Palo Alto Networks (NASDAQ:PANW) Trading Up 5.8% – Here’s Why

Palo Alto Networks, Inc. (NASDAQ:PANW) was up 5.8% during mid-day trading on Friday . The stock traded as high as $208.09 and last traded at $207.88. Approximately 11,619,122 shares changed hands during trading, an increase of 22% from the average daily volume of 9,559,730 shares. The stock had previously closed at $196.53.

Analysts Set New Price Targets

Several analysts recently issued reports on PANW shares. Barclays set a $200.00 price target on shares of Palo Alto Networks and gave the stock an “overweight” rating in a research report on Monday, February 9th. Susquehanna reduced their price target on shares of Palo Alto Networks from $230.00 to $200.00 and set a “positive” rating on the stock in a research report on Wednesday, February 18th. Morgan Stanley reiterated an “overweight” rating and set a $223.00 price target (down from $245.00) on shares of Palo Alto Networks in a research report on Wednesday, February 18th. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 price target on shares of Palo Alto Networks in a research report on Wednesday, February 18th. Finally, Daiwa Securities Group reduced their price target on shares of Palo Alto Networks from $212.00 to $175.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $211.64.

Palo Alto Networks Price Performance

The business’s fifty day moving average price is $166.05 and its 200 day moving average price is $180.61. The company has a market cap of $169.63 billion, a price-to-earnings ratio of 114.85, a price-to-earnings-growth ratio of 7.49 and a beta of 0.77.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Wednesday, February 18th. The network technology company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the firm earned $0.81 earnings per share. Palo Alto Networks’s quarterly revenue was up 14.9% on a year-over-year basis. As a group, equities research analysts anticipate that Palo Alto Networks, Inc. will post 2.14 EPS for the current year.

Insider Buying and Selling at Palo Alto Networks

In other news, CEO Nikesh Arora bought 68,085 shares of the stock in a transaction that occurred on Friday, March 27th. The stock was acquired at an average price of $146.87 per share, with a total value of $9,999,643.95. Following the completion of the purchase, the chief executive officer directly owned 343,394 shares of the company’s stock, valued at approximately $50,434,276.78. This represents a 24.73% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Josh D. Paul sold 1,100 shares of Palo Alto Networks stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $161.40, for a total transaction of $177,540.00. Following the transaction, the chief accounting officer directly owned 83,136 shares of the company’s stock, valued at $13,418,150.40. This represents a 1.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,356 shares of company stock valued at $4,981,575 over the last three months. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palo Alto Networks

A number of hedge funds have recently bought and sold shares of the company. Klingman & Associates LLC raised its stake in Palo Alto Networks by 2.2% during the third quarter. Klingman & Associates LLC now owns 2,131 shares of the network technology company’s stock worth $434,000 after buying an additional 46 shares during the last quarter. PTM Wealth Management LLC increased its stake in Palo Alto Networks by 4.0% in the third quarter. PTM Wealth Management LLC now owns 1,300 shares of the network technology company’s stock valued at $276,000 after purchasing an additional 50 shares in the last quarter. Arlington Trust Co LLC increased its stake in Palo Alto Networks by 4.8% in the third quarter. Arlington Trust Co LLC now owns 1,088 shares of the network technology company’s stock valued at $222,000 after purchasing an additional 50 shares in the last quarter. CBIZ Investment Advisory Services LLC increased its stake in Palo Alto Networks by 39.7% in the third quarter. CBIZ Investment Advisory Services LLC now owns 176 shares of the network technology company’s stock valued at $36,000 after purchasing an additional 50 shares in the last quarter. Finally, Harold Davidson & Associates Inc. increased its stake in Palo Alto Networks by 5.0% in the third quarter. Harold Davidson & Associates Inc. now owns 1,056 shares of the network technology company’s stock valued at $215,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 79.82% of the company’s stock.

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.