360.00 in a report released on Tuesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the network technology company’s stock.

Other analysts have also issued reports about the company. Capital One Financial lowered Palo Alto Networks from an overweight rating to an equal weight rating and set a $302.00 target price on the stock. in a research note on Wednesday, February 21st. Westpark Capital reiterated a hold rating on shares of Palo Alto Networks in a report on Monday, January 29th. Wedbush reissued an outperform rating and issued a $375.00 target price on shares of Palo Alto Networks in a research note on Tuesday. The Goldman Sachs Group upped their price target on Palo Alto Networks from $274.00 to $310.00 and gave the company a buy rating in a research report on Wednesday, February 21st. Finally, Needham & Company LLC reissued a buy rating and issued a $345.00 target price on shares of Palo Alto Networks in a research report on Tuesday. Twelve research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $321.39.

Palo Alto Networks Price Performance

Shares of PANW opened at $321.60 on Tuesday. Palo Alto Networks has a 1 year low of $201.17 and a 1 year high of $380.84. The company has a market capitalization of $104.13 billion, a price-to-earnings ratio of 46.74, a price-to-earnings-growth ratio of 5.04 and a beta of 1.18. The business has a 50-day moving average of $290.37 and a 200-day moving average of $299.74.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, sell-side analysts anticipate that Palo Alto Networks will post 2.79 EPS for the current year.

Insider Transactions at Palo Alto Networks

In related news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $288.24, for a total transaction of $10,376,640.00. Following the completion of the sale, the executive vice president now owns 1,295,567 shares in the company, valued at approximately $373,434,232.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $288.24, for a total value of $10,376,640.00. Following the completion of the transaction, the executive vice president now directly owns 1,295,567 shares of the company’s stock, valued at approximately $373,434,232.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Josh D. Paul sold 1,050 shares of the 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 completion of the transaction, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at $7,629,160. The disclosure for this sale can be found here. In the last quarter, insiders sold 278,326 shares of company stock worth $80,147,130. 3.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palo Alto Networks

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Frank Rimerman Advisors LLC acquired a new position in Palo Alto Networks in the fourth quarter valued at about $27,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of Palo Alto Networks by 3,200.0% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 96 shares in the last quarter. Webster Bank N. A. boosted its holdings 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 valued at $29,000 after purchasing an additional 85 shares in the last quarter. Cedar Mountain Advisors LLC lifted its stake in shares of Palo Alto Networks by 87.0% in the 4th quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after acquiring an additional 47 shares during the last quarter. Finally, Ulland Investment Advisors LLC bought a new position in Palo Alto Networks during the 1st quarter worth $30,000. Institutional investors own 79.82% of the company’s stock.

About Palo Alto Networks

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.