Palo Alto Networks (NASDAQ:PANW) Reaches New 12-Month High - Here's What Happened

Palo Alto Networks, Inc. (NASDAQ:PANW - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The company traded as high as $401.94 and last traded at $399.68, with a volume of 123701 shares changing hands. The stock had previously closed at $398.02.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PANW shares. Truist Financial boosted their price target on Palo Alto Networks from $350.00 to $400.00 and gave the stock a "buy" rating in a report on Tuesday, August 20th. Sanford C. Bernstein increased their price target on Palo Alto Networks from $364.00 to $399.00 and gave the stock an "outperform" rating in a report on Tuesday, August 20th. Evercore ISI increased their price target on Palo Alto Networks from $385.00 to $395.00 and gave the company an "outperform" rating in a research report on Tuesday, August 20th. Oppenheimer raised their target price on Palo Alto Networks from $410.00 to $450.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 22nd. Finally, Barclays raised their target price on Palo Alto Networks from $410.00 to $425.00 and gave the stock an "overweight" rating in a research report on Monday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $378.87.

Palo Alto Networks Stock Up 1.1 %

The firm's 50-day moving average price is $356.70 and its two-hundred day moving average price is $334.54. The firm has a market capitalization of $131.01 billion, a PE ratio of 55.79, a P/E/G ratio of 5.77 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. The business had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company posted $0.80 earnings per share. Equities research analysts forecast that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

Insider Buying and Selling

In other news, EVP Nir Zuk sold 36,000 shares of the company's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total value of $11,970,000.00. Following the sale, the executive vice president now owns 1,115,567 shares of the company's stock, valued at approximately $370,926,027.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Nir Zuk sold 36,000 shares of the company's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total value of $11,970,000.00. Following the completion of the sale, the executive vice president now directly owns 1,115,567 shares of the company's stock, valued at $370,926,027.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total value of $30,022,832.14. Following the sale, the chief executive officer now directly owns 618,715 shares of the company's stock, valued at approximately $227,680,932.85. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 255,252 shares of company stock valued at $89,383,077. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palo Alto Networks

Several hedge funds have recently added to or reduced their stakes in the business. Capital Advisors Ltd. LLC increased its position in shares of Palo Alto Networks by 113.9% in the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company's stock worth $26,000 after purchasing an additional 41 shares during the period. Sound Income Strategies LLC lifted its stake in Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company's stock valued at $29,000 after buying an additional 67 shares during the period. Strategic Investment Solutions Inc. IL lifted its stake in Palo Alto Networks by 177.4% in the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company's stock valued at $29,000 after buying an additional 55 shares during the period. Pathway Financial Advisers LLC bought a new stake in shares of Palo Alto Networks during the first quarter valued at approximately $25,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Palo Alto Networks during the third quarter valued at approximately $32,000. Institutional investors and hedge funds own 79.82% of the company's stock.

Palo Alto Networks Company Profile

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.