Palo Alto Networks Coverage Initiated at Piper Jaffray (PANW)

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Stock analysts at Piper Jaffray began coverage on shares of Palo Alto Networks (NASDAQ:PANW) in a report issued on Tuesday. The firm set an “overweight” rating and a $100.00 price target on the stock. Piper Jaffray’s price objective points to a potential upside of 22.07% from the stock’s previous close.

In other Palo Alto Networks news, Insider Nir Zuk sold 30,000 shares of the stock on the open market in a transaction dated Thursday, August 7th. The shares were sold at an average price of $80.35, for a total value of $2,410,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Shares of Palo Alto Networks (NASDAQ:PANW) traded down 0.81% on Tuesday, hitting $81.26. The stock had a trading volume of 621,285 shares. Palo Alto Networks has a 1-year low of $40.36 and a 1-year high of $85.78. The stock’s 50-day moving average is $80. and its 200-day moving average is $72.28. The company’s market cap is $6.263 billion.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Wednesday, May 28th. The company reported $0.11 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.10 by $0.01. The company had revenue of $150.70 million for the quarter, compared to the consensus estimate of $146.13 million. During the same quarter last year, the company posted $0.06 earnings per share. Palo Alto Networks’s revenue was up 48.8% compared to the same quarter last year. Analysts expect that Palo Alto Networks will post $0.40 EPS for the current fiscal year.

PANW has been the subject of a number of other recent research reports. Analysts at Zacks upgraded shares of Palo Alto Networks from an “underperform” rating to a “neutral” rating in a research note on Tuesday, July 29th. They now have a $83.10 price target on the stock. Separately, analysts at Pacific Crest reiterated an “outperform” rating on shares of Palo Alto Networks in a research note on Thursday, July 17th. They now have a $105.00 price target on the stock, up previously from $90.00. Finally, analysts at Goldman Sachs initiated coverage on shares of Palo Alto Networks in a research note on Wednesday, July 16th. They set a “conviction-buy” rating and a $97.00 price target on the stock. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $85.87.

Palo Alto Networks, Inc offers a network security platform that allows enterprises, service providers, and government entities to secure their networks.

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