Savvy Advisors Inc. Raises Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Savvy Advisors Inc. raised its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 125.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,890 shares of the network technology company’s stock after buying an additional 1,051 shares during the quarter. Savvy Advisors Inc.’s holdings in Palo Alto Networks were worth $646,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in Palo Alto Networks during the third quarter valued at approximately $1,156,000. Alpha Cubed Investments LLC boosted its stake in shares of Palo Alto Networks by 16.4% during the 3rd quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company’s stock worth $79,149,000 after acquiring an additional 32,626 shares during the last quarter. Handelsbanken Fonder AB increased its stake in shares of Palo Alto Networks by 3.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 196,700 shares of the network technology company’s stock worth $67,232,000 after purchasing an additional 7,291 shares in the last quarter. Harvest Portfolios Group Inc. bought a new position in Palo Alto Networks in the 3rd quarter worth $24,414,000. Finally, Parsons Capital Management Inc. RI lifted its position in Palo Alto Networks by 4.5% during the second quarter. Parsons Capital Management Inc. RI now owns 2,695 shares of the network technology company’s stock valued at $914,000 after purchasing an additional 116 shares in the last quarter. 79.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PANW has been the topic of several recent research reports. JMP Securities reaffirmed a “market outperform” rating and issued a $380.00 price objective on shares of Palo Alto Networks in a research note on Monday, November 4th. The Goldman Sachs Group raised their target price on shares of Palo Alto Networks from $376.00 to $425.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Sanford C. Bernstein boosted their price objective on Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Royal Bank of Canada increased their target price on Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Finally, Wells Fargo & Company upped their price target on Palo Alto Networks from $385.00 to $416.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $378.87.

Insider Activity

In related news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the transaction, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at $370,926,027.50. 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 through this link. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 1,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $341.44, for a total transaction of $341,440.00. Following the completion of the sale, the director now directly owns 41,517 shares of the company’s stock, valued at approximately $14,175,564.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction that occurred 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 directly owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 255,252 shares of company stock worth $89,383,077. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks Stock Down 0.0 %

Shares of NASDAQ:PANW opened at $398.02 on Wednesday. The business’s 50 day moving average is $355.84 and its 200 day moving average is $333.78. The stock has a market cap of $129.60 billion, a P/E ratio of 54.90, a price-to-earnings-growth ratio of 5.77 and a beta of 1.12. Palo Alto Networks, Inc. has a 52-week low of $234.15 and a 52-week high of $400.69.

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, beating the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter last year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, sell-side analysts anticipate 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.