Palo Alto Networks (NASDAQ:PANW) Trading Down 1.2% Following Analyst Downgrade

Palo Alto Networks, Inc. (NASDAQ:PANWGet Free Report)’s stock price traded down 1.2% during trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $365.00 to $360.00. Royal Bank of Canada currently has an outperform rating on the stock. Palo Alto Networks traded as low as $303.20 and last traded at $307.90. 1,802,871 shares were traded during trading, a decline of 65% from the average session volume of 5,149,685 shares. The stock had previously closed at $311.66.

Other equities analysts also recently issued reports about the stock. Wedbush reissued an “outperform” rating and issued a $375.00 price target on shares of Palo Alto Networks in a research note on Tuesday. Truist Financial raised their target price on shares of Palo Alto Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Tuesday, February 20th. BMO Capital Markets raised their target price on shares of Palo Alto Networks from $327.00 to $334.00 and gave the company an “outperform” rating in a research note on Tuesday. KeyCorp raised their target price on shares of Palo Alto Networks from $355.00 to $384.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Finally, Rosenblatt Securities downgraded shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and decreased their target price for the company from $290.00 to $265.00 in a research note on Wednesday, February 21st. Twelve analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $317.20.

Check Out Our Latest Stock Analysis on Palo Alto Networks

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, 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 value of $523,002.71. Following the transaction, the president now directly owns 25,812 shares in the company, valued at approximately $7,230,715.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Palo Alto Networks news, 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 value of $523,002.71. Following the transaction, the president now directly owns 25,812 shares in the company, valued at approximately $7,230,715.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the transaction, the executive vice president now owns 174,075 shares in the company, valued at $46,659,063. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 280,193 shares of company stock worth $80,670,132. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Palo Alto Networks

Several hedge funds have recently modified their holdings of PANW. Frank Rimerman Advisors LLC purchased a new stake in shares of Palo Alto Networks in the 4th quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. lifted its position in shares of Palo Alto Networks by 3,200.0% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock worth $28,000 after purchasing an additional 96 shares during the period. Webster Bank N. A. lifted its position in Palo Alto Networks by 607.1% during the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock valued at $29,000 after acquiring an additional 85 shares during the last quarter. Cedar Mountain Advisors LLC lifted its position in Palo Alto Networks by 87.0% during the fourth quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after acquiring an additional 47 shares during the last quarter. Finally, Ulland Investment Advisors LLC purchased a new stake in Palo Alto Networks during the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Price Performance

The stock’s 50-day moving average is $288.74 and its 200 day moving average is $299.00. The company has a market cap of $100.18 billion, a PE ratio of 44.75, a PEG ratio of 4.40 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last posted its earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 37.81%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Palo Alto Networks’s revenue for the quarter was up 15.3% compared to the same quarter last year. On average, analysts expect that Palo Alto Networks, Inc. will post 2.77 EPS for the current year.

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.

Further Reading

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