Wells Fargo Believes Palo Alto Networks (PANW) Still Has Room to Grow

In a report released yesterday, Philip Winslow from Wells Fargo maintained a Buy rating on Palo Alto Networks (PANW). The company’s shares closed last Monday at $278.50, close to its 52-week high of $279.06.

According to TipRanks.com, Winslow is a 5-star analyst with an average return of 14.3% and a 72.0% success rate. Winslow covers the Technology sector, focusing on stocks such as Zoom Video Communications, Ping Identity Holding, and ServiceNow.

Currently, the analyst consensus on Palo Alto Networks is a Strong Buy with an average price target of $298.50, implying a 10.7% upside from current levels. In a report issued on November 11, Oppenheimer also assigned a Buy rating to the stock with a $305.00 price target.

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Based on Palo Alto Networks’ latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $950 million and GAAP net loss of $58.9 million. In comparison, last year the company earned revenue of $806 million and had a GAAP net loss of $20.8 million.

Based on the recent corporate insider activity of 96 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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