Palo Alto Networks, Inc. (NASDAQ:PANW) Stake Increased by Romano Brothers AND Company

Romano Brothers AND Company raised its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 6.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,149 shares of the network technology company’s stock after acquiring an additional 196 shares during the quarter. Romano Brothers AND Company’s holdings in Palo Alto Networks were worth $1,076,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PANW. Vanguard Group Inc. increased its holdings in shares of Palo Alto Networks by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock valued at $8,118,190,000 after acquiring an additional 1,002,239 shares during the last quarter. International Assets Investment Management LLC increased its stake in Palo Alto Networks by 34,318.2% during the third quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock valued at $1,113,948,000 after purchasing an additional 3,249,594 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Palo Alto Networks by 8.5% during the second quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock worth $1,099,564,000 after purchasing an additional 255,060 shares during the period. Jennison Associates LLC lifted its position in shares of Palo Alto Networks by 7.6% in the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock worth $799,792,000 after buying an additional 198,078 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Palo Alto Networks by 5.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company’s stock valued at $757,321,000 after buying an additional 114,742 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Down 4.8 %

NASDAQ:PANW opened at $358.19 on Thursday. The stock has a fifty day simple moving average of $350.84 and a 200 day simple moving average of $325.17. The firm has a market capitalization of $115.98 billion, a price-to-earnings ratio of 52.06, a price-to-earnings-growth ratio of 5.43 and a beta of 1.13. Palo Alto Networks, Inc. has a 1-year low of $233.81 and a 1-year high of $384.00.

Palo Alto Networks (NASDAQ:PANW) last announced its 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 during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period last year, the company posted $0.80 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts predict that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PANW shares. Piper Sandler increased their price objective on shares of Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. increased their price target on Palo Alto Networks from $340.00 to $365.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Royal Bank of Canada boosted their price objective on Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Wedbush reaffirmed an “outperform” rating and issued a $375.00 target price on shares of Palo Alto Networks in a research report on Friday, August 16th. Finally, Oppenheimer boosted their price target on shares of Palo Alto Networks from $410.00 to $450.00 and gave the company an “outperform” rating in a report on Tuesday. Eleven research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus price target of $376.82.

Insiders Place Their Bets

In other news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now owns 1,187,567 shares of the company’s stock, valued at $377,373,165.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $317.77, for a total value of $11,439,720.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $323.41, for a total transaction of $64,682.00. Following the sale, the chief accounting officer now owns 24,782 shares of the company’s stock, valued at approximately $8,014,746.62. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 351,452 shares of company stock worth $118,643,279. Corporate insiders own 3.30% of the company’s stock.

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.