Palo Alto Networks Inc (NYSE:PANW)'s stock price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $219.00, but opened at $229.50. Palo Alto Networks shares last traded at $237.93, with a volume of 4,104,512 shares.
The network technology company reported $1.17 EPS for the quarter, beating the consensus estimate of ($0.37) by $1.54. The firm had revenue of $869.40 million for the quarter, compared to analyst estimates of $831.52 million. Palo Alto Networks had a negative return on equity of 2.19% and a negative net margin of 5.58%. Palo Alto Networks's revenue for the quarter was up 19.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.31 earnings per share.
Several equities analysts have issued reports on PANW shares. Citigroup dropped their price objective on Palo Alto Networks from $283.00 to $250.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Oppenheimer raised their price objective on Palo Alto Networks from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday. BTIG Research started coverage on Palo Alto Networks in a report on Friday, March 27th. They set a "neutral" rating on the stock. Barclays raised their price objective on Palo Alto Networks from $236.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday. Finally, JPMorgan Chase & Co. lowered Palo Alto Networks from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $284.00 to $236.00 in a report on Tuesday, February 25th. Twelve equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Palo Alto Networks currently has an average rating of "Buy" and a consensus price target of $254.48.
In other Palo Alto Networks news, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $194.20, for a total value of $2,330,400.00. Following the completion of the sale, the executive vice president now directly owns 986,875 shares of the company's stock, valued at approximately $191,651,125. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Donovan bought 8,102 shares of the stock in a transaction on Monday, March 2nd. The stock was purchased at an average cost of $185.35 per share, with a total value of $1,501,705.70. Following the completion of the purchase, the director now directly owns 11,222 shares in the company, valued at approximately $2,079,997.70. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company's stock.
A number of hedge funds have recently added to or reduced their stakes in PANW. Huntington National Bank grew its stake in Palo Alto Networks by 61.9% in the 4th quarter. Huntington National Bank now owns 437 shares of the network technology company's stock worth $101,000 after acquiring an additional 167 shares during the period. Nisa Investment Advisors LLC grew its stake in Palo Alto Networks by 50.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,968 shares of the network technology company's stock worth $1,843,000 after acquiring an additional 2,668 shares during the period. Janney Montgomery Scott LLC grew its stake in Palo Alto Networks by 5.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 8,079 shares of the network technology company's stock worth $1,868,000 after acquiring an additional 437 shares during the period. Exchange Traded Concepts LLC purchased a new stake in Palo Alto Networks in the 4th quarter worth approximately $459,000. Finally, SeaCrest Wealth Management LLC grew its stake in shares of Palo Alto Networks by 6.1% during the 4th quarter. SeaCrest Wealth Management LLC now owns 1,286 shares of the network technology company's stock valued at $297,000 after buying an additional 74 shares during the period. 77.99% of the stock is owned by hedge funds and other institutional investors.
The company's 50 day moving average price is $194.57 and its 200-day moving average price is $214.23. The company has a market capitalization of $23.38 billion, a PE ratio of -132.19 and a beta of 1.14. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.13.
Palo Alto Networks Company Profile (NYSE:PANW)
Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network 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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