Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) – KeyCorp dropped their Q3 2023 earnings per share estimates for shares of Palo Alto Networks in a note issued to investors on Wednesday, May 17th. KeyCorp analyst M. Turits now forecasts that the network technology company will earn $0.27 per share for the quarter, down from their previous estimate of $0.28. KeyCorp has a “Overweight” rating and a $230.00 price target on the stock. The consensus estimate for Palo Alto Networks’ current full-year earnings is $1.20 per share. KeyCorp also issued estimates for Palo Alto Networks’ Q4 2023 earnings at $0.57 EPS, FY2023 earnings at $1.38 EPS, Q3 2024 earnings at $0.44 EPS, Q4 2024 earnings at $0.75 EPS, FY2024 earnings at $1.96 EPS and FY2025 earnings at $2.84 EPS.
Several other research analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Palo Alto Networks from $165.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, February 22nd. Wedbush boosted their price objective on Palo Alto Networks from $200.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, February 22nd. TheStreet raised Palo Alto Networks from a “d” rating to a “c” rating in a research report on Tuesday, February 21st. Loop Capital increased their price objective on Palo Alto Networks from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, February 22nd. Finally, StockNews.com assumed coverage on Palo Alto Networks in a research note on Thursday. They set a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating and thirty-four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $224.26.
Palo Alto Networks Stock Performance
Palo Alto Networks (NASDAQ:PANW – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The network technology company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.22. Palo Alto Networks had a return on equity of 36.62% and a net margin of 0.56%. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion.
Insider Activity at Palo Alto Networks
In other Palo Alto Networks news, Director Aparna Bawa sold 555 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $184.59, for a total transaction of $102,447.45. Following the completion of the transaction, the director now directly owns 5,223 shares of the company’s stock, valued at $964,113.57. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Aparna Bawa sold 555 shares of the firm’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $184.59, for a total value of $102,447.45. Following the completion of the transaction, the director now directly owns 5,223 shares of the company’s stock, valued at $964,113.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lee Klarich sold 45,000 shares of Palo Alto Networks stock in a transaction on Friday, May 5th. The shares were sold at an average price of $183.12, for a total value of $8,240,400.00. Following the sale, the executive vice president now directly owns 605,212 shares of the company’s stock, valued at approximately $110,826,421.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 271,380 shares of company stock valued at $51,233,846. 3.90% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of the stock. Covestor Ltd boosted its position in Palo Alto Networks by 61.8% during the 1st quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after acquiring an additional 21 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Palo Alto Networks by 0.8% during the 1st 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 last quarter. Brighton Jones LLC boosted its holdings in shares of Palo Alto Networks by 6.5% during the 1st 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 last quarter. Penserra Capital Management LLC boosted its holdings in shares of Palo Alto Networks by 6.4% during the 1st 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 last quarter. Finally, Wealthfront Advisers LLC boosted its holdings in shares of Palo Alto Networks by 0.9% during the 1st 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 last quarter. Hedge funds and other institutional investors own 81.82% of the company’s stock.
Palo Alto Networks Company Profile
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.
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