Fiduciary Family Office LLC purchased a new position in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 1,067 shares of the network technology company’s stock, valued at approximately $218,000.
Several other hedge funds have also added to or reduced their stakes in PANW. Nuveen LLC bought a new stake in Palo Alto Networks in the first quarter worth $810,047,000. Kingstone Capital Partners Texas LLC bought a new stake in Palo Alto Networks in the second quarter worth $633,068,000. Goldman Sachs Group Inc. boosted its holdings in Palo Alto Networks by 41.9% in the first quarter. Goldman Sachs Group Inc. now owns 7,235,406 shares of the network technology company’s stock worth $1,234,650,000 after acquiring an additional 2,134,735 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Palo Alto Networks by 77.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,879,506 shares of the network technology company’s stock worth $662,000,000 after acquiring an additional 1,688,432 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Palo Alto Networks by 2.5% in the first quarter. Vanguard Group Inc. now owns 62,775,544 shares of the network technology company’s stock worth $10,712,019,000 after acquiring an additional 1,541,637 shares in the last quarter. 79.82% of the stock is owned by institutional investors.
Palo Alto Networks Stock Performance
PANW stock opened at $214.40 on Wednesday. Palo Alto Networks, Inc. has a fifty-two week low of $144.15 and a fifty-two week high of $217.94. The business’s 50-day moving average is $198.45 and its two-hundred day moving average is $191.16. The company has a market cap of $143.41 billion, a price-to-earnings ratio of 133.58, a P/E/G ratio of 5.04 and a beta of 0.98.
Insider Transactions at Palo Alto Networks
In other news, CAO Josh D. Paul sold 700 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $202.16, for a total value of $141,512.00. Following the transaction, the chief accounting officer owned 32,474 shares of the company’s stock, valued at $6,564,943.84. This trade represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $204.19, for a total value of $1,020,950.00. Following the completion of the transaction, the executive vice president directly owned 96,135 shares in the company, valued at $19,629,805.65. This trade represents a 4.94% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,315,130 shares of company stock valued at $260,687,367. Company insiders own 2.50% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the company. KeyCorp downgraded Palo Alto Networks from an “overweight” rating to a “sector weight” rating in a report on Thursday, July 31st. BTIG Research raised Palo Alto Networks from a “neutral” rating to a “buy” rating in a report on Monday, October 13th. BMO Capital Markets upped their price target on Palo Alto Networks from $217.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, August 19th. Rosenblatt Securities lowered their price target on Palo Alto Networks from $235.00 to $215.00 and set a “buy” rating on the stock in a report on Thursday, August 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $230.00 price target on shares of Palo Alto Networks in a report on Wednesday, September 3rd. Thirty investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $217.22.
Get Our Latest Stock Report on Palo Alto Networks
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.
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