Palo Alto Networks Inc (NYSE:PANW) was downgraded by equities researchers at Deutsche Bank from a “buy” rating to a “hold” rating in a report released on Friday. They currently have a $150.00 target price on the network technology company’s stock, down from their previous target price of $210.00. Deutsche Bank’s target price suggests a potential upside of 1.23% from the company’s current price.
The analysts wrote, “Take Advantage Of Buying Opportunities”Palo Alto did well this quarter with subscription revenue up 69 percent and billings up 61 percent. However, product revenue “growth decelerated to 33 percent from 46–47 percent in prior quarters,”
Other analysts have also issued reports about the company. Citigroup Inc. reiterated a “hold” rating on shares of Palo Alto Networks in a report on Saturday, February 27th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Palo Alto Networks in a research report on Saturday, February 27th. Oppenheimer reissued a “buy” rating on shares of Palo Alto Networks in a research report on Saturday, February 27th. RBC Capital reissued a “buy” rating on shares of Palo Alto Networks in a research report on Saturday, February 27th. Finally, Pacific Crest reissued a “buy” rating on shares of Palo Alto Networks in a research report on Saturday, February 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-five have given a buy rating and one has assigned a strong buy rating to the stock. Palo Alto Networks presently has an average rating of “Buy” and an average target price of $191.13.
Palo Alto Networks (NYSE:PANW) last announced its quarterly earnings data on Thursday, May 26th. The network technology company reported $0.42 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The firm had revenue of $345.80 million for the quarter, compared to analysts’ expectations of $339.36 million. During the same quarter in the prior year, the business posted $0.23 earnings per share. Palo Alto Networks’s revenue was up 47.7% on a year-over-year basis. On average, equities research analysts predict that Palo Alto Networks will post $1.66 earnings per share for the current fiscal year.
In other Palo Alto Networks news, CMO Rene Bonvanie sold 17,185 shares of Palo Alto Networks stock in a transaction on Thursday, March 31st. The shares were sold at an average price of $165.00, for a total transaction of $2,835,525.00. Following the completion of the sale, the chief marketing officer now owns 142,352 shares of the company’s stock, valued at approximately $23,488,080. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nir Zuk sold 3,343 shares of Palo Alto Networks stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $143.99, for a total transaction of $481,358.57. Following the sale, the insider now directly owns 2,007,342 shares of the company’s stock, valued at approximately $289,037,174.58. The disclosure for this sale can be found here.
Other institutional investors have recently made changes to their positions in the company. Wunderlich Capital Managemnt purchased a new position in shares of Palo Alto Networks during the first quarter valued at about $103,000. Reynolds Capital Management LLC purchased a new position in shares of Palo Alto Networks during the first quarter valued at about $228,000. EagleClaw Capital Managment LLC raised its position in shares of Palo Alto Networks by 3.6% in the first quarter. EagleClaw Capital Managment LLC now owns 1,425 shares of the network technology company’s stock valued at $233,000 after buying an additional 50 shares during the period. Mn Services Vermogensbeheer B.V. purchased a new position in shares of Palo Alto Networks during the first quarter valued at about $292,000. Finally, Adell Harriman & Carpenter Inc. purchased a new position in shares of Palo Alto Networks during the first quarter valued at about $296,000.
Palo Alto Networks, Inc is a security company. The Company’s security platform consists of three elements: its Next-Generation Firewall, its Advanced Endpoint Protection, and its Threat Intelligence Cloud. The Company’s Next-Generation Firewall delivers application, user, and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture.
