Palo Alto Networks (NASDAQ:PANW) Given New $420.00 Price Target at TD Cowen

Palo Alto Networks (NASDAQ:PANW) had its target price boosted by TD Cowen from $400.00 to $420.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the network technology company’s stock.

Several other research analysts have also issued reports on the stock. Bank of America upped their target price on shares of Palo Alto Networks from $400.00 to $430.00 and gave the stock a “neutral” rating in a research report on Thursday. KeyCorp upped their price objective on Palo Alto Networks from $400.00 to $435.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. OTR Global reissued a “negative” rating on shares of Palo Alto Networks in a report on Thursday, November 7th. Stifel Nicolaus upped their target price on Palo Alto Networks from $385.00 to $440.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, UBS Group lifted their price target on shares of Palo Alto Networks from $345.00 to $355.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and a consensus price target of $402.03.

Palo Alto Networks Stock Performance

NASDAQ:PANW opened at $383.36 on Thursday. Palo Alto Networks has a 52-week low of $260.09 and a 52-week high of $408.53. The stock has a fifty day moving average of $364.32 and a 200 day moving average of $339.63. The firm has a market capitalization of $124.82 billion, a price-to-earnings ratio of 49.92, a P/E/G ratio of 5.76 and a beta of 1.12.

Palo Alto Networks shares are set to split on the morning of Monday, December 16th. The 2-1 split was announced on Wednesday, November 20th. The newly minted shares will be distributed to shareholders after the market closes on Friday, December 13th.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Wednesday, November 20th. The network technology company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.08. Palo Alto Networks had a net margin of 32.99% and a return on equity of 23.36%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.12 billion. During the same period in the prior year, the business earned $0.63 earnings per share. Palo Alto Networks’s revenue for the quarter was up 13.9% compared to the same quarter last year. Equities analysts forecast that Palo Alto Networks will post 3.57 earnings per share for the current fiscal year.

Insider Transactions at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the transaction, the executive vice president now owns 159,009 shares in the company, valued at $54,854,924.82. The trade was a 27.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the sale, the chief executive officer now directly owns 618,715 shares in the company, valued at $227,680,932.85. This trade represents a 11.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,252 shares of company stock valued at $89,041,637 in the last ninety days. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palo Alto Networks

A number of hedge funds have recently added to or reduced their stakes in PANW. Capital Advisors Ltd. LLC boosted its position in Palo Alto Networks by 113.9% in the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after purchasing an additional 41 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Palo Alto Networks in the third quarter worth approximately $29,000. Sound Income Strategies LLC grew its position in Palo Alto Networks by 352.6% during the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after buying an additional 67 shares during the period. Strategic Investment Solutions Inc. IL increased its holdings in Palo Alto Networks by 177.4% during the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock valued at $29,000 after buying an additional 55 shares during the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Palo Alto Networks in the first quarter worth approximately $25,000. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Company Profile

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.