Maxim Group analyst Nehal Chokshi maintained a Buy rating on Palo Alto Networks (PANW) yesterday and set a price target of $304. The company’s shares closed yesterday at $204.30.
Chokshi said:
“All key April quarter metrics delivered strong performance… …Except long-term (LT) deferred revenue due to strong cloud-based services traction and de-emphasis of multi-year agreements, which will likely continue to weigh on FCF near-term. Positioning and key metrics leave us confident in long-term modeling that underpins $304 12-month DCF based price target & Buy rating.”
According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 6.0% and a 50.7% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Turtle Beach Corp.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Palo Alto Networks with a $257.63 average price target, which is a 26.1% upside from current levels. In a report issued on May 21, Robert W. Baird also reiterated a Buy rating on the stock with a $290 price target.
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Based on Palo Alto Networks’ latest earnings release for the quarter ending January 31, the company reported a quarterly GAAP net loss of $2.6 million. In comparison, last year the company had a GAAP net loss of $46.7 million.
Based on the recent corporate insider activity of 111 insiders, corporate insider sentiment is negative on the stock.
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Palo Alto Networks, Inc. engages in the provision of network security solutions to enterprises, service providers, and government entities. It specializes in network security functions which include threat protection, firewalls, intrusion detection systems, intrusion prevention systems and uniform resource locator filtering.
