Palo Alto Networks (NASDAQ:PANW) Trading 0.3% Higher

Palo Alto Networks, Inc. (NASDAQ:PANW)’s share price was up 0.3% during mid-day trading on Wednesday . The stock traded as high as $295.00 and last traded at $294.45. Approximately 875,918 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 5,471,983 shares. The stock had previously closed at $293.49.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Sanford C. Bernstein initiated coverage on shares of Palo Alto Networks in a research report on Thursday, January 18th. They issued an “outperform” rating on the stock. Evercore ISI upped their price target on shares of Palo Alto Networks from $315.00 to $405.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. Redburn Atlantic boosted their price objective on shares of Palo Alto Networks from $275.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Barclays lowered their target price on Palo Alto Networks from $400.00 to $345.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Finally, Stifel Nicolaus reissued a “buy” rating and set a $330.00 price objective on shares of Palo Alto Networks in a report on Wednesday, March 13th. Eleven analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus price target of $314.82.

Palo Alto Networks Trading Up 0.1 %

The stock has a market cap of $94.93 billion, a PE ratio of 46.01, a P/E/G ratio of 3.84 and a beta of 1.19. The company’s 50 day moving average is $292.16 and its 200-day moving average is $291.84.

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

Insider Activity at Palo Alto Networks

In related news, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Lee Klarich sold 45,000 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $343.03, for a total transaction of $15,436,350.00. Following the sale, the executive vice president now owns 198,105 shares in the company, valued at $67,955,958.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total transaction of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The disclosure for this sale can be found here. Insiders have sold a total of 167,917 shares of company stock worth $49,395,553 in the last ninety days. 3.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Palo Alto Networks

Several institutional investors and hedge funds have recently modified their holdings of the stock. Capital Investment Advisors LLC lifted its position in shares of Palo Alto Networks by 13.7% during the 3rd quarter. Capital Investment Advisors LLC now owns 1,635 shares of the network technology company’s stock worth $383,000 after buying an additional 197 shares during the period. Impact Partnership Wealth LLC boosted its position in shares of Palo Alto Networks by 18,500.0% during the third quarter. Impact Partnership Wealth LLC now owns 186 shares of the network technology company’s stock worth $44,000 after buying an additional 185 shares during the period. Nikulski Financial Inc. raised its position in Palo Alto Networks by 17.1% in the 3rd quarter. Nikulski Financial Inc. now owns 16,038 shares of the network technology company’s stock valued at $3,760,000 after buying an additional 2,337 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Palo Alto Networks by 62.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 7,230 shares of the network technology company’s stock valued at $1,695,000 after acquiring an additional 2,779 shares in the last quarter. Finally, Strategic Blueprint LLC raised its holdings in shares of Palo Alto Networks by 36.9% in the third quarter. Strategic Blueprint LLC now owns 20,369 shares of the network technology company’s stock valued at $4,775,000 after purchasing an additional 5,492 shares during the last quarter. 79.82% of the stock is currently owned by hedge funds and other 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.