Truist Financial Increases Palo Alto Networks (NASDAQ:PANW) Price Target to $425.00

Palo Alto Networks (NASDAQ:PANW - Get Free Report) had its target price boosted by research analysts at Truist Financial from $400.00 to $425.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the network technology company's stock. Truist Financial's target price would indicate a potential upside of 9.87% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. UBS Group lifted their price target on shares of Palo Alto Networks from $345.00 to $355.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 20th. Cantor Fitzgerald upgraded Palo Alto Networks to a "strong-buy" rating in a research report on Friday, November 1st. JMP Securities reiterated a "market outperform" rating and set a $380.00 price objective on shares of Palo Alto Networks in a research note on Monday, November 4th. DA Davidson raised their target price on shares of Palo Alto Networks from $380.00 to $415.00 and gave the stock a "buy" rating in a research note on Tuesday, August 20th. Finally, OTR Global reiterated a "negative" rating on shares of Palo Alto Networks in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $390.39.

Palo Alto Networks Price Performance

Palo Alto Networks stock traded down $0.17 during midday trading on Monday, reaching $386.83. 2,232,411 shares of the company traded hands, compared to its average volume of 3,842,728. Palo Alto Networks has a 12 month low of $249.56 and a 12 month high of $408.53. The firm has a market capitalization of $125.95 billion, a price-to-earnings ratio of 53.72, a price-to-earnings-growth ratio of 5.61 and a beta of 1.12. The business has a 50 day moving average of $359.86 and a two-hundred day moving average of $336.73.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. The firm had revenue of $2.19 billion for 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 business's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.80 EPS. As a group, equities analysts forecast that Palo Alto Networks will post 3.56 EPS for the current year.

Insider Buying and Selling at Palo Alto Networks

In related news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the transaction, the executive vice president now directly owns 1,115,567 shares of the company's stock, valued at $370,926,027.50. This trade represents a 3.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nikesh Arora sold 66,666 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total value of $22,865,104.68. Following the completion of the sale, the chief executive officer now owns 639,994 shares of the company's stock, valued at approximately $219,505,142.12. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,252 shares of company stock valued at $89,041,637 in the last quarter. 2.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Palo Alto Networks

Several hedge funds have recently modified their holdings of PANW. Soltis Investment Advisors LLC purchased a new stake in Palo Alto Networks during the 3rd quarter worth approximately $5,827,000. Rehmann Capital Advisory Group grew its holdings in shares of Palo Alto Networks by 8.1% during the third quarter. Rehmann Capital Advisory Group now owns 1,152 shares of the network technology company's stock valued at $394,000 after buying an additional 86 shares during the last quarter. Virtue Capital Management LLC grew its holdings in shares of Palo Alto Networks by 4.3% during the third quarter. Virtue Capital Management LLC now owns 1,690 shares of the network technology company's stock valued at $578,000 after buying an additional 70 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of Palo Alto Networks by 2.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,977 shares of the network technology company's stock valued at $676,000 after acquiring an additional 42 shares during the period. Finally, Toronto Dominion Bank raised its stake in Palo Alto Networks by 9.4% in the 3rd quarter. Toronto Dominion Bank now owns 122,147 shares of the network technology company's stock worth $41,750,000 after acquiring an additional 10,462 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

About Palo Alto Networks

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.