Palo Alto Networks (NASDAQ:PANW) Shares Down 1.2% After Analyst Downgrade

Palo Alto Networks, Inc. (NASDAQ:PANW - Get Free Report)'s stock price fell 1.2% during trading on Friday after KeyCorp lowered their price target on the stock from $240.00 to $205.00. KeyCorp currently has an overweight rating on the stock. Palo Alto Networks traded as low as $167.13 and last traded at $167.69. 4,768,742 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 5,880,201 shares. The stock had previously closed at $169.76.

PANW has been the subject of a number of other research reports. Hsbc Global Res raised shares of Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 10th. Susquehanna upped their target price on shares of Palo Alto Networks from $217.50 to $230.00 and gave the company a "positive" rating in a research note on Tuesday, February 18th. Truist Financial reduced their price target on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. BTIG Research cut Palo Alto Networks from a "buy" rating to a "neutral" rating in a research note on Wednesday, January 8th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $235.00 target price on shares of Palo Alto Networks in a research report on Monday, March 31st. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Palo Alto Networks currently has a consensus rating of "Moderate Buy" and a consensus target price of $203.06.

Insiders Place Their Bets

In other news, CAO Josh D. Paul sold 700 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $181.22, for a total transaction of $126,854.00. Following the transaction, the chief accounting officer now owns 47,976 shares in the company, valued at $8,694,210.72. This represents a 1.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Lee Klarich sold 120,774 shares of the firm's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $151.13, for a total transaction of $18,252,574.62. Following the transaction, the executive vice president now owns 321,774 shares in the company, valued at $48,629,704.62. This represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,039,318 shares of company stock valued at $181,925,602 in the last three months. Insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Palo Alto Networks

Several hedge funds have recently bought and sold shares of the business. Howard Capital Management Group LLC boosted its position in Palo Alto Networks by 1.5% during the third quarter. Howard Capital Management Group LLC now owns 106,248 shares of the network technology company's stock worth $36,316,000 after purchasing an additional 1,619 shares during the period. SOA Wealth Advisors LLC. boosted its holdings in shares of Palo Alto Networks by 10.7% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 2,606 shares of the network technology company's stock worth $891,000 after buying an additional 252 shares during the period. World Investment Advisors LLC grew its stake in Palo Alto Networks by 15.1% in the 3rd quarter. World Investment Advisors LLC now owns 8,528 shares of the network technology company's stock valued at $2,915,000 after buying an additional 1,119 shares during the last quarter. Sfmg LLC raised its holdings in Palo Alto Networks by 1.1% in the 3rd quarter. Sfmg LLC now owns 16,836 shares of the network technology company's stock worth $5,754,000 after acquiring an additional 189 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in Palo Alto Networks during the third quarter valued at about $2,642,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Trading Up 2.2 %

The firm has a market cap of $108.34 billion, a price-to-earnings ratio of 92.19, a PEG ratio of 5.64 and a beta of 1.07. The firm has a 50-day moving average of $179.32 and a two-hundred day moving average of $184.90.

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

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.