Goldman Sachs Maintains Palo Alto Networks Buy Recommendation

By 247patrick Updated Jul 26, 12:38PM EDT · Published Jul 26, 6:55AM EDT

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Goldman Sachs Maintains Palo Alto Networks Buy Recommendation — © Keikona / iStock via Getty Images

Fintel reports that on July 25, 2023, Goldman Sachs maintained coverage of Palo Alto Networks (NYSE:PANW) with a Buy recommendation.

Analyst Price Forecast Suggests 2.85% Upside

As of July 6, 2023, the average one-year price target for Palo Alto Networks is 249.82. The forecasts range from a low of 181.80 to a high of $322.35. The average price target represents an increase of 2.85% from its latest reported closing price of 242.91.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Palo Alto Networks is 7,026MM, an increase of 8.26%. The projected annual non-GAAP EPS is 3.49.

What is the Fund Sentiment?

There are 2327 funds or institutions reporting positions in Palo Alto Networks. This is an increase of 115 owner(s) or 5.20% in the last quarter. Average portfolio weight of all funds dedicated to PANW is 0.61%, an increase of 10.52%. Total shares owned by institutions increased in the last three months by 8.71% to 316,286K shares. The put/call ratio of PANW is 2.33, indicating a bearish outlook.

What are Other Shareholders Doing?

Ofi Invest Asset Management holds 27,201K shares representing 8.89% ownership of the company.

Bank Of America holds 10,214K shares representing 3.34% ownership of the company. In it’s prior filing, the firm reported owning 8,596K shares, representing an increase of 15.85%. The firm increased its portfolio allocation in PANW by 53.38% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 9,367K shares representing 3.06% ownership of the company. In it’s prior filing, the firm reported owning 9,191K shares, representing an increase of 1.88%. The firm increased its portfolio allocation in PANW by 34.70% over the last quarter.

Nuveen Asset Management holds 5,986K shares representing 1.96% ownership of the company. In it’s prior filing, the firm reported owning 5,478K shares, representing an increase of 8.50%. The firm increased its portfolio allocation in PANW by 50.03% over the last quarter.

Jpmorgan Chase holds 5,825K shares representing 1.90% ownership of the company. In it’s prior filing, the firm reported owning 4,519K shares, representing an increase of 22.41%. The firm increased its portfolio allocation in PANW by 70.49% over the last quarter.

Palo Alto Networks Background Information
(This description is provided by the company.)

Palo Alto Networks, the global cybersecurity leader, is shaping the cloud-centric future with technology that is transforming the way people and organizations operate. Its mission is to be the cybersecurity partner of choice, protecting the digital way of life. The Company helps address the world’s greatest security challenges with continuous innovation that seizes the latest breakthroughs in artificial intelligence, analytics, automation, and orchestration. By delivering an integrated platform and empowering a growing ecosystem of partners, the Company is at the forefront of protecting tens of thousands of organizations across clouds, networks, and mobile devices. The vision of the Company is a world where each day is safer and more secure than the one before.

This article originally appeared on Fintel