Credit Suisse Group Initiates Coverage on Palo Alto Networks, Inc. (PANW)
Credit Suisse Group began coverage on shares of Palo Alto Networks, Inc. (NYSE:PANW) in a research report issued on Tuesday. The firm set an “underperform” rating and a $125.00 price target on the network technology company’s stock. Credit Suisse Group’s target price would suggest a potential downside of 13.63% from the company’s previous close.
Other equities analysts have also issued reports about the stock. BidaskClub upgraded shares of Palo Alto Networks from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 17th. Vetr lowered shares of Palo Alto Networks from a “strong-buy” rating to a “hold” rating and set a $137.50 price target on the stock. in a research note on Thursday, June 1st. Rosenblatt Securities reiterated a “buy” rating and issued a $160.00 price target on shares of Palo Alto Networks in a research note on Friday, September 1st. UBS AG set a $140.00 price target on shares of Palo Alto Networks and gave the company a “hold” rating in a research note on Tuesday, August 29th. Finally, Citigroup Inc. reiterated a “buy” rating and issued a $168.00 price target (up from $160.00) on shares of Palo Alto Networks in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-nine have given a buy rating to the stock. Palo Alto Networks presently has a consensus rating of “Buy” and an average target price of $157.91.
Palo Alto Networks (NYSE:PANW) opened at 144.73 on Tuesday. The stock has a 50 day moving average of $133.76 and a 200-day moving average of $125.97. Palo Alto Networks has a 12 month low of $107.31 and a 12 month high of $165.69. The stock’s market cap is $13.29 billion.
Palo Alto Networks (NYSE:PANW) last released its earnings results on Thursday, August 31st. The network technology company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.79 by $0.92. Palo Alto Networks had a negative return on equity of 19.08% and a negative net margin of 12.57%. The firm had revenue of $509 million for the quarter, compared to analysts’ expectations of $487.53 million. During the same quarter in the previous year, the company posted $0.50 earnings per share. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. On average, equities analysts forecast that Palo Alto Networks will post $3.33 EPS for the current fiscal year.
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In other Palo Alto Networks news, Director James J. Goetz sold 30,000 shares of Palo Alto Networks stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $137.97, for a total value of $4,139,100.00. Following the completion of the sale, the director now owns 271,645 shares in the company, valued at approximately $37,478,860.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.80% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of PANW. WFG Advisors LP grew its holdings in Palo Alto Networks by 5.9% in the 1st quarter. WFG Advisors LP now owns 900 shares of the network technology company’s stock valued at $101,000 after buying an additional 50 shares during the period. Global X Management Co. LLC grew its holdings in Palo Alto Networks by 31.9% in the 1st quarter. Global X Management Co. LLC now owns 939 shares of the network technology company’s stock valued at $106,000 after buying an additional 227 shares during the period. Sun Life Financial INC grew its holdings in Palo Alto Networks by 785.0% in the 2nd quarter. Sun Life Financial INC now owns 1,000 shares of the network technology company’s stock valued at $134,000 after buying an additional 887 shares during the period. First Interstate Bank grew its holdings in Palo Alto Networks by 130.7% in the 1st quarter. First Interstate Bank now owns 1,375 shares of the network technology company’s stock valued at $155,000 after buying an additional 779 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in Palo Alto Networks by 30.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,396 shares of the network technology company’s stock valued at $188,000 after buying an additional 322 shares during the period. Institutional investors own 77.05% of the company’s stock.
About Palo Alto Networks
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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