Cowen Reaffirms “Buy” Rating for Palo Alto Networks (NASDAQ:PANW)

Cowen reissued their buy rating on shares of Palo Alto Networks (NASDAQ:PANWGet Rating) in a research note issued to investors on Friday morning, TipRanks reports. Cowen currently has a $620.00 target price on the network technology company’s stock.

Other analysts have also issued reports about the company. Royal Bank of Canada boosted their price target on Palo Alto Networks from $670.00 to $710.00 and gave the company an outperform rating in a report on Friday, March 25th. KeyCorp upped their price objective on Palo Alto Networks from $610.00 to $729.00 and gave the company an overweight rating in a research note on Tuesday, May 17th. Northland Securities upped their target price on Palo Alto Networks from $585.00 to $605.00 and gave the company an outperform rating in a research report on Wednesday, February 23rd. Truist Financial increased their price target on Palo Alto Networks from $600.00 to $675.00 and gave the stock a buy rating in a research report on Thursday, March 24th. Finally, The Goldman Sachs Group increased their price target on Palo Alto Networks from $650.00 to $700.00 in a research report on Tuesday, April 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirty have assigned a buy rating to the stock. According to MarketBeat.com, Palo Alto Networks currently has an average rating of Buy and an average target price of $626.48.

Shares of NASDAQ:PANW opened at $500.27 on Friday. Palo Alto Networks has a 1-year low of $350.96 and a 1-year high of $640.90. The firm has a market capitalization of $49.27 billion, a PE ratio of -125.70 and a beta of 1.28. The business’s 50 day moving average is $568.22 and its 200-day moving average is $541.21.

Palo Alto Networks (NASDAQ:PANWGet Rating) last issued its quarterly earnings data on Thursday, May 19th. The network technology company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.11. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.36 billion. Palo Alto Networks had a negative return on equity of 54.57% and a negative net margin of 7.54%. The business’s revenue for the quarter was up 29.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.62) EPS. As a group, equities research analysts anticipate that Palo Alto Networks will post -1.29 EPS for the current fiscal year.

In other news, EVP Nir Zuk sold 12,000 shares of the company’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $616.26, for a total value of $7,395,120.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 4,001 shares of the company’s stock in a transaction on Friday, March 11th. The shares were sold at an average price of $559.22, for a total transaction of $2,237,439.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 71,032 shares of company stock valued at $40,587,677. Company insiders own 2.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Advisory Group Advisory Services LLC purchased a new position in Palo Alto Networks during the first quarter worth about $29,000. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Palo Alto Networks by 108.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 48 shares of the network technology company’s stock worth $27,000 after purchasing an additional 25 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in Palo Alto Networks in the fourth quarter valued at approximately $28,000. JNBA Financial Advisors raised its holdings in Palo Alto Networks by 900.0% in the first quarter. JNBA Financial Advisors now owns 50 shares of the network technology company’s stock valued at $31,000 after acquiring an additional 45 shares in the last quarter. Finally, Worth Asset Management LLC acquired a new stake in Palo Alto Networks in the first quarter valued at approximately $26,000. 84.33% of the stock is owned by hedge funds and other institutional investors.

About Palo Alto Networks (Get Rating)

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-customer's network and instances in public or private cloud environments, 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 (NASDAQ:PANW)

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