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Palo Alto Networks (NASDAQ:PANW) Shares Gap Up After Analyst Upgrade

Palo Alto Networks, Inc. (NASDAQ:PANW - Get Rating) shares gapped up prior to trading on Friday after Evercore ISI raised their price target on the stock from $207.00 to $215.00. The stock had previously closed at $156.56, but opened at $169.58. Palo Alto Networks shares last traded at $171.16, with a volume of 136,584 shares changing hands.

Other equities research analysts have also issued research reports about the stock. Raymond James upped their price objective on shares of Palo Alto Networks from $203.33 to $213.33 in a report on Tuesday, August 23rd. Barclays upped their price objective on shares of Palo Alto Networks from $200.00 to $215.00 in a report on Friday. KeyCorp dropped their price objective on shares of Palo Alto Networks from $227.00 to $210.00 and set an "overweight" rating for the company in a report on Wednesday. Wolfe Research dropped their price objective on shares of Palo Alto Networks from $238.00 to $225.00 and set an "outperform" rating for the company in a report on Friday. Finally, Wells Fargo & Company upped their target price on shares of Palo Alto Networks from $233.33 to $250.00 and gave the company an "overweight" rating in a research report on Tuesday, August 23rd. Five investment analysts have rated the stock with a hold rating and thirty have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $231.32.

Insider Transactions at Palo Alto Networks


In other news, EVP Lee Klarich sold 8,754 shares of the firm's stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $161.26, for a total transaction of $1,411,670.04. Following the transaction, the executive vice president now directly owns 687,720 shares in the company, valued at $110,901,727.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Lee Klarich sold 8,754 shares of Palo Alto Networks stock in a transaction on Tuesday, October 11th. The shares were sold at an average price of $161.26, for a total value of $1,411,670.04. Following the transaction, the executive vice president now directly owns 687,720 shares in the company, valued at approximately $110,901,727.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $168.45, for a total transaction of $6,064,200.00. Following the completion of the transaction, the executive vice president now owns 1,943,436 shares in the company, valued at $327,371,794.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 190,000 shares of company stock worth $37,743,816. Insiders own 3.90% of the company's stock.

Institutional Investors Weigh In On Palo Alto Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Palo Alto Networks by 150.3% in the third quarter. Vanguard Group Inc. now owns 19,223,780 shares of the network technology company's stock valued at $3,148,664,000 after acquiring an additional 11,544,319 shares during the period. First Trust Advisors LP raised its stake in shares of Palo Alto Networks by 171.2% during the 3rd quarter. First Trust Advisors LP now owns 2,434,431 shares of the network technology company's stock worth $398,735,000 after buying an additional 1,536,744 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Palo Alto Networks by 199.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 2,197,356 shares of the network technology company's stock worth $359,905,000 after buying an additional 1,463,568 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Palo Alto Networks by 239.8% during the 3rd quarter. Jennison Associates LLC now owns 2,171,621 shares of the network technology company's stock worth $355,690,000 after buying an additional 1,532,582 shares during the last quarter. Finally, Pictet Asset Management SA raised its stake in shares of Palo Alto Networks by 148.1% during the 3rd quarter. Pictet Asset Management SA now owns 1,992,079 shares of the network technology company's stock worth $326,282,000 after buying an additional 1,189,208 shares during the last quarter. Institutional investors and hedge funds own 86.17% of the company's stock.

Palo Alto Networks Trading Up 8.9 %

The firm has a market cap of $51.20 billion, a price-to-earnings ratio of -188.49, a P/E/G ratio of 7.39 and a beta of 1.12. The firm has a 50 day moving average price of $162.01 and a 200-day moving average price of $213.51.

Palo Alto Networks (NASDAQ:PANW - Get Rating) last released its quarterly earnings results on Monday, August 22nd. The network technology company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.08. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Palo Alto Networks had a negative return on equity of 42.61% and a negative net margin of 4.85%. The business's revenue was up 27.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.21) EPS. As a group, equities analysts expect that Palo Alto Networks, Inc. will post 0.68 earnings per share for the current fiscal year.

About Palo Alto Networks

(Get Rating)

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on a customer's network, as well as their instances in public or private cloud environments, 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.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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