Evoke Wealth LLC Increases Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Evoke Wealth LLC increased its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 118.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,060 shares of the network technology company’s stock after buying an additional 3,284 shares during the quarter. Evoke Wealth LLC’s holdings in Palo Alto Networks were worth $1,103,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Palo Alto Networks during the third quarter valued at $29,000. True Wealth Design LLC grew its holdings in shares of Palo Alto Networks by 2,933.3% during the third quarter. True Wealth Design LLC now owns 91 shares of the network technology company’s stock valued at $31,000 after buying an additional 88 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Palo Alto Networks in the third quarter valued at $32,000. Darwin Wealth Management LLC purchased a new stake in Palo Alto Networks in the third quarter valued at $39,000. Finally, SJS Investment Consulting Inc. boosted its holdings in Palo Alto Networks by 97.2% in the fourth quarter. SJS Investment Consulting Inc. now owns 140 shares of the network technology company’s stock valued at $25,000 after purchasing an additional 69 shares during the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Price Performance

Palo Alto Networks stock opened at $183.10 on Wednesday. The firm has a 50 day simple moving average of $185.89 and a 200-day simple moving average of $184.98. Palo Alto Networks, Inc. has a 1-year low of $132.50 and a 1-year high of $208.39. The stock has a market cap of $121.23 billion, a price-to-earnings ratio of 103.16, a price-to-earnings-growth ratio of 5.64 and a beta of 1.04.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.06. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The business had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Equities analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Palo Alto Networks in a report on Tuesday. They issued an “overweight” rating on the stock. Needham & Company LLC upped their price target on shares of Palo Alto Networks from $192.50 to $225.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Scotiabank upped their price target on shares of Palo Alto Networks from $200.00 to $225.00 and gave the company a “sector outperform” rating in a report on Tuesday, January 21st. Evercore ISI lowered their price target on shares of Palo Alto Networks from $455.00 to $230.00 and set an “outperform” rating on the stock in a report on Tuesday, December 31st. Finally, Susquehanna upped their price target on shares of Palo Alto Networks from $217.50 to $230.00 and gave the company a “positive” rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.06.

Insider Activity

In related news, CAO Josh D. Paul sold 700 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $181.22, for a total transaction of $126,854.00. Following the completion of the transaction, the chief accounting officer now owns 47,976 shares of the company’s stock, valued at approximately $8,694,210.72. This trade represents a 1.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Nikesh Arora sold 176,242 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $180.04, for a total transaction of $31,730,609.68. Following the transaction, the chief executive officer now directly owns 1,086,404 shares of the company’s stock, valued at $195,596,176.16. The trade was a 13.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,122,864 shares of company stock valued at $204,315,811 in the last 90 days. Company insiders own 2.50% of the company’s stock.

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.