Palo Alto Networks (NASDAQ:PANW) Trading 0.7% Higher - Here's What Happened

Palo Alto Networks, Inc. (NASDAQ:PANW - Get Free Report)'s share price was up 0.7% during trading on Friday . The stock traded as high as $177.77 and last traded at $177.34. Approximately 661,397 shares traded hands during trading, a decline of 89% from the average daily volume of 5,805,968 shares. The stock had previously closed at $176.04.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $225.00 price objective on shares of Palo Alto Networks in a research report on Monday, February 10th. KeyCorp reduced their price objective on Palo Alto Networks from $240.00 to $205.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Evercore ISI lowered their target price on Palo Alto Networks from $455.00 to $230.00 and set an "outperform" rating on the stock in a research report on Tuesday, December 31st. Morgan Stanley reduced their price target on Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, HSBC raised Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price target on the stock in a report on Thursday, April 10th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $203.06.

Palo Alto Networks Price Performance

The stock has a market cap of $123.58 billion, a price-to-earnings ratio of 105.16, a P/E/G ratio of 5.64 and a beta of 1.07. The business has a fifty day moving average of $176.39 and a 200 day moving average of $184.69.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.06. The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. On average, analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Insider Buying and Selling

In related news, CAO Josh D. Paul sold 700 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $181.22, for a total value of $126,854.00. Following the completion of the sale, the chief accounting officer now owns 47,976 shares in the company, valued at approximately $8,694,210.72. This trade represents a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the company's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $165.41, for a total value of $16,541,000.00. Following the completion of the transaction, the executive vice president now directly owns 3,543,516 shares of the company's stock, valued at approximately $586,132,981.56. This trade represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,039,318 shares of company stock worth $181,925,602. 2.50% of the stock is currently owned by insiders.

Institutional Trading of Palo Alto Networks

A number of institutional investors and hedge funds have recently modified their holdings of the company. Transce3nd LLC acquired a new stake in shares of Palo Alto Networks during the 4th quarter valued at about $25,000. SJS Investment Consulting Inc. grew its stake in shares of Palo Alto Networks by 97.2% in the 4th quarter. SJS Investment Consulting Inc. now owns 140 shares of the network technology company's stock valued at $25,000 after purchasing an additional 69 shares during the period. Strategic Investment Solutions Inc. IL raised its holdings in shares of Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock worth $26,000 after buying an additional 55 shares in the last quarter. Valued Wealth Advisors LLC lifted its position in shares of Palo Alto Networks by 246.3% during the 4th quarter. Valued Wealth Advisors LLC now owns 142 shares of the network technology company's stock worth $26,000 after buying an additional 101 shares during the period. Finally, Abound Wealth Management boosted its stake in Palo Alto Networks by 97.3% in the 4th quarter. Abound Wealth Management now owns 146 shares of the network technology company's stock valued at $27,000 after buying an additional 72 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

About Palo Alto Networks

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.