Palo Alto Networks, Inc. (NASDAQ:PANW) Position Boosted by National Bank of Canada FI

National Bank of Canada FI raised its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 12.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,366 shares of the network technology company’s stock after acquiring an additional 26,324 shares during the period. National Bank of Canada FI owned approximately 0.07% of Palo Alto Networks worth $81,552,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PANW. SouthState Corp raised its position in shares of Palo Alto Networks by 64.3% during the 2nd quarter. SouthState Corp now owns 948 shares of the network technology company’s stock worth $321,000 after buying an additional 371 shares in the last quarter. Hohimer Wealth Management LLC raised its holdings in Palo Alto Networks by 26.7% during the second quarter. Hohimer Wealth Management LLC now owns 3,985 shares of the network technology company’s stock worth $1,351,000 after purchasing an additional 840 shares in the last quarter. First Dallas Securities Inc. raised its holdings in Palo Alto Networks by 5.0% during the second quarter. First Dallas Securities Inc. now owns 2,100 shares of the network technology company’s stock worth $712,000 after purchasing an additional 100 shares in the last quarter. Meridian Wealth Advisors LLC lifted its position in Palo Alto Networks by 4.0% in the second quarter. Meridian Wealth Advisors LLC now owns 1,825 shares of the network technology company’s stock worth $619,000 after purchasing an additional 70 shares during the period. Finally, TD Asset Management Inc boosted its stake in Palo Alto Networks by 5.9% during the 2nd quarter. TD Asset Management Inc now owns 167,220 shares of the network technology company’s stock valued at $56,689,000 after purchasing an additional 9,260 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PANW. UBS Group upped their price objective on Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. DA Davidson upped their price target on shares of Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Needham & Company LLC lifted their price objective on shares of Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Stifel Nicolaus increased their target price on shares of Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Oppenheimer raised their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a report on Tuesday, August 20th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus target price of $366.08.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the completion of the sale, the director now owns 31,517 shares of the company’s stock, valued at $10,983,359.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $338.00, for a total transaction of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at $8,443,916. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the completion of the sale, the director now owns 31,517 shares of the company’s stock, valued at $10,983,359.33. The disclosure for this sale can be found here. Insiders have sold a total of 339,572 shares of company stock worth $111,126,265 over the last three months. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

NASDAQ:PANW opened at $343.74 on Friday. The company has a market capitalization of $111.30 billion, a P/E ratio of 49.96, a P/E/G ratio of 5.29 and a beta of 1.13. The stock’s 50 day moving average price is $335.88 and its 200 day moving average price is $310.69. Palo Alto Networks, Inc. has a 52 week low of $224.64 and a 52 week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the prior year, the business posted $0.80 EPS. Palo Alto Networks’s quarterly revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts forecast that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current fiscal 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.