Brokerages expect Palo Alto Networks Inc (NYSE:PANW) to post $631.70 million in sales for the current quarter, Zacks reports. Thirteen analysts have issued estimates for Palo Alto Networks’ earnings, with the lowest sales estimate coming in at $628.72 million and the highest estimate coming in at $636.70 million. Palo Alto Networks posted sales of $505.50 million in the same quarter last year, which suggests a positive year over year growth rate of 25%. The business is scheduled to issue its next quarterly earnings report after the market closes on Thursday, November 29th.
According to Zacks, analysts expect that Palo Alto Networks will report full year sales of $2.78 billion for the current year, with estimates ranging from $2.72 billion to $2.86 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.30 billion, with estimates ranging from $3.16 billion to $3.52 billion. Zacks’ sales averages are an average based on a survey of analysts that cover Palo Alto Networks.
Palo Alto Networks (NYSE:PANW) last issued its earnings results on Thursday, September 6th. The network technology company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11. The business had revenue of $658.10 million during the quarter, compared to analyst estimates of $634.14 million. Palo Alto Networks had a negative return on equity of 4.12% and a negative net margin of 6.51%. Palo Alto Networks’s revenue was up 29.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 earnings per share.
A number of brokerages have weighed in on PANW. ValuEngine upgraded Palo Alto Networks from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 3rd. KeyCorp upped their price target on Palo Alto Networks from $245.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, September 7th. Rosenblatt Securities upped their price target on Palo Alto Networks to $280.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Monness Crespi & Hardt upped their price target on Palo Alto Networks from $235.00 to $265.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Finally, Jefferies Financial Group upped their price target on Palo Alto Networks to $267.00 and gave the company a “buy” rating in a research report on Friday, September 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $240.94.
Shares of NYSE:PANW opened at $183.09 on Friday. Palo Alto Networks has a fifty-two week low of $135.85 and a fifty-two week high of $239.50. The firm has a market capitalization of $17.77 billion, a price-to-earnings ratio of -332.89, a P/E/G ratio of 13.24 and a beta of 1.22. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 1.42.
In other news, President Mark Anderson sold 30,000 shares of the stock in a transaction on Friday, September 7th. The stock was sold at an average price of $231.92, for a total transaction of $6,957,600.00. Following the sale, the president now owns 140,841 shares in the company, valued at $32,663,844.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kathleen Bonanno sold 467 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $213.03, for a total value of $99,485.01. Following the sale, the chief financial officer now owns 34,954 shares in the company, valued at approximately $7,446,250.62. The disclosure for this sale can be found here. Insiders have sold 285,178 shares of company stock worth $62,189,621 in the last 90 days. Company insiders own 3.10% of the company’s stock.
A number of institutional investors have recently bought and sold shares of PANW. Canada Pension Plan Investment Board boosted its holdings in Palo Alto Networks by 84.7% in the second quarter. Canada Pension Plan Investment Board now owns 1,461,226 shares of the network technology company’s stock valued at $300,238,000 after acquiring an additional 670,016 shares during the last quarter. Bank of Montreal Can boosted its holdings in Palo Alto Networks by 193.7% in the second quarter. Bank of Montreal Can now owns 545,383 shares of the network technology company’s stock valued at $112,061,000 after acquiring an additional 359,685 shares during the last quarter. First Trust Advisors LP boosted its holdings in Palo Alto Networks by 199.8% in the second quarter. First Trust Advisors LP now owns 529,520 shares of the network technology company’s stock valued at $108,800,000 after acquiring an additional 352,914 shares during the last quarter. Altshuler Shaham Ltd bought a new position in Palo Alto Networks in the second quarter valued at about $65,038,000. Finally, Criterion Capital Management LLC bought a new position in Palo Alto Networks in the second quarter valued at about $62,227,000. Institutional investors and hedge funds own 80.09% of the company’s stock.
Palo Alto Networks Company Profile
Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
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