Truist Securities Boosts Palo Alto Networks (NYSE:PANW) Price Target to $525.00

Palo Alto Networks (NYSE:PANW) had its target price boosted by Truist Securities from $475.00 to $525.00 in a research report released on Tuesday morning, Stock Target Advisor reports. Truist Securities currently has a buy rating on the network technology company’s stock.

A number of other analysts have also commented on PANW. Truist boosted their target price on Palo Alto Networks from $475.00 to $525.00 and gave the company a buy rating in a research report on Tuesday. JMP Securities reaffirmed a buy rating and issued a $550.00 target price (up from $455.00) on shares of Palo Alto Networks in a research report on Tuesday. Raymond James boosted their target price on Palo Alto Networks from $410.00 to $450.00 and gave the company an outperform rating in a research report on Tuesday, August 24th. Credit Suisse Group boosted their target price on Palo Alto Networks from $425.00 to $463.00 and gave the company an outperform rating in a research report on Tuesday, August 24th. Finally, Robert W. Baird boosted their target price on Palo Alto Networks from $480.00 to $540.00 and gave the company an outperform rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-nine have assigned a buy rating to the stock. According to MarketBeat, Palo Alto Networks presently has an average rating of Buy and a consensus target price of $504.72.

PANW stock opened at $484.83 on Tuesday. The stock has a 50-day moving average price of $411.18 and a 200-day moving average price of $371.94. Palo Alto Networks has a 1-year low of $219.34 and a 1-year high of $495.92. The company has a current ratio of 0.91, a quick ratio of 1.38 and a debt-to-equity ratio of 2.63. The firm has a market cap of $47.23 billion, a PE ratio of -93.60 and a beta of 1.40.

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

In other Palo Alto Networks news, EVP Nir Zuk sold 12,000 shares of the business’s 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Lee Klarich sold 6,870 shares of the business’s stock in a transaction on Wednesday, September 8th. The shares were sold at an average price of $462.48, for a total transaction of $3,177,237.60. Following the sale, the executive vice president now directly owns 265,453 shares in the company, valued at approximately $122,766,703.44. The disclosure for this sale can be found here. Insiders have sold a total of 50,184 shares of company stock worth $20,813,424 in the last three months. Insiders own 2.30% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Viking Global Investors LP increased its holdings in shares of Palo Alto Networks by 32.9% in the first 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 during the period. Northern Trust Corp grew its position in Palo Alto Networks by 1.6% in the first quarter. Northern Trust Corp now owns 1,214,474 shares of the network technology company’s stock worth $391,133,000 after acquiring an additional 18,646 shares in the last quarter. Geode Capital Management LLC grew its position in Palo Alto Networks by 4.8% in the second quarter. Geode Capital Management LLC now owns 1,132,615 shares of the network technology company’s stock worth $419,581,000 after acquiring an additional 51,760 shares in the last quarter. Altshuler Shaham Ltd grew its position in Palo Alto Networks by 2.0% in the first quarter. Altshuler Shaham Ltd now owns 1,081,033 shares of the network technology company’s stock worth $348,157,000 after acquiring an additional 21,105 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Palo Alto Networks by 9.7% in the second quarter. Legal & General Group Plc now owns 753,898 shares of the network technology company’s stock worth $279,734,000 after acquiring an additional 66,500 shares in the last quarter. 82.39% of the stock is currently 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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