Rosenblatt Securities Believes Palo Alto Networks (NYSE: PANW) Still Has Room to Grow

By Carrie Williams

Rosenblatt Securities analyst Yun Kim maintained a Buy rating on Palo Alto Networks (PANWResearch Report) on July 20 and set a price target of $270.00. The company’s shares closed last Monday at $247.66, close to its 52-week high of $255.84.

According to TipRanks.com, Kim is a 5-star analyst with an average return of 21.4% and a 73.5% success rate. Kim covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Manhattan Associates, and Pegasystems.

Currently, the analyst consensus on Palo Alto Networks is a Strong Buy with an average price target of $263.64, a 7.5% upside from current levels. In a report issued on July 9, Citigroup also maintained a Buy rating on the stock.

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Based on Palo Alto Networks’ latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $869 million and GAAP net loss of $74.8 million. In comparison, last year the company earned revenue of $727 million and had a GAAP net loss of $20.2 million.

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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.