Palo Alto Networks (NASDAQ:PANW) Given “Buy” Rating at Cowen

Cowen reaffirmed their buy rating on shares of Palo Alto Networks (NASDAQ:PANWGet Rating) in a report issued on Friday morning, Stock Target Advisor reports. Cowen currently has a $620.00 price objective on the network technology company’s stock.

Other equities research analysts have also issued research reports about the stock. JMP Securities initiated coverage on shares of Palo Alto Networks in a research note on Tuesday, February 22nd. They set an outperform rating and a $620.00 price objective on the stock. Oppenheimer cut their price target on Palo Alto Networks from $700.00 to $600.00 in a report on Friday. BMO Capital Markets lowered their price objective on Palo Alto Networks from $685.00 to $615.00 and set a buy rating for the company in a research note on Friday. Cowen reiterated a buy rating and issued a $620.00 target price on shares of Palo Alto Networks in a research note on Friday. Finally, Citigroup upped their price target on shares of Palo Alto Networks from $600.00 to $610.00 and gave the stock a buy rating in a research report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and thirty have given a buy rating to the company. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of Buy and a consensus price target of $626.48.

NASDAQ:PANW opened at $478.68 on Friday. The company has a market cap of $47.14 billion, a PE ratio of -120.27 and a beta of 1.28. The business’s 50 day moving average is $569.01 and its two-hundred day moving average is $540.54. Palo Alto Networks has a 52 week low of $350.96 and a 52 week high of $640.90.

Palo Alto Networks (NASDAQ:PANWGet Rating) last announced its quarterly earnings data on Thursday, May 19th. The network technology company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.11. Palo Alto Networks had a negative return on equity of 54.57% and a negative net margin of 7.54%. The firm had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period last year, the business posted ($0.62) earnings per share. The firm’s revenue for the quarter was up 29.1% on a year-over-year basis. Analysts anticipate that Palo Alto Networks will post -1.29 earnings per share for the current fiscal year.

In other Palo Alto Networks news, EVP Lee Klarich sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $479.46, for a total value of $1,678,110.00. Following the transaction, the executive vice president now owns 252,551 shares in the company, valued at approximately $121,088,102.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $616.26, for a total transaction of $7,395,120.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 71,032 shares of company stock worth $40,587,677. 2.20% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. Worth Asset Management LLC bought a new position in Palo Alto Networks in the 1st quarter worth approximately $26,000. Patriot Financial Group Insurance Agency LLC increased its position in Palo Alto Networks by 108.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 48 shares of the network technology company’s stock worth $27,000 after acquiring an additional 25 shares during the period. North Star Investment Management Corp. acquired a new position in Palo Alto Networks during the 4th quarter valued at $28,000. Capital Advisory Group Advisory Services LLC bought a new stake in Palo Alto Networks in the 1st quarter valued at $29,000. Finally, JNBA Financial Advisors grew its position in Palo Alto Networks by 900.0% in the 1st quarter. JNBA Financial Advisors now owns 50 shares of the network technology company’s stock worth $31,000 after purchasing an additional 45 shares during the last quarter. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

About Palo Alto Networks (Get Rating)

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-customer's network and instances in public or private cloud environments, as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Analyst Recommendations for Palo Alto Networks (NASDAQ:PANW)

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