Palo Alto Networks (NASDAQ:PANW) Given New $355.00 Price Target at KeyCorp

Palo Alto Networks (NASDAQ:PANW) had its price objective reduced by KeyCorp from $380.00 to $355.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the network technology company’s stock. KeyCorp’s price objective would suggest a potential upside of 28.01% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Loop Capital cut Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 price objective for the company. in a report on Wednesday, February 21st. Piper Sandler cut Palo Alto Networks from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $350.00 to $300.00 in a report on Wednesday, February 21st. Redburn Atlantic increased their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $350.00 price objective on shares of Palo Alto Networks in a report on Wednesday. Finally, JMP Securities restated a “market outperform” rating and issued a $380.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, February 21st. Eleven research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus target price of $314.82.

Palo Alto Networks Trading Up 0.8 %

Shares of Palo Alto Networks stock opened at $277.33 on Thursday. The business’s 50-day moving average price is $299.16 and its 200-day moving average price is $290.18. Palo Alto Networks has a 12 month low of $176.30 and a 12 month high of $380.84. The firm has a market capitalization 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.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share (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 business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. As a group, analysts predict that Palo Alto Networks will post 2.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $280.00, for a total transaction of $294,000.00. Following the sale, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Lee Klarich sold 45,000 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $343.03, for a total transaction of $15,436,350.00. Following the sale, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $67,955,958.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the sale, the chief accounting officer now owns 27,247 shares in the company, valued at $7,629,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 167,917 shares of company stock valued at $49,395,553. Company insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

A number of institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Palo Alto Networks in the 4th quarter valued at about $751,276,000. International Assets Investment Management LLC lifted its stake in Palo Alto Networks by 29,086.9% in the 4th quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after buying an additional 2,050,917 shares in the last quarter. Moneta Group Investment Advisors LLC purchased a new position in Palo Alto Networks in the 4th quarter valued at about $204,728,000. Jennison Associates LLC lifted its stake in Palo Alto Networks by 83.1% in the 4th quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock valued at $771,643,000 after buying an additional 1,187,915 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Palo Alto Networks by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock valued at $8,129,800,000 after buying an additional 1,058,127 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

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.