Palo Alto Networks (PANW) Received its Third Buy in a Row

After Truist Financial and Credit Suisse gave Palo Alto Networks (NYSE: PANW) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Ittai Kidron assigned a Buy rating to Palo Alto Networks yesterday and set a price target of $420.00. The company’s shares closed last Monday at $384.35, close to its 52-week high of $403.00.

According to TipRanks.com, Kidron is a top 25 analyst with an average return of 44.3% and a 78.0% success rate. Kidron covers the Technology sector, focusing on stocks such as Zoom Video Communications, CrowdStrike Holdings, and Slack Technologies.

Currently, the analyst consensus on Palo Alto Networks is a Strong Buy with an average price target of $422.91, which is a 7.8% upside from current levels. In a report issued on February 8, BTIG also maintained a Buy rating on the stock with a $460.00 price target.

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Based on Palo Alto Networks’ latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $946 million and GAAP net loss of $92.2 million. In comparison, last year the company earned revenue of $772 million and had a GAAP net loss of $59.6 million.

Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PANW in relation to earlier this year.

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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: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 01, 2005 and is headquartered in Santa Clara, CA.