Palo Alto Networks (NYSE:PANW) Receives “Neutral” Rating from Bank of America

Bank of America reiterated their neutral rating on shares of Palo Alto Networks (NYSE:PANW) in a research note issued to investors on Friday, BenzingaRatingsTable reports. They currently have a $255.00 price target on the network technology company’s stock, up from their previous price target of $200.00.

Other analysts also recently issued reports about the company. ValuEngine upgraded Palo Alto Networks from a hold rating to a buy rating in a research report on Tuesday, February 25th. Royal Bank of Canada increased their price objective on shares of Palo Alto Networks from $175.00 to $225.00 and gave the stock a sector perform rating in a research note on Tuesday. Oppenheimer boosted their target price on shares of Palo Alto Networks from $225.00 to $265.00 and gave the company an outperform rating in a research report on Friday. Deutsche Bank cut their price target on shares of Palo Alto Networks from $210.00 to $180.00 and set a hold rating for the company in a report on Wednesday, April 1st. Finally, Mizuho lifted their price objective on shares of Palo Alto Networks from $240.00 to $265.00 and gave the company a buy rating in a research note on Friday. Twelve equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Palo Alto Networks currently has an average rating of Buy and an average price target of $254.48.

Palo Alto Networks stock traded up $8.43 during midday trading on Friday, hitting $237.93. The company’s stock had a trading volume of 4,098,348 shares, compared to its average volume of 1,345,703. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.78 and a quick ratio of 1.78. The company has a market cap of $22.88 billion, a price-to-earnings ratio of -100.82 and a beta of 1.14. Palo Alto Networks has a 1-year low of $125.47 and a 1-year high of $251.10. The company has a 50-day moving average price of $195.88 and a two-hundred day moving average price of $214.24.

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

In related news, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $165.75, for a total value of $1,989,000.00. Following the transaction, the executive vice president now directly owns 838,699 shares of the company’s stock, valued at $139,014,359.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John Donovan bought 8,102 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were purchased at an average cost of $185.35 per share, with a total value of $1,501,705.70. Following the transaction, 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.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cim Investment Mangement Inc. acquired a new position in Palo Alto Networks in the first quarter valued at $408,000. APG Asset Management N.V. grew its holdings in Palo Alto Networks by 29.5% during the 1st quarter. APG Asset Management N.V. now owns 173,386 shares of the network technology company’s stock worth $28,428,000 after acquiring an additional 39,467 shares during the period. Eminence Capital LP bought a new position in shares of Palo Alto Networks in the 1st quarter worth about $87,267,000. Squarepoint Ops LLC acquired a new position in shares of Palo Alto Networks in the 1st quarter valued at about $371,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of Palo Alto Networks in the 1st quarter valued at about $405,000. 77.99% of the stock is owned by institutional investors and hedge funds.

About Palo Alto Networks

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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Analyst Recommendations for Palo Alto Networks (NYSE:PANW)

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