Palo Alto Networks (NASDAQ:PANW) Shares Down 0.1%

Palo Alto Networks, Inc. (NASDAQ:PANW) shares dropped 0.1% during mid-day trading on Tuesday . The company traded as low as $270.36 and last traded at $271.75. Approximately 1,006,738 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 5,616,423 shares. The stock had previously closed at $272.15.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Mizuho lowered their price target on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Northland Securities lowered Palo Alto Networks from an “outperform” rating to a “market perform” rating and set a $275.00 price target for the company. in a research report on Wednesday, February 21st. Truist Financial increased their price target on Palo Alto Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, February 20th. Royal Bank of Canada raised their target price on Palo Alto Networks to $420.00 and gave the company an “overweight” rating in a research report on Thursday, February 22nd. Finally, KeyCorp decreased their target price on Palo Alto Networks from $390.00 to $380.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Eleven investment analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $315.46.

Palo Alto Networks Price Performance

The company has a market cap of $89.61 billion, a PE ratio of 43.33, a price-to-earnings-growth ratio of 3.75 and a beta of 1.19. The company has a fifty day moving average price of $299.16 and a 200 day moving average price of $290.18.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The company had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. As a group, sell-side analysts predict that Palo Alto Networks, Inc. will post 2.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the sale, the executive vice president now owns 174,075 shares in the company, valued at approximately $46,659,063. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the sale, the executive vice president now owns 174,075 shares in the company, valued at approximately $46,659,063. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President William D. Jenkins, Jr. sold 1,867 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the completion of the sale, the president now owns 25,812 shares of the company’s stock, valued at approximately $7,230,715.56. The disclosure for this sale can be found here. Insiders sold 167,917 shares of company stock worth $49,395,553 in the last quarter. 3.30% of the stock is owned by insiders.

Institutional Trading of Palo Alto Networks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Worth Asset Management LLC bought a new stake in Palo Alto Networks in the first quarter valued at approximately $26,000. Covestor Ltd lifted its position in Palo Alto Networks by 61.8% in the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after purchasing an additional 21 shares during the last quarter. Salem Investment Counselors Inc. lifted its position in Palo Alto Networks by 1,071.4% in the second quarter. Salem Investment Counselors Inc. now owns 82 shares of the network technology company’s stock valued at $41,000 after purchasing an additional 75 shares during the last quarter. Frank Rimerman Advisors LLC bought a new stake in Palo Alto Networks in the fourth quarter valued at approximately $27,000. Finally, Webster Bank N. A. lifted its position in Palo Alto Networks by 607.1% in the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock valued at $29,000 after purchasing an additional 85 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

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.