E&G Advisors LP Buys New Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

E&G Advisors LP purchased a new position in Palo Alto Networks, Inc. (NASDAQ:PANW) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 620 shares of the network technology company’s stock, valued at approximately $212,000.

Other large investors have also added to or reduced their stakes in the company. TriaGen Wealth Management LLC acquired a new stake in Palo Alto Networks in the third quarter valued at $729,000. Meridiem Investment Management Ltd. acquired a new position in Palo Alto Networks during the 3rd quarter valued at approximately $222,000. Clarity Wealth Advisors LLC grew its position in shares of Palo Alto Networks by 8.7% during the third quarter. Clarity Wealth Advisors LLC now owns 1,171 shares of the network technology company’s stock worth $400,000 after acquiring an additional 94 shares during the last quarter. Legacy Financial Strategies LLC increased its stake in shares of Palo Alto Networks by 59.2% in the third quarter. Legacy Financial Strategies LLC now owns 1,065 shares of the network technology company’s stock valued at $364,000 after purchasing an additional 396 shares during the period. Finally, NovaPoint Capital LLC acquired a new stake in Palo Alto Networks in the 3rd quarter valued at approximately $310,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the transaction, the executive vice president now directly owns 1,187,567 shares of the company’s stock, valued at $377,373,165.59. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the completion of the transaction, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at approximately $219,505,142.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $317.77, for a total value of $11,439,720.00. Following the sale, the executive vice president now directly owns 1,187,567 shares of the company’s stock, valued at $377,373,165.59. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 351,452 shares of company stock worth $118,643,279 in the last three months. 3.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PANW has been the topic of several recent analyst reports. Bank of America boosted their target price on Palo Alto Networks from $370.00 to $400.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. JMP Securities reiterated a “market outperform” rating and set a $380.00 price objective on shares of Palo Alto Networks in a research report on Tuesday, August 20th. Stifel Nicolaus increased their price target on shares of Palo Alto Networks from $360.00 to $385.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Piper Sandler lifted their price objective on Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Finally, Oppenheimer boosted their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Eleven analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $375.79.

Palo Alto Networks Stock Performance

Shares of NASDAQ:PANW opened at $374.83 on Friday. The stock has a 50 day moving average price of $348.67 and a 200-day moving average price of $323.01. The firm has a market capitalization of $121.37 billion, a P/E ratio of 54.48, a P/E/G ratio of 5.42 and a beta of 1.13. Palo Alto Networks, Inc. has a 52-week low of $233.81 and a 52-week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. Palo Alto Networks’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 EPS. On average, equities analysts forecast that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Palo Alto Networks Company 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.