Palo Alto Networks (NASDAQ:PANW) Price Target Cut to $355.00 by Analysts at KeyCorp

Palo Alto Networks (NASDAQ:PANW) had its price objective reduced by KeyCorp from $380.00 to $355.00 in a report released on Thursday morning, Benzinga reports. They currently have an overweight rating on the network technology company’s stock.

A number of other equities research analysts also recently issued reports on PANW. Barclays lowered their price target on Palo Alto Networks from $400.00 to $345.00 and set an overweight rating for the company in a research report on Wednesday, February 21st. Truist Financial upped their target price on Palo Alto Networks from $330.00 to $385.00 and gave the stock a buy rating in a research report on Tuesday, February 20th. BMO Capital Markets decreased their target price on Palo Alto Networks from $378.00 to $327.00 and set an outperform rating for the company in a research report on Wednesday, February 21st. Oppenheimer upped their target price on Palo Alto Networks from $305.00 to $330.00 and gave the stock an outperform rating in a research report on Wednesday. Finally, Susquehanna cut their price target on Palo Alto Networks from $400.00 to $325.00 and set a positive rating on the stock in a research note on Monday, February 26th. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $314.82.

Palo Alto Networks Trading Up 1.4 %

PANW stock opened at $281.14 on Thursday. The stock has a 50-day moving average price of $297.44 and a two-hundred day moving average price of $290.12. Palo Alto Networks has a 12-month low of $176.30 and a 12-month high of $380.84. The company has a market cap of $90.84 billion, a PE ratio of 43.93, a price-to-earnings-growth ratio of 3.78 and a beta of 1.19.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. Equities analysts forecast that Palo Alto Networks will post 2.76 EPS for the current fiscal year.

Insider Activity

In other news, EVP Lee Klarich sold 45,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $343.03, for a total transaction of $15,436,350.00. Following the completion of the transaction, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at $67,955,958.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President William D. Jenkins, Jr. sold 1,867 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the completion of the transaction, the president now directly owns 25,812 shares of the company’s stock, valued at approximately $7,230,715.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 45,000 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the completion of the transaction, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at $67,955,958.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 167,917 shares of company stock valued at $49,395,553. 3.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palo Alto Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Worth Asset Management LLC bought a new position in Palo Alto Networks in the 1st quarter worth approximately $26,000. Frank Rimerman Advisors LLC bought a new position in Palo Alto Networks during the 4th quarter valued at $27,000. First Pacific Financial boosted its stake in Palo Alto Networks by 421.7% during the 3rd quarter. First Pacific Financial now owns 120 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 97 shares in the last quarter. Financial Synergies Wealth Advisors Inc. boosted its stake in Palo Alto Networks by 3,200.0% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 96 shares in the last quarter. Finally, Pin Oak Investment Advisors Inc. bought a new position in Palo Alto Networks during the 2nd quarter valued at $28,000. 79.82% of the stock is owned by institutional investors.

About Palo Alto Networks

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.