Palo Alto Networks (NASDAQ:PANW) Trading 1.5% Higher – Here’s What Happened

Palo Alto Networks, Inc. (NASDAQ:PANW) shares shot up 1.5% on Monday . The stock traded as high as $185.84 and last traded at $182.12. 6,248,490 shares were traded during mid-day trading, a decline of 5% from the average session volume of 6,577,642 shares. The stock had previously closed at $179.37.

Analyst Ratings Changes

Several analysts have weighed in on PANW shares. Tigress Financial assumed coverage on Palo Alto Networks in a report on Friday, September 26th. They issued a “buy” rating and a $245.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $230.00 price target on shares of Palo Alto Networks in a research note on Thursday, November 20th. Wedbush reissued an “outperform” rating and set a $225.00 price objective on shares of Palo Alto Networks in a research report on Thursday, November 20th. Royal Bank Of Canada raised their target price on shares of Palo Alto Networks from $232.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, November 12th. Finally, BMO Capital Markets upped their price objective on Palo Alto Networks from $225.00 to $230.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Thirty-one investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $227.06.

Palo Alto Networks Stock Performance

The firm has a market capitalization of $126.94 billion, a PE ratio of 115.27, a PEG ratio of 4.28 and a beta of 0.76. The company has a fifty day simple moving average of $196.95 and a two-hundred day simple moving average of $196.52.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Thursday, November 20th. The network technology company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.04. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.46 billion. Palo Alto Networks had a return on equity of 17.05% and a net margin of 11.69%.The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.56 earnings per share. On average, equities analysts anticipate that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Josh D. Paul sold 700 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $189.39, for a total transaction of $132,573.00. Following the sale, the chief accounting officer directly owned 46,805 shares of the company’s stock, valued at approximately $8,864,398.95. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $188.18, for a total transaction of $940,900.00. Following the transaction, the executive vice president directly owned 155,119 shares in the company, valued at approximately $29,190,293.42. The trade was a 3.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 260,448 shares of company stock valued at $53,168,301 in the last three months. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palo Alto Networks

Institutional investors and hedge funds have recently modified their holdings of the company. Darwin Wealth Management LLC acquired a new stake in shares of Palo Alto Networks during the second quarter worth $25,000. Whipplewood Advisors LLC grew its position in shares of Palo Alto Networks by 6,400.0% in the second quarter. Whipplewood Advisors LLC now owns 130 shares of the network technology company’s stock valued at $27,000 after purchasing an additional 128 shares during the period. Briaud Financial Planning Inc purchased a new stake in shares of Palo Alto Networks during the 2nd quarter valued at $28,000. Howard Hughes Medical Institute purchased a new position in Palo Alto Networks in the second quarter valued at approximately $29,000. Finally, Winch Advisory Services LLC boosted its position in shares of Palo Alto Networks by 96.1% in the third quarter. Winch Advisory Services LLC now owns 149 shares of the network technology company’s stock worth $30,000 after buying an additional 73 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

About Palo Alto Networks

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next?generation firewalls as a core on?premises capability, alongside cloud?delivered security services and software for securing public and private clouds.