Palo Alto Networks (NYSE:PANW) Price Target Raised to $250.00 at Goldman Sachs Group

Palo Alto Networks (NYSE:PANW) had its price target boosted by Goldman Sachs Group from $219.00 to $250.00 in a report released on Friday, Automated Import reports. The firm currently has a buy rating on the network technology company’s stock.

PANW has been the subject of several other research reports. Oppenheimer lifted their price target on Palo Alto Networks from $225.00 to $265.00 and gave the stock an outperform rating in a research note on Friday. Rosenblatt Securities reaffirmed a buy rating and set a $270.00 target price on shares of Palo Alto Networks in a report on Friday. JPMorgan Chase & Co. cut shares of Palo Alto Networks from an overweight rating to a neutral rating and decreased their target price for the stock from $284.00 to $236.00 in a research report on Tuesday, February 25th. Zacks Investment Research raised shares of Palo Alto Networks from a strong sell rating to a hold rating and set a $201.00 price target on the stock in a report on Tuesday, January 28th. Finally, Citigroup decreased their price objective on shares of Palo Alto Networks from $283.00 to $250.00 and set a buy rating for the company in a report on Tuesday, February 25th. Twelve equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $254.48.

Palo Alto Networks stock traded up $8.43 during mid-day trading on Friday, hitting $237.93. 4,098,348 shares of the company traded hands, compared to its average volume of 1,345,703. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.78 and a current ratio of 1.78. Palo Alto Networks has a one year low of $125.47 and a one year high of $251.10. The stock has a market cap of $22.88 billion, a price-to-earnings ratio of -100.82 and a beta of 1.14. The stock has a fifty day moving average price of $195.88 and a 200-day moving average price of $214.24.

Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings data on Thursday, May 21st. The network technology company reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $1.54. Palo Alto Networks had a negative net margin of 7.01% and a negative return on equity of 5.65%. The firm had revenue of $869.40 million for the quarter, compared to analysts’ expectations of $831.52 million. During the same quarter last year, the company posted $1.31 EPS. The business’s quarterly revenue was up 19.7% on a year-over-year basis. Sell-side analysts predict that Palo Alto Networks will post -0.77 EPS for the current year.

In related news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $194.20, for a total transaction of $2,330,400.00. Following the completion of the sale, the executive vice president now owns 986,875 shares in the company, valued at $191,651,125. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Donovan bought 8,102 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were acquired at an average cost of $185.35 per share, for a total transaction of $1,501,705.70. Following the purchase, the director now directly owns 11,222 shares in the company, valued at approximately $2,079,997.70. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Palo Alto Networks in the fourth quarter worth $222,274,000. Eminence Capital LP bought a new stake in Palo Alto Networks in the 1st quarter valued at $87,267,000. Farallon Capital Management LLC lifted its stake in Palo Alto Networks by 81.7% in the 4th quarter. Farallon Capital Management LLC now owns 1,108,416 shares of the network technology company’s stock worth $256,321,000 after purchasing an additional 498,416 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Palo Alto Networks during the 4th quarter valued at about $107,049,000. Finally, Harvard Management Co. Inc. grew its position in shares of Palo Alto Networks by 31.6% during the first quarter. Harvard Management Co. Inc. now owns 1,181,983 shares of the network technology company’s stock valued at $193,798,000 after purchasing an additional 283,710 shares in the last quarter. 77.99% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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