Palo Alto Networks (NASDAQ:PANW) Price Target Increased to $385.00 by Analysts at Citigroup

Palo Alto Networks (NASDAQ:PANW) had its price target raised by Citigroup from $345.00 to $385.00 in a research note published on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the network technology company’s stock.

Other equities analysts have also issued reports about the stock. Daiwa Capital Markets began coverage on shares of Palo Alto Networks in a report on Wednesday, May 29th. They issued an outperform rating and a $350.00 target price on the stock. Wedbush reissued an outperform rating and issued a $375.00 price objective on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Robert W. Baird increased their target price on shares of Palo Alto Networks from $340.00 to $360.00 and gave the company an outperform rating in a research report on Thursday, June 27th. Argus increased their price target on shares of Palo Alto Networks from $336.00 to $348.00 and gave the stock a buy rating in a research note on Wednesday, May 29th. Finally, Sanford C. Bernstein increased their price target on shares of Palo Alto Networks from $335.00 to $364.00 and gave the stock an outperform rating in a research note on Tuesday, May 21st. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Palo Alto Networks has a consensus rating of Moderate Buy and a consensus price target of $331.63.

Palo Alto Networks Trading Down 2.7 %

NASDAQ:PANW opened at $334.11 on Wednesday. Palo Alto Networks has a 12 month low of $201.17 and a 12 month high of $380.84. The firm has a fifty day simple moving average of $326.31 and a 200-day simple moving average of $310.85. The company has a market capitalization of $108.18 billion, a P/E ratio of 48.56, a PEG ratio of 4.36 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.38 earnings per share. Equities analysts forecast that Palo Alto Networks will post 2.94 EPS for the current year.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction on Monday, July 1st. The shares were sold at an average price of $338.00, for a total transaction of $67,600.00. Following the sale, the chief accounting officer now owns 24,982 shares in the company, valued at $8,443,916. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Aparna Bawa sold 322 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $310.00, for a total transaction of $99,820.00. Following the completion of the transaction, the director now directly owns 3,767 shares in the company, valued at approximately $1,167,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Josh D. Paul sold 200 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the completion of the transaction, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at $8,443,916. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 367,315 shares of company stock worth $118,696,590. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

A number of institutional investors and hedge funds have recently made changes to their positions in PANW. Pathway Financial Advisers LLC acquired a new position in Palo Alto Networks in the 1st quarter valued at $25,000. Frank Rimerman Advisors LLC bought a new position in Palo Alto Networks in the fourth quarter valued at about $27,000. Financial Synergies Wealth Advisors Inc. raised its position in shares of Palo Alto Networks by 3,200.0% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock worth $28,000 after acquiring an additional 96 shares during the last quarter. Ulland Investment Advisors LLC bought a new position in shares of Palo Alto Networks during the first quarter worth about $30,000. Finally, Central Bank & Trust Co. increased its holdings in Palo Alto Networks by 89.3% in the first quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock worth $30,000 after purchasing an additional 50 shares in 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.