Legacy Financial Advisors Inc. Boosts Stock Holdings in Palo Alto Networks, Inc. $PANW

Legacy Financial Advisors Inc. increased its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 60.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,546 shares of the network technology company’s stock after buying an additional 2,099 shares during the period. Legacy Financial Advisors Inc.’s holdings in Palo Alto Networks were worth $1,891,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PANW. Proficio Capital Partners LLC acquired a new position in shares of Palo Alto Networks in the second quarter worth about $931,000. Nwam LLC grew its position in shares of Palo Alto Networks by 125.0% during the 2nd quarter. Nwam LLC now owns 7,541 shares of the network technology company’s stock valued at $2,572,000 after acquiring an additional 4,189 shares during the period. Clifford Swan Investment Counsel LLC purchased a new position in shares of Palo Alto Networks in the 2nd quarter valued at about $279,000. Rehmann Capital Advisory Group increased its stake in shares of Palo Alto Networks by 5.1% in the 2nd quarter. Rehmann Capital Advisory Group now owns 4,351 shares of the network technology company’s stock valued at $1,485,000 after purchasing an additional 211 shares in the last quarter. Finally, Denver PWM LLC acquired a new position in Palo Alto Networks in the 2nd quarter worth about $299,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling

In other Palo Alto Networks news, Director James J. Goetz sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $279.90, for a total value of $5,598,000.00. Following the transaction, the director directly owned 20,000 shares of the company’s stock, valued at $5,598,000. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $289.56, for a total value of $1,447,800.00. Following the completion of the sale, the executive vice president owned 145,250 shares of the company’s stock, valued at $42,058,590. This trade represents a 3.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 37,735 shares of company stock worth $10,814,266 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Palo Alto Networks Trading Up 2.8%

Shares of PANW stock opened at $382.13 on Tuesday. Palo Alto Networks, Inc. has a fifty-two week low of $139.57 and a fifty-two week high of $398.88. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s fifty day moving average is $346.54 and its two-hundred day moving average is $250.56. The firm has a market capitalization of $311.44 billion, a P/E ratio of 313.22, a PEG ratio of 11.74 and a beta of 0.91.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Tuesday, June 2nd. The network technology company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. The business had revenue of $3 billion during the quarter, compared to analyst estimates of $2.94 billion. Palo Alto Networks had a net margin of 7.95% and a return on equity of 10.53%. The company’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.37 earnings per share. Research analysts expect that Palo Alto Networks, Inc. will post 2.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PANW. HSBC increased their price target on Palo Alto Networks from $114.00 to $207.00 in a research report on Thursday, June 4th. New Street Research set a $415.00 target price on Palo Alto Networks in a research note on Tuesday, August 18th. Argus set a $425.00 target price on Palo Alto Networks in a research report on Tuesday, July 21st. The Goldman Sachs Group reissued a “buy” rating and issued a $330.00 price target on shares of Palo Alto Networks in a research note on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Palo Alto Networks from $326.00 to $384.00 and gave the stock an “overweight” rating in a report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, forty have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average target price of $370.87.

Palo Alto Networks Company Profile

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next?generation firewalls as a core on?premises capability, alongside cloud?delivered security services and software for securing public and private clouds.