Barclays PLC Reiterates Overweight Rating for Palo Alto Networks, Inc. (PANW)
Palo Alto Networks, Inc. (NYSE:PANW)‘s stock had its “overweight” rating restated by equities researchers at Barclays PLC in a report released on Friday. They presently have a $161.00 price objective on the network technology company’s stock, up from their prior price objective of $158.00. Barclays PLC’s price target would indicate a potential upside of 21.34% from the company’s current price.
A number of other research analysts have also issued reports on the company. Jefferies Group LLC upgraded Palo Alto Networks from a “hold” rating to a “buy” rating and boosted their price target for the stock from $130.00 to $150.00 in a research report on Friday, May 19th. BidaskClub lowered Palo Alto Networks from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. OTR Global restated a “positive” rating on shares of Palo Alto Networks in a report on Wednesday, May 10th. Vetr upgraded Palo Alto Networks from a “hold” rating to a “buy” rating and set a $140.90 price objective for the company in a report on Tuesday, June 27th. Finally, Citigroup Inc. upgraded Palo Alto Networks from a “neutral” rating to a “buy” rating and upped their price objective for the company from $147.00 to $160.00 in a report on Friday, July 7th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $154.96.
Palo Alto Networks (NYSE PANW) traded up 10.81% during midday trading on Friday, reaching $147.04. The company’s stock had a trading volume of 4,524,426 shares. The company’s 50-day moving average price is $133.45 and its 200-day moving average price is $126.61. Palo Alto Networks has a 1-year low of $107.31 and a 1-year high of $165.69. The company’s market capitalization is $13.50 billion. Palo Alto Networks also saw unusually large options trading on Thursday. Investors purchased 13,736 put options on the company. This represents an increase of approximately 559% compared to the average daily volume of 2,084 put options.
Palo Alto Networks (NYSE:PANW) last announced its quarterly earnings results on Thursday, August 31st. The network technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.79 by $0.92. Palo Alto Networks had a negative return on equity of 23.77% and a negative net margin of 14.38%. The business had revenue of $509 million for the quarter, compared to analyst estimates of $487.53 million. During the same quarter last year, the firm posted $0.50 EPS. The company’s revenue was up 27.0% compared to the same quarter last year. On average, analysts predict that Palo Alto Networks will post $3.27 earnings per share for the current fiscal year.
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In related news, Director James J. Goetz sold 30,000 shares of the firm’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $137.97, for a total transaction of $4,139,100.00. Following the completion of the sale, the director now directly owns 271,645 shares of the company’s stock, valued at approximately $37,478,860.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Bangor Savings Bank acquired a new stake in Palo Alto Networks during the second quarter worth $1,342,000. Cypress Wealth Advisors LLC boosted its stake in Palo Alto Networks by 3.7% in the second quarter. Cypress Wealth Advisors LLC now owns 3,154 shares of the network technology company’s stock worth $422,000 after buying an additional 113 shares in the last quarter. National Asset Management Inc. boosted its stake in Palo Alto Networks by 4.7% in the second quarter. National Asset Management Inc. now owns 2,819 shares of the network technology company’s stock worth $378,000 after buying an additional 127 shares in the last quarter. Grandeur Peak Global Advisors LLC boosted its stake in Palo Alto Networks by 1.3% in the second quarter. Grandeur Peak Global Advisors LLC now owns 7,975 shares of the network technology company’s stock worth $1,067,000 after buying an additional 100 shares in the last quarter. Finally, Scotia Capital Inc. acquired a new stake in Palo Alto Networks during the second quarter worth $213,000. 77.05% of the stock is owned by hedge funds and other institutional investors.
Palo Alto Networks Company Profile
Palo Alto Networks, Inc offers a next-generation security platform. The Company’s security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its 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.
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