HSBC Lowers Outlook for Palo Alto Networks: What Investors Should Know
HSBC Adjusts Rating from Hold to Reduce
On November 22, 2024, HSBC announced a downgrade of their outlook for Palo Alto Networks (XTRA:5AP) from Hold to Reduce.
Forecast Indicates Minor Decline Ahead
As of October 22, 2024, the average one-year price target for Palo Alto Networks sits at 362.26 €/share. This target varies, with estimates ranging from a low of 257.13 € to a high of 431.97 €. Notably, this average suggests a decline of 1.49% from the latest reported closing price of 367.75 € / share.
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Strong Revenue Growth Projected
Palo Alto Networks is expected to report annual revenue of 10,060 million €, reflecting an impressive growth rate of 21.38%. Furthermore, the projected annual non-GAAP EPS stands at 5.47.
Understanding Fund Sentiment
Currently, 3,053 funds or institutions hold positions in Palo Alto Networks, marking an increase of 9 owners or 0.30% over the last quarter. The average portfolio weight dedicated to 5AP among these funds is 0.46%, which is a rise of 4.41%. Institutional shares rose by 1.09% over the past three months, reaching a total of 285,768K shares.
Activity Among Major Shareholders
BlackRock remains a significant player, holding 25,086K shares which amounts to 7.67% ownership of the company.
The Vanguard Total Stock Market Index Fund (VTSMX) controls 10,228K shares, equating to 3.13% ownership. In its last filing, it reported a small rise from 10,156K shares, resulting in a 0.70% increase and a 16.85% boost in its portfolio allocation for 5AP over the previous quarter.
The Vanguard 500 Index Fund (VFINX) holds 8,293K shares, also representing 2.53% ownership. Previously, it owned 7,946K shares, indicating a 4.19% increase. Its 5AP portfolio allocation rose by 17.88% in the last quarter.
Bank of America’s position has slightly changed; it holds 8,150K shares (2.49% ownership), down from 8,313K shares for a 2.00% decrease and a significant decrease of 76.67% in its portfolio allocation for 5AP during the past quarter.
Geode Capital Management has increased its stake to 7,657K shares, representing 2.34% ownership, an increase of 2.88% from the previous 7,436K shares, but their portfolio allocation for 5AP has dropped by 4.27% in the most recent quarter.
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This story originally appeared on Fintel.
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