Palo Alto Networks (PANW) Price Target Cut to $160.00

Palo Alto Networks (NYSE:PANW) had its price objective trimmed by Credit Suisse Group from $185.00 to $160.00 in a report published on Friday morning, Marketbeat Ratings reports. The firm currently has an underweight rating on the network technology company’s stock.

Several other research analysts have also weighed in on PANW. ValuEngine upgraded Palo Alto Networks from a buy rating to a strong-buy rating in a research report on Friday, August 3rd. KeyCorp increased their price objective on Palo Alto Networks from $245.00 to $275.00 and gave the stock an overweight rating in a research report on Friday, September 7th. Rosenblatt Securities increased their price objective on Palo Alto Networks to $280.00 and gave the stock a buy rating in a research report on Friday, September 7th. Monness Crespi & Hardt increased their price objective on Palo Alto Networks from $235.00 to $265.00 and gave the stock a buy rating in a research report on Friday, September 7th. Finally, Jefferies Financial Group increased their price objective on Palo Alto Networks to $267.00 and gave the stock a buy rating in a research report on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $240.26.

PANW stock opened at $179.31 on Friday. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $16.31 billion, a PE ratio of -326.02, a P/E/G ratio of 12.15 and a beta of 1.14. Palo Alto Networks has a 1 year low of $140.12 and a 1 year high of $239.50.

Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings results on Thursday, November 29th. The network technology company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $656.00 million during the quarter, compared to analyst estimates of $632.16 million. Palo Alto Networks had a negative return on equity of 1.99% and a negative net margin of 5.04%. The business’s revenue was up 30.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.74 earnings per share. Equities research analysts predict that Palo Alto Networks will post 0.61 EPS for the current fiscal year.

In other news, EVP Nir Zuk sold 30,000 shares of the stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $186.20, for a total value of $5,586,000.00. Following the sale, the executive vice president now directly owns 1,121,927 shares in the company, valued at $208,902,807.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lee Klarich sold 8,000 shares of the stock in a transaction on Monday, September 10th. The shares were sold at an average price of $231.91, for a total value of $1,855,280.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 284,711 shares of company stock valued at $62,090,136. Company insiders own 3.10% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PANW. Banco de Sabadell S.A acquired a new stake in shares of Palo Alto Networks in the second quarter valued at $103,000. CIBC Private Wealth Group LLC raised its stake in shares of Palo Alto Networks by 2,475.0% in the second quarter. CIBC Private Wealth Group LLC now owns 515 shares of the network technology company’s stock valued at $106,000 after acquiring an additional 495 shares in the last quarter. First Manhattan Co. acquired a new stake in shares of Palo Alto Networks in the third quarter valued at $106,000. Price Capital Management Inc. acquired a new stake in shares of Palo Alto Networks in the third quarter valued at $113,000. Finally, NEXT Financial Group Inc acquired a new stake in shares of Palo Alto Networks in the third quarter valued at $125,000. Institutional investors and hedge funds own 80.83% of the company’s stock.

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.

Further Reading: Momentum Indicator: Relative Strength Index

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