Palo Alto Networks (NASDAQ:PANW) Stock Price Down 2.6%

Palo Alto Networks, Inc. (NASDAQ:PANWGet Free Report) dropped 2.6% during trading on Tuesday . The stock traded as low as $271.45 and last traded at $272.12. Approximately 1,520,773 shares were traded during trading, a decline of 74% from the average daily volume of 5,901,354 shares. The stock had previously closed at $279.42.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PANW. JPMorgan Chase & Co. lifted their target price on shares of Palo Alto Networks from $272.00 to $326.00 and gave the company an “overweight” rating in a research report on Monday, December 11th. Cantor Fitzgerald dropped their price objective on shares of Palo Alto Networks from $400.00 to $350.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Royal Bank of Canada increased their target price on Palo Alto Networks to $420.00 and gave the company an “overweight” rating in a research note on Thursday, February 22nd. BMO Capital Markets cut their price objective on Palo Alto Networks from $378.00 to $327.00 and set an “outperform” rating for the company in a report on Wednesday, February 21st. Finally, Loop Capital cut Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 price objective on the stock. in a report on Wednesday, February 21st. Eleven research 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.82.

Get Our Latest Stock Report on PANW

Palo Alto Networks Stock Performance

The stock has a market cap of $87.09 billion, a P/E ratio of 42.12, a price-to-earnings-growth ratio of 3.73 and a beta of 1.19. The firm has a 50-day moving average price of $313.11 and a 200-day moving average price of $287.19.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last announced its earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. On average, research analysts predict that Palo Alto Networks, Inc. will post 2.76 earnings per share for the current year.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of Palo Alto Networks 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 completion of the transaction, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at $7,629,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Josh D. Paul sold 1,050 shares of Palo Alto Networks stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the sale, the chief accounting officer now directly owns 27,247 shares in the company, valued at approximately $7,629,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President William D. Jenkins, Jr. sold 1,867 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $280.13, for a total transaction of $523,002.71. Following the transaction, the president now owns 25,812 shares in the company, valued at approximately $7,230,715.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 143,153 shares of company stock valued at $44,107,332. 3.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PANW. Vanguard Group Inc. raised its position in Palo Alto Networks by 4.0% in the fourth quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock worth $8,129,800,000 after acquiring an additional 1,058,127 shares during the period. Norges Bank bought a new position in Palo Alto Networks in the 4th quarter worth $751,276,000. Northern Trust Corp lifted its position in Palo Alto Networks by 2.6% during the third quarter. Northern Trust Corp now owns 3,430,299 shares of the network technology company’s stock valued at $804,199,000 after purchasing an additional 86,995 shares in the last quarter. Geode Capital Management LLC grew its holdings in Palo Alto Networks by 2.8% during the first quarter. Geode Capital Management LLC now owns 3,376,601 shares of the network technology company’s stock valued at $673,731,000 after purchasing an additional 92,760 shares during the period. Finally, Clearbridge Investments LLC increased its position in Palo Alto Networks by 1.0% in the fourth quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock worth $924,905,000 after buying an additional 30,013 shares in the last quarter. Institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Company Profile

(Get Free Report)

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.

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