Palo Alto Networks (NYSE:PANW) Receives Buy Rating from Colliers Securities

Palo Alto Networks (NYSE:PANW)‘s stock had its “buy” rating reissued by Colliers Securities in a research note issued on Tuesday, TipRanks reports. They presently have a $600.00 target price on the network technology company’s stock. Colliers Securities’ target price indicates a potential upside of 24.00% from the stock’s current price.

Several other brokerages have also weighed in on PANW. BMO Capital Markets boosted their price objective on Palo Alto Networks from $480.00 to $525.00 and gave the company an “outperform” rating in a report on Friday. Summit Insights reissued a “buy” rating and issued a $500.00 price objective (up from $425.00) on shares of Palo Alto Networks in a report on Tuesday, August 24th. Oppenheimer boosted their price objective on Palo Alto Networks from $475.00 to $530.00 and gave the company an “outperform” rating in a report on Tuesday. Morgan Stanley boosted their price objective on Palo Alto Networks from $550.00 to $600.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Piper Sandler upped their target price on Palo Alto Networks from $500.00 to $600.00 and gave the company an “overweight” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat.com, Palo Alto Networks has a consensus rating of “Buy” and a consensus price target of $501.59.

Shares of PANW traded up $7.75 during midday trading on Tuesday, reaching $483.87. 72,703 shares of the company were exchanged, compared to its average volume of 1,147,531. The stock has a 50-day moving average price of $409.32 and a 200-day moving average price of $371.05. The company has a market cap of $47.13 billion, a price-to-earnings ratio of -93.41 and a beta of 1.40. Palo Alto Networks has a 1-year low of $219.34 and a 1-year high of $485.75. The company has a current ratio of 0.91, a quick ratio of 1.38 and a debt-to-equity ratio of 2.63.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings data on Sunday, August 22nd. The network technology company reported $1.60 EPS for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.16. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Palo Alto Networks had a negative return on equity of 17.08% and a negative net margin of 11.72%. The firm’s quarterly revenue was up 28.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.48 earnings per share. Equities research analysts anticipate that Palo Alto Networks will post -0.47 earnings per share for the current year.

In other news, EVP Lee Klarich sold 3,431 shares of the company’s stock in a transaction on Thursday, July 8th. The shares were sold at an average price of $380.13, for a total value of $1,304,226.03. Following the transaction, the executive vice president now directly owns 273,934 shares of the company’s stock, valued at $104,130,531.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction on Thursday, July 1st. The shares were sold at an average price of $369.01, for a total transaction of $4,428,120.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,184 shares of company stock worth $20,813,424. Company insiders own 2.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Viking Global Investors LP increased its position in Palo Alto Networks by 32.9% during the 1st quarter. Viking Global Investors LP now owns 2,508,314 shares of the network technology company’s stock worth $807,828,000 after purchasing an additional 621,184 shares in the last quarter. Northern Trust Corp increased its position in Palo Alto Networks by 1.6% in the 1st quarter. Northern Trust Corp now owns 1,214,474 shares of the network technology company’s stock valued at $391,133,000 after acquiring an additional 18,646 shares during the period. Geode Capital Management LLC boosted its stake in shares of Palo Alto Networks by 4.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,132,615 shares of the network technology company’s stock valued at $419,581,000 after purchasing an additional 51,760 shares during the last quarter. Altshuler Shaham Ltd boosted its stake in shares of Palo Alto Networks by 2.0% in the 1st quarter. Altshuler Shaham Ltd now owns 1,081,033 shares of the network technology company’s stock valued at $348,157,000 after purchasing an additional 21,105 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Palo Alto Networks by 9.7% in the 2nd quarter. Legal & General Group Plc now owns 753,898 shares of the network technology company’s stock valued at $279,734,000 after purchasing an additional 66,500 shares during the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Company Profile

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: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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Analyst Recommendations for Palo Alto Networks (NYSE:PANW)

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