Palo Alto Networks (NASDAQ:PANW) Hits New 1-Year High at $234.29

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June 15, 2023

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) hit a new 52-week high on Tuesday . The stock traded as high as $234.29 and last traded at $232.50, with a volume of 536435 shares changing hands. The stock had previously closed at $229.14.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PANW. JPMorgan Chase & Co. increased their price objective on Palo Alto Networks from $225.00 to $251.00 and gave the stock an “overweight” rating in a report on Wednesday, May 24th. KeyCorp increased their price objective on Palo Alto Networks from $210.00 to $230.00 and gave the stock an “overweight” rating in a report on Wednesday, February 22nd. BMO Capital Markets increased their price objective on Palo Alto Networks from $228.00 to $235.00 and gave the stock an “outperform” rating in a report on Wednesday, May 24th. Raymond James increased their price objective on Palo Alto Networks from $215.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, May 24th. Finally, BTIG Research increased their price objective on Palo Alto Networks from $240.00 to $253.00 and gave the stock a “buy” rating in a report on Wednesday, May 24th. Five investment analysts have rated the stock with a hold rating and thirty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus target price of $232.85.

Palo Alto Networks Trading Up 2.1 %

The stock has a market capitalization of $72.97 billion, a PE ratio of 378.67, a P/E/G ratio of 5.11 and a beta of 1.16. The stock has a 50-day moving average price of $199.84 and a 200-day moving average price of $185.85.

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Palo Alto Networks (NASDAQ:PANW – Get Rating) last released its earnings results on Tuesday, May 23rd. The network technology company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.15. Palo Alto Networks had a return on equity of 50.01% and a net margin of 3.32%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.71 billion. Research analysts forecast that Palo Alto Networks, Inc. will post 1.42 earnings per share for the current year.

Insider Activity

In other news, CAO Josh D. Paul sold 500 shares of Palo Alto Networks stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $211.00, for a total value of $105,500.00. Following the sale, the chief accounting officer now directly owns 29,237 shares of the company’s stock, valued at $6,169,007. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palo Alto Networks news, CEO Nikesh Arora sold 16,200 shares of the business’s stock in a transaction that occurred on Friday, March 31st. The stock was sold at an average price of $200.08, for a total transaction of $3,241,296.00. Following the sale, the chief executive officer now directly owns 1,190,993 shares of the company’s stock, valued at $238,293,879.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Josh D. Paul sold 500 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $211.00, for a total value of $105,500.00. Following the sale, the chief accounting officer now directly owns 29,237 shares in the company, valued at $6,169,007. The disclosure for this sale can be found here. Insiders have sold 270,758 shares of company stock worth $54,612,872 over the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Covestor Ltd boosted its holdings in shares of Palo Alto Networks by 61.8% in the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after purchasing an additional 21 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of Palo Alto Networks by 0.8% in the first quarter. Geneos Wealth Management Inc. now owns 2,961 shares of the network technology company’s stock valued at $1,843,000 after purchasing an additional 23 shares during the period. Brighton Jones LLC boosted its holdings in shares of Palo Alto Networks by 6.5% in the first quarter. Brighton Jones LLC now owns 425 shares of the network technology company’s stock valued at $265,000 after purchasing an additional 26 shares during the period. Penserra Capital Management LLC boosted its holdings in shares of Palo Alto Networks by 6.4% in the first quarter. Penserra Capital Management LLC now owns 452 shares of the network technology company’s stock valued at $281,000 after purchasing an additional 27 shares during the period. Finally, Wealthfront Advisers LLC boosted its holdings in shares of Palo Alto Networks by 0.9% in the first quarter. Wealthfront Advisers LLC now owns 4,797 shares of the network technology company’s stock valued at $2,986,000 after purchasing an additional 41 shares during the period. Institutional investors own 81.82% of the company’s stock.

About Palo Alto Networks

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Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.