Palo Alto Networks, Inc. (NASDAQ:PANW) Holdings Decreased by PGGM Investments

PGGM Investments decreased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 9.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,499 shares of the network technology company’s stock after selling 2,653 shares during the quarter. PGGM Investments’ holdings in Palo Alto Networks were worth $7,224,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Webster Bank N. A. boosted its position in Palo Alto Networks by 607.1% during the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock valued at $29,000 after purchasing an additional 85 shares during the last quarter. Cedar Mountain Advisors LLC boosted its position in Palo Alto Networks by 87.0% during the fourth quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after purchasing an additional 47 shares during the last quarter. MV Capital Management Inc. boosted its position in Palo Alto Networks by 37.2% during the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 29 shares during the last quarter. First Pacific Financial boosted its position in Palo Alto Networks by 421.7% during the third quarter. First Pacific Financial now owns 120 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 97 shares during the last quarter. Finally, Byrne Asset Management LLC boosted its position in Palo Alto Networks by 277.8% during the third quarter. Byrne Asset Management LLC now owns 136 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Oppenheimer lifted their price objective on Palo Alto Networks from $305.00 to $330.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Needham & Company LLC reissued a “buy” rating and set a $345.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, February 21st. Loop Capital cut Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 price objective for the company. in a research report on Wednesday, February 21st. Truist Financial boosted their price target on Palo Alto Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Tuesday, February 20th. Finally, Westpark Capital reaffirmed a “hold” rating on shares of Palo Alto Networks in a research report on Monday, January 29th. Eleven analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $314.82.

Palo Alto Networks Trading Up 0.9 %

PANW traded up $2.63 on Friday, hitting $291.42. 2,246,512 shares of the stock traded hands, compared to its average volume of 3,487,617. Palo Alto Networks, Inc. has a 52 week low of $176.30 and a 52 week high of $380.84. The firm has a market capitalization of $94.16 billion, a PE ratio of 45.53, a P/E/G ratio of 3.96 and a beta of 1.19. The business has a fifty day moving average price of $287.61 and a two-hundred day moving average price of $292.35.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. On average, equities research analysts forecast that Palo Alto Networks, Inc. will post 2.77 EPS for the current fiscal year.

Insider Activity

In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $284.33, for a total value of $17,059,800.00. Following the sale, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $56,327,194.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $284.33, for a total value of $17,059,800.00. Following the sale, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $56,327,194.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Josh D. Paul sold 1,050 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares in the company, valued at $7,629,160. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 167,917 shares of company stock worth $49,395,553. Company 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.