QRG Capital Management Inc. Buys 1,599 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

QRG Capital Management Inc. lifted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 7.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,846 shares of the network technology company’s stock after acquiring an additional 1,599 shares during the quarter. QRG Capital Management Inc.’s holdings in Palo Alto Networks were worth $7,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Norden Group LLC increased its holdings in Palo Alto Networks by 65.6% in the first quarter. Norden Group LLC now owns 1,538 shares of the network technology company’s stock worth $437,000 after purchasing an additional 609 shares in the last quarter. Whittier Trust Co. grew its stake in Palo Alto Networks by 5.2% in the 1st quarter. Whittier Trust Co. now owns 5,519 shares of the network technology company’s stock valued at $1,568,000 after purchasing an additional 274 shares during the period. RiverPark Advisors LLC bought a new position in Palo Alto Networks in the 1st quarter valued at $40,000. Commerce Bank grew its stake in Palo Alto Networks by 5.9% in the 1st quarter. Commerce Bank now owns 25,168 shares of the network technology company’s stock valued at $7,151,000 after purchasing an additional 1,394 shares during the period. Finally, Chevy Chase Trust Holdings LLC grew its stake in shares of Palo Alto Networks by 0.5% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 175,109 shares of the network technology company’s stock worth $49,754,000 after acquiring an additional 923 shares during the period. 79.82% of the stock is currently owned by institutional investors.

Insider Activity

In other Palo Alto Networks news, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the transaction, the chief executive officer now owns 618,715 shares in the company, valued at approximately $227,680,932.85. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the completion of the transaction, the executive vice president now owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total value of $30,022,832.14. Following the transaction, the chief executive officer now owns 618,715 shares of the company’s stock, valued at $227,680,932.85. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 255,252 shares of company stock worth $89,383,077 in the last quarter. 2.50% of the stock is owned by company insiders.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $361.12 on Tuesday. The firm has a market cap of $117.58 billion, a P/E ratio of 49.81, a P/E/G ratio of 5.26 and a beta of 1.12. The business’s 50 day moving average price is $352.97 and its 200-day moving average price is $330.32. Palo Alto Networks, Inc. has a fifty-two week low of $233.81 and a fifty-two week high of $384.00.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.80 EPS. As a group, equities analysts predict that Palo Alto Networks, Inc. will post 3.57 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Truist Financial increased their price objective on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. UBS Group increased their price objective on Palo Alto Networks from $345.00 to $355.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. BTIG Research increased their price objective on Palo Alto Networks from $366.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. TD Cowen increased their price objective on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Finally, Citigroup raised their price target on Palo Alto Networks from $385.00 to $395.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Eleven research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and an average price target of $378.49.

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.