Palo Alto Networks (NASDAQ:PANW) Hits New 12-Month High After Analyst Upgrade

Key Points

• Palo Alto Networks shares hit a new 52-week high after Mizuho raised its price target from $200 to $265 and kept an outperform rating.
• Analysts remain broadly constructive despite some target cuts elsewhere: the stock has an overall Moderate Buy rating, with an average price target of $217.59.
• Recent results showed solid fundamentals, as Palo Alto Networks reported earnings of $1.03 per share, topping estimates, while revenue rose 14.9% year over year to $2.59 billion.

Palo Alto Networks, Inc. (NASDAQ:PANW - Get Free Report) shares reached a new 52-week high on Tuesday after Mizuho raised their price target on the stock from $200.00 to $265.00. Mizuho currently has an outperform rating on the stock. Palo Alto Networks traded as high as $248.85 and last traded at $247.55, with a volume of 8720969 shares traded. The stock had previously closed at $242.83.

Several other equities analysts also recently commented on PANW. The Goldman Sachs Group lowered their target price on shares of Palo Alto Networks from $240.00 to $224.00 and set a "buy" rating on the stock in a report on Wednesday, February 18th. JPMorgan Chase & Co. lowered their target price on shares of Palo Alto Networks from $225.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, February 19th. Citizens Jmp reissued a "market outperform" rating and issued a $250.00 target price on shares of Palo Alto Networks in a report on Wednesday, February 18th. Argus raised shares of Palo Alto Networks to a "strong-buy" rating in a report on Friday, February 20th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Palo Alto Networks from $240.00 to $220.00 and set a "buy" rating on the stock in a report on Wednesday, February 18th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $217.59.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora acquired 68,085 shares of the stock in a transaction on Friday, March 27th. The stock was acquired at an average price of $146.87 per share, for a total transaction of $9,999,643.95. Following the completion of the transaction, the chief executive officer directly owned 343,394 shares of the company's stock, valued at $50,434,276.78. This trade represents a 24.73% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James J. Goetz sold 22,684 shares of the stock in a transaction on Friday, March 6th. The shares were sold at an average price of $164.41, for a total transaction of $3,729,476.44. Following the transaction, the director owned 52,500 shares of the company's stock, valued at $8,631,525. This trade represents a 30.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,356 shares of company stock valued at $4,981,575 over the last ninety days. Corporate insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Palo Alto Networks

Several institutional investors have recently bought and sold shares of the business. Brighton Jones LLC raised its stake in shares of Palo Alto Networks by 147.7% in the fourth quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company's stock valued at $1,230,000 after acquiring an additional 4,031 shares during the period. Bison Wealth LLC raised its stake in shares of Palo Alto Networks by 169.1% in the fourth quarter. Bison Wealth LLC now owns 5,212 shares of the network technology company's stock valued at $948,000 after acquiring an additional 3,275 shares during the period. Sivia Capital Partners LLC raised its stake in shares of Palo Alto Networks by 66.3% in the second quarter. Sivia Capital Partners LLC now owns 3,484 shares of the network technology company's stock valued at $713,000 after acquiring an additional 1,389 shares during the period. Osterweis Capital Management Inc. raised its stake in shares of Palo Alto Networks by 11,100.0% in the second quarter. Osterweis Capital Management Inc. now owns 560 shares of the network technology company's stock valued at $115,000 after acquiring an additional 555 shares during the period. Finally, Main Street Financial Solutions LLC raised its stake in shares of Palo Alto Networks by 6.0% in the second quarter. Main Street Financial Solutions LLC now owns 4,398 shares of the network technology company's stock valued at $900,000 after acquiring an additional 249 shares during the period. Institutional investors own 79.82% of the company's stock.

Palo Alto Networks Stock Up 1.9%

The firm has a market cap of $202.00 billion, a PE ratio of 136.77, a P/E/G ratio of 8.75 and a beta of 0.77. The company's 50 day moving average price is $176.50 and its two-hundred day moving average price is $181.18.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its earnings results on Wednesday, February 18th. The network technology company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.09. Palo Alto Networks had a net margin of 12.96% and a return on equity of 17.60%. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The business's revenue for the quarter was up 14.9% on a year-over-year basis. On average, analysts expect that Palo Alto Networks, Inc. will post 2.14 earnings per share for the current fiscal year.

Palo Alto Networks Company Profile

Palo Alto Networks NASDAQ: PANW is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company's product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.

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