Palo Alto Networks (PANW) Receives New Coverage from Analysts at Wedbush

Wedbush initiated coverage on shares of Palo Alto Networks (NYSE:PANW) in a research note released on Thursday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $225.00 target price on the network technology company’s stock.

Several other research firms have also recently issued reports on PANW. JPMorgan Chase & Co. increased their price target on shares of Palo Alto Networks to $282.00 and gave the stock an overweight rating in a report on Friday, September 7th. Wells Fargo & Co increased their price target on shares of Palo Alto Networks from $240.00 to $250.00 and gave the stock an outperform rating in a report on Thursday, June 28th. Evercore ISI reissued a buy rating and set a $270.00 price target on shares of Palo Alto Networks in a report on Friday, September 7th. CIBC increased their price target on shares of Palo Alto Networks from $235.00 to $275.00 and gave the stock an outperform rating in a report on Friday, September 7th. Finally, Monness Crespi & Hardt increased their price target on shares of Palo Alto Networks from $235.00 to $265.00 and gave the stock a buy rating in a report on Friday, September 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $240.94.

NYSE PANW traded down $7.68 during trading hours on Thursday, hitting $194.88. 101,761 shares of the stock were exchanged, compared to its average volume of 1,282,705. The stock has a market capitalization of $19.33 billion, a P/E ratio of -362.15, a P/E/G ratio of 14.47 and a beta of 0.88. Palo Alto Networks has a 12-month low of $135.85 and a 12-month high of $239.50. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 1.42.

Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings results on Thursday, September 6th. The network technology company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.11. The firm had revenue of $658.10 million during the quarter, compared to analysts’ expectations of $634.14 million. Palo Alto Networks had a negative net margin of 6.51% and a negative return on equity of 4.12%. The firm’s revenue for the quarter was up 29.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 earnings per share. On average, equities research analysts expect that Palo Alto Networks will post 0.61 earnings per share for the current fiscal year.

In other news, Director Mark D. Mclaughlin sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $200.12, for a total transaction of $8,004,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kathleen Bonanno sold 1,097 shares of the firm’s stock in a transaction that occurred on Wednesday, July 25th. The stock was sold at an average price of $208.77, for a total transaction of $229,020.69. Following the transaction, the chief financial officer now directly owns 35,882 shares of the company’s stock, valued at $7,491,085.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 290,275 shares of company stock valued at $64,322,762. Corporate insiders own 4.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of PANW. Banco de Sabadell S.A purchased a new position in shares of Palo Alto Networks during the 2nd quarter worth approximately $103,000. CIBC Private Wealth Group LLC boosted its position in Palo Alto Networks by 2,475.0% during the second quarter. CIBC Private Wealth Group LLC now owns 515 shares of the network technology company’s stock worth $106,000 after acquiring an additional 495 shares during the last quarter. First Manhattan Co. acquired a new stake in Palo Alto Networks during the third quarter worth approximately $106,000. Trust Co. of Vermont boosted its position in Palo Alto Networks by 107.7% during the first quarter. Trust Co. of Vermont now owns 671 shares of the network technology company’s stock worth $121,000 after acquiring an additional 348 shares during the last quarter. Finally, LeJeune Puetz Investment Counsel LLC acquired a new stake in Palo Alto Networks during the second quarter worth approximately $123,000. 80.62% of the stock is owned by institutional investors and hedge funds.

About Palo Alto Networks

Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Analyst Recommendations for Palo Alto Networks (NYSE:PANW)

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