Palo Alto Networks (NYSE:PANW) Price Target Raised to $585.00

Palo Alto Networks (NYSE:PANW) had its target price increased by Northland Securities from $460.00 to $585.00 in a report published on Tuesday, The Fly reports. Northland Securities currently has an outperform rating on the network technology company’s stock.

Other equities analysts have also issued research reports about the stock. Raymond James boosted their price objective on shares of Palo Alto Networks from $410.00 to $450.00 and gave the company an outperform rating in a research report on Tuesday, August 24th. Morgan Stanley upped their price target on shares of Palo Alto Networks from $515.00 to $550.00 and gave the stock an overweight rating in a research report on Tuesday, August 24th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Palo Alto Networks from $490.00 to $515.00 and gave the stock a buy rating in a research report on Tuesday, August 24th. Barclays boosted their price objective on shares of Palo Alto Networks from $535.00 to $615.00 and gave the stock an overweight rating in a research note on Tuesday. Finally, Oppenheimer boosted their price objective on shares of Palo Alto Networks from $475.00 to $530.00 and gave the stock an outperform rating in a research note 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $506.13.

NYSE PANW opened at $476.37 on Tuesday. The firm has a market cap of $46.40 billion, a PE ratio of -91.96 and a beta of 1.40. The firm’s fifty day moving average is $416.73 and its two-hundred day moving average is $374.23. The company has a debt-to-equity ratio of 2.63, a quick ratio of 0.91 and a current ratio of 0.91. Palo Alto Networks has a one year low of $219.34 and a one year high of $495.92.

Palo Alto Networks (NYSE:PANW) last issued its earnings results on Sunday, August 22nd. The network technology company reported $1.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.16. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.17 billion. Palo Alto Networks had a negative net margin of 11.72% and a negative return on equity of 17.08%. The business’s quarterly revenue was up 28.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.48 earnings per share. Research analysts predict that Palo Alto Networks will post -0.47 earnings per share for the current year.

In other news, Director John P. Key sold 1,000 shares of the firm’s stock in a transaction on Monday, August 30th. The shares were sold at an average price of $457.87, for a total value of $457,870.00. Following the sale, the director now owns 4,521 shares in the company, valued at $2,070,030.27. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mark D. Mclaughlin sold 1,500 shares of Palo Alto Networks stock in a transaction on Tuesday, August 3rd. The stock was sold at an average price of $400.55, for a total transaction of $600,825.00. Following the sale, the director now owns 53,883 shares in the company, valued at approximately $21,582,835.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,184 shares of company stock worth $20,813,424. Insiders own 2.30% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of PANW. Viking Global Investors LP boosted its stake in shares of Palo Alto Networks by 32.9% in the 1st quarter. Viking Global Investors LP now owns 2,508,314 shares of the network technology company’s stock valued at $807,828,000 after purchasing an additional 621,184 shares in the last quarter. Atalan Capital Partners LP bought a new position in shares of Palo Alto Networks in the second quarter valued at about $126,157,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Palo Alto Networks by 134.6% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 586,400 shares of the network technology company’s stock valued at $217,584,000 after buying an additional 336,392 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Palo Alto Networks by 102.6% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 390,924 shares of the network technology company’s stock valued at $125,901,000 after buying an additional 198,000 shares during the last quarter. Finally, Harvard Management Co. Inc. raised its holdings in shares of Palo Alto Networks by 103.9% in the first quarter. Harvard Management Co. Inc. now owns 340,900 shares of the network technology company’s stock valued at $109,790,000 after buying an additional 173,698 shares during the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

About Palo Alto Networks

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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