Palo Alto Networks (NASDAQ:PANW) Shares Down 3.8%

Palo Alto Networks, Inc. (NASDAQ:PANW)’s stock price dropped 3.8% during mid-day trading on Wednesday . The company traded as low as $334.11 and last traded at $334.42. Approximately 775,207 shares traded hands during trading, a decline of 82% from the average daily volume of 4,286,815 shares. The stock had previously closed at $347.58.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Daiwa Capital Markets initiated coverage on Palo Alto Networks in a research report on Wednesday, May 29th. They issued an “outperform” rating and a $350.00 target price on the stock. DA Davidson lifted their price objective on shares of Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Barclays boosted their target price on shares of Palo Alto Networks from $350.00 to $370.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Redburn Atlantic lowered shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and dropped their price target for the company from $350.00 to $325.00 in a research note on Thursday, July 18th. Finally, Northland Securities boosted their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 20th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $366.08.

Palo Alto Networks Price Performance

The firm’s fifty day simple moving average is $336.02 and its 200 day simple moving average is $311.42. The company has a market capitalization of $110.34 billion, a price-to-earnings ratio of 48.61, a PEG ratio of 4.89 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last posted 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. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the company posted $0.80 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts forecast that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current fiscal year.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the completion of the sale, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $54,854,924.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the completion of the sale, the chief accounting officer now directly owns 24,982 shares in the company, valued at $8,443,916. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the completion of the sale, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at approximately $54,854,924.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 464,075 shares of company stock valued at $154,029,567. Company insiders own 3.30% of the company’s stock.

Institutional Trading of Palo Alto Networks

Several large investors have recently made changes to their positions in PANW. Pathway Financial Advisers LLC acquired a new stake in Palo Alto Networks in the 1st quarter worth approximately $25,000. Frank Rimerman Advisors LLC bought a new position in shares of Palo Alto Networks in the fourth quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of Palo Alto Networks by 3,200.0% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock worth $28,000 after buying an additional 96 shares during the last quarter. Ulland Investment Advisors LLC bought a new stake in shares of Palo Alto Networks during the 1st quarter worth $30,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Palo Alto Networks during the 4th quarter worth $31,000. Institutional investors 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.