Palo Alto Networks (NASDAQ:PANW) Trading Up 0.2%

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW) were up 0.2% during mid-day trading on Thursday . The stock traded as high as $342.44 and last traded at $341.20. Approximately 1,022,648 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 2,980,896 shares. The stock had previously closed at $340.44.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PANW shares. JPMorgan Chase & Co. upped their target price on Palo Alto Networks from $330.00 to $340.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Susquehanna increased their price objective on Palo Alto Networks from $325.00 to $340.00 and gave the company a “positive” rating in a report on Tuesday, May 21st. Citigroup increased their price objective on Palo Alto Networks from $335.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. Evercore ISI reduced their price objective on Palo Alto Networks from $405.00 to $385.00 and set an “outperform” rating for the company in a report on Tuesday, May 14th. Finally, Daiwa Capital Markets started coverage on Palo Alto Networks in a report on Wednesday, May 29th. They set an “outperform” rating and a $350.00 price objective for the company. Twelve analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $326.29.

Palo Alto Networks Stock Performance

The business has a 50-day simple moving average of $310.13 and a 200 day simple moving average of $307.86. The firm has a market cap of $110.48 billion, a P/E ratio of 49.59, a price-to-earnings-growth ratio of 5.21 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.07. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the company earned $0.38 EPS. The business’s revenue was up 15.3% compared to the same quarter last year. On average, research analysts expect that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the transaction, the executive vice president now owns 174,075 shares of the company’s stock, valued at approximately $46,659,063. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Aparna Bawa sold 322 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $310.00, for a total value of $99,820.00. Following the sale, the director now owns 3,767 shares in the company, valued at approximately $1,167,770. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the sale, the executive vice president now owns 174,075 shares in the company, valued at approximately $46,659,063. The disclosure for this sale can be found here. In the last quarter, insiders sold 362,525 shares of company stock valued at $110,064,607. Corporate insiders own 3.30% of the company’s stock.

Institutional Trading of Palo Alto Networks

Institutional investors have recently added to or reduced their stakes in the business. Qube Research & Technologies Ltd purchased a new position in shares of Palo Alto Networks in the 3rd quarter worth $3,394,000. AQR Capital Management LLC raised its holdings in Palo Alto Networks by 203.7% during the third quarter. AQR Capital Management LLC now owns 59,363 shares of the network technology company’s stock valued at $13,917,000 after acquiring an additional 39,817 shares during the period. Glenmede Trust Co. NA raised its holdings in Palo Alto Networks by 22.8% during the third quarter. Glenmede Trust Co. NA now owns 5,338 shares of the network technology company’s stock valued at $1,251,000 after acquiring an additional 991 shares during the period. Seven Eight Capital LP bought a new stake in Palo Alto Networks during the third quarter valued at about $2,077,000. Finally, Scotia Capital Inc. raised its holdings in Palo Alto Networks by 4.8% during the third quarter. Scotia Capital Inc. now owns 21,038 shares of the network technology company’s stock valued at $4,932,000 after acquiring an additional 971 shares during the period. 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.