Analysts at Cowen started coverage on shares of Palo Alto Networks (NYSE:PANW) in a research note issued to investors on Thursday, May 23rd, MarketBeat reports. The firm set a “market perform” rating and a $230.00 price target on the network technology company’s stock. Cowen’s price target would indicate a potential upside of 13.14% from the company’s previous close.
A number of other research analysts also recently commented on the company. ValuEngine downgraded Palo Alto Networks from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 8th. Zacks Investment Research downgraded Palo Alto Networks from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. Mizuho started coverage on Palo Alto Networks in a research note on Tuesday, March 26th. They set a “buy” rating and a $285.00 price target on the stock. Finally, Oppenheimer raised their price target on Palo Alto Networks from $270.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. Palo Alto Networks has an average rating of “Buy” and an average target price of $263.03.
PANW traded down $2.18 during mid-day trading on Thursday, hitting $203.29. 1,146,009 shares of the stock were exchanged, compared to its average volume of 1,336,281. Palo Alto Networks has a 1-year low of $160.08 and a 1-year high of $260.63. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.97. The firm has a market cap of $19.49 billion, a price-to-earnings ratio of -369.62, a PEG ratio of 9.97 and a beta of 0.98.
Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Wednesday, May 29th. The network technology company reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.06). Palo Alto Networks had a positive return on equity of 5.42% and a negative net margin of 2.30%. The company had revenue of $726.60 million for the quarter, compared to analysts’ expectations of $704.89 million. During the same quarter last year, the company earned $0.99 EPS. Palo Alto Networks’s revenue for the quarter was up 28.0% compared to the same quarter last year. On average, research analysts forecast that Palo Alto Networks will post 0.87 earnings per share for the current year.
In other Palo Alto Networks news, EVP Lee Klarich sold 7,662 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $201.29, for a total transaction of $1,542,283.98. Following the transaction, the executive vice president now owns 289,849 shares in the company, valued at $58,343,705.21. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Mark D. Mclaughlin sold 950 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $250.05, for a total value of $237,547.50. Following the transaction, the director now owns 206,171 shares in the company, valued at approximately $51,553,058.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 227,130 shares of company stock valued at $52,380,948. Company insiders own 3.10% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the business. Northern Trust Corp grew its holdings in shares of Palo Alto Networks by 3.5% during the fourth quarter. Northern Trust Corp now owns 1,135,398 shares of the network technology company’s stock valued at $213,853,000 after purchasing an additional 38,069 shares during the last quarter. Pinnacle Wealth Planning Services Inc. lifted its position in Palo Alto Networks by 11.1% in the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 1,131 shares of the network technology company’s stock worth $213,000 after purchasing an additional 113 shares during the period. Wellington Shields Capital Management LLC lifted its position in Palo Alto Networks by 13.5% in the first quarter. Wellington Shields Capital Management LLC now owns 8,400 shares of the network technology company’s stock worth $2,040,000 after purchasing an additional 1,000 shares during the period. M&T Bank Corp lifted its position in Palo Alto Networks by 0.9% in the fourth quarter. M&T Bank Corp now owns 17,460 shares of the network technology company’s stock worth $3,289,000 after purchasing an additional 154 shares during the period. Finally, Premier Asset Management LLC lifted its position in Palo Alto Networks by 1.4% in the fourth quarter. Premier Asset Management LLC now owns 68,585 shares of the network technology company’s stock worth $12,918,000 after purchasing an additional 945 shares during the period. Institutional investors own 79.26% of the company’s stock.
About Palo Alto Networks
Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
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