Palo Alto Networks (NASDAQ:PANW) Price Target Increased to $410.00 by Analysts at Royal Bank of Canada

Palo Alto Networks (NASDAQ:PANW) had its target price increased by equities research analysts at Royal Bank of Canada from $390.00 to $410.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the network technology company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 19.41% from the stock’s previous close.

PANW has been the subject of several other research reports. DA Davidson began coverage on Palo Alto Networks in a research note on Friday, June 21st. They set a “buy” rating and a $380.00 target price for the company. Morgan Stanley reissued an “overweight” rating and set a $360.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, June 12th. JPMorgan Chase & Co. increased their target price on shares of Palo Alto Networks from $340.00 to $365.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Oppenheimer reiterated an “outperform” rating and set a $330.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Finally, Evercore ISI decreased their price objective on shares of Palo Alto Networks from $405.00 to $385.00 and set an “outperform” rating on the stock in a report on Tuesday, May 14th. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $345.63.

Palo Alto Networks Trading Up 2.8 %

Shares of PANW stock opened at $343.36 on Tuesday. Palo Alto Networks has a twelve month low of $224.64 and a twelve month high of $380.84. The company’s 50-day moving average price is $327.00 and its 200-day moving average price is $310.68. The stock has a market cap of $111.18 billion, a price-to-earnings ratio of 49.91, a PEG ratio of 4.48 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. Palo Alto Networks’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.80 EPS. As a group, equities research analysts predict that Palo Alto Networks will post 2.94 EPS for the current year.

Insider Activity

In related news, President William D. Jenkins, Jr. sold 1,621 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total transaction of $497,517.32. Following the completion of the transaction, the president now directly owns 20,501 shares of the company’s stock, valued at $6,292,166.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the completion of the sale, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at $8,443,916. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President William D. Jenkins, Jr. sold 1,621 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total transaction of $497,517.32. Following the transaction, the president now directly owns 20,501 shares in the company, valued at $6,292,166.92. The disclosure for this sale can be found here. Insiders have sold a total of 367,315 shares of company stock valued at $118,696,590 over the last quarter. Corporate insiders own 3.30% of the company’s stock.

Institutional Trading of Palo Alto Networks

Several hedge funds and other institutional investors have recently made changes to their positions in PANW. Pathway Financial Advisers LLC purchased a new position in Palo Alto Networks in the first quarter valued at about $25,000. Frank Rimerman Advisors LLC acquired a new stake in shares of Palo Alto Networks in the 4th quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its stake in Palo Alto Networks by 3,200.0% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 96 shares in the last quarter. Ulland Investment Advisors LLC acquired a new position in Palo Alto Networks during the first quarter worth $30,000. Finally, ICA Group Wealth Management LLC purchased a new stake in Palo Alto Networks during the fourth quarter worth $31,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

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.