Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Acquired by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC lifted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 248.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,303 shares of the network technology company’s stock after purchasing an additional 3,068 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Palo Alto Networks were worth $1,459,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PANW. Pathway Financial Advisers LLC acquired a new stake in Palo Alto Networks in the first quarter valued at $25,000. Frank Rimerman Advisors LLC bought a new stake in Palo Alto Networks during the fourth quarter valued at $27,000. Financial Synergies Wealth Advisors Inc. increased its stake in Palo Alto Networks by 3,200.0% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 96 shares during the last quarter. Ulland Investment Advisors LLC bought a new stake in Palo Alto Networks during the first quarter valued at $30,000. Finally, ICA Group Wealth Management LLC bought a new stake in Palo Alto Networks during the fourth quarter valued at $31,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Evercore ISI boosted their target price on shares of Palo Alto Networks from $385.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday. Piper Sandler boosted their target price on shares of Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research note on Tuesday. Oppenheimer boosted their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday. Royal Bank of Canada boosted their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Redburn Atlantic lowered shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $350.00 to $325.00 in a research report on Thursday, July 18th. Thirteen analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average price target of $363.49.

Insider Activity

In related news, EVP Lee Klarich sold 125,866 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $335.00, for a total value of $42,165,110.00. Following the completion of the transaction, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at $55,791,570. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Palo Alto Networks news, EVP Lee Klarich sold 125,866 shares of Palo Alto Networks stock in a transaction on Monday, July 8th. The stock was sold at an average price of $335.00, for a total transaction of $42,165,110.00. Following the completion of the transaction, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at $55,791,570. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now directly owns 24,982 shares of the company’s stock, valued at $8,443,916. The disclosure for this sale can be found here. Over the last three months, insiders sold 367,993 shares of company stock valued at $118,938,210. 3.30% of the stock is owned by company insiders.

Palo Alto Networks Stock Down 2.2 %

PANW stock traded down $8.26 during midday trading on Wednesday, hitting $359.75. 4,999,238 shares of the company traded hands, compared to its average volume of 4,444,848. Palo Alto Networks, Inc. has a twelve month low of $224.64 and a twelve month high of $380.84. The business has a 50 day simple moving average of $328.90 and a 200-day simple moving average of $311.18. The stock has a market capitalization of $116.49 billion, a price-to-earnings ratio of 52.29, a price-to-earnings-growth ratio of 4.48 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the prior year, the business earned $0.80 earnings per share. Palo Alto Networks’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities research analysts forecast that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

Palo Alto Networks Profile

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.