Palo Alto Networks (NASDAQ:PANW) Price Target Increased to $420.00 by Analysts at Susquehanna

Palo Alto Networks (NASDAQ:PANW) had its target price boosted by Susquehanna from $340.00 to $420.00 in a report released on Thursday, Benzinga reports. Susquehanna currently has a positive rating on the network technology company’s stock.

Several other equities analysts also recently commented on the stock. Wedbush restated an outperform rating and issued a $375.00 price target on shares of Palo Alto Networks in a research note on Friday, August 16th. Stifel Nicolaus boosted their target price on Palo Alto Networks from $360.00 to $385.00 and gave the stock a buy rating in a research note on Tuesday, August 20th. Citigroup lifted their price objective on Palo Alto Networks from $385.00 to $395.00 and gave the company a buy rating in a research note on Tuesday, August 20th. The Goldman Sachs Group boosted their price objective on Palo Alto Networks from $330.00 to $376.00 and gave the stock a buy rating in a research report on Tuesday, August 20th. Finally, Truist Financial raised their target price on shares of Palo Alto Networks from $350.00 to $400.00 and gave the company a buy rating in a report on Tuesday, August 20th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $366.08.

Palo Alto Networks Stock Down 2.3 %

NASDAQ:PANW opened at $335.82 on Thursday. Palo Alto Networks has a 52 week low of $224.64 and a 52 week high of $380.84. The stock’s fifty day moving average is $335.82 and its two-hundred day moving average is $310.43. The stock has a market capitalization of $108.74 billion, a price-to-earnings ratio of 48.81, a price-to-earnings-growth ratio of 5.29 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. Palo Alto Networks’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. On average, sell-side analysts expect that Palo Alto Networks will post 3.55 EPS for the current fiscal year.

Insider Transactions at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $295.93, for a total value of $17,755,800.00. Following the sale, the executive vice president now directly owns 159,009 shares in the company, valued at $47,055,533.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $295.93, for a total value of $17,755,800.00. Following the completion of the transaction, the executive vice president now owns 159,009 shares in the company, valued at $47,055,533.37. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President William D. Jenkins, Jr. sold 1,475 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $339.12, for a total transaction of $500,202.00. Following the completion of the sale, the president now owns 19,026 shares in the company, valued at $6,452,097.12. The disclosure for this sale can be found here. In the last three months, insiders sold 464,075 shares of company stock valued at $154,029,567. Corporate insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new stake in Palo Alto Networks in the 2nd quarter valued at about $29,065,000. Coronation Fund Managers Ltd. acquired a new stake in shares of Palo Alto Networks in the second quarter worth approximately $8,489,000. Brown Financial Advisors purchased a new stake in Palo Alto Networks in the second quarter valued at approximately $1,828,000. Gordian Capital Singapore Pte Ltd increased its position in Palo Alto Networks by 255.8% during the second quarter. Gordian Capital Singapore Pte Ltd now owns 2,003 shares of the network technology company’s stock worth $679,000 after purchasing an additional 1,440 shares during the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new position in Palo Alto Networks during the second quarter worth approximately $258,000. 79.82% of the stock is 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.