Pegasus Asset Management Inc. Has $4.09 Million Position in Palo Alto Networks, Inc. $PANW

Pegasus Asset Management Inc. boosted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 97.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 20,077 shares of the network technology company’s stock after buying an additional 9,923 shares during the period. Palo Alto Networks accounts for about 1.3% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 28th largest holding. Pegasus Asset Management Inc.’s holdings in Palo Alto Networks were worth $4,088,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Klingman & Associates LLC increased its holdings in Palo Alto Networks by 2.2% during the 3rd quarter. Klingman & Associates LLC now owns 2,131 shares of the network technology company’s stock valued at $434,000 after purchasing an additional 46 shares in the last quarter. Contravisory Investment Management Inc. grew its holdings in shares of Palo Alto Networks by 1.8% during the third quarter. Contravisory Investment Management Inc. now owns 2,742 shares of the network technology company’s stock worth $558,000 after purchasing an additional 48 shares during the last quarter. Mattern Wealth Management LLC raised its holdings in shares of Palo Alto Networks by 2.9% in the third quarter. Mattern Wealth Management LLC now owns 1,692 shares of the network technology company’s stock valued at $345,000 after buying an additional 48 shares during the last quarter. Astoria Portfolio Advisors LLC. raised its holdings in shares of Palo Alto Networks by 2.1% in the second quarter. Astoria Portfolio Advisors LLC. now owns 2,467 shares of the network technology company’s stock valued at $496,000 after buying an additional 50 shares during the last quarter. Finally, PTM Wealth Management LLC grew its holdings in Palo Alto Networks by 4.0% during the 3rd quarter. PTM Wealth Management LLC now owns 1,300 shares of the network technology company’s stock worth $276,000 after acquiring an additional 50 shares during the last quarter. 79.82% of the stock is owned by institutional investors.

Palo Alto Networks Price Performance

NASDAQ PANW opened at $176.20 on Friday. Palo Alto Networks, Inc. has a one year low of $144.15 and a one year high of $223.61. The firm has a market cap of $122.81 billion, a P/E ratio of 111.52, a P/E/G ratio of 4.38 and a beta of 0.76. The stock’s 50-day moving average is $187.34 and its 200-day moving average is $194.67.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Thursday, November 20th. The network technology company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.04. Palo Alto Networks had a return on equity of 17.05% and a net margin of 11.69%.The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the prior year, the business earned $1.56 EPS. Palo Alto Networks’s revenue for the quarter was up 15.7% compared to the same quarter last year. Equities analysts anticipate that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Analysts Set New Price Targets

PANW has been the topic of several research analyst reports. Westpark Capital reissued a “hold” rating on shares of Palo Alto Networks in a research note on Thursday, November 20th. Citigroup reiterated a “buy” rating on shares of Palo Alto Networks in a research report on Monday, January 12th. Bank of America boosted their target price on Palo Alto Networks from $215.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Wedbush reiterated an “outperform” rating and issued a $225.00 price target on shares of Palo Alto Networks in a report on Thursday, November 20th. Finally, Hsbc Global Res lowered Palo Alto Networks from a “hold” rating to a “moderate sell” rating in a research report on Thursday, November 20th. Thirty-one research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $229.09.

Insider Activity at Palo Alto Networks

In related news, EVP Lee Klarich sold 120,768 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $191.03, for a total value of $23,070,311.04. Following the completion of the transaction, the executive vice president directly owned 298,887 shares of the company’s stock, valued at approximately $57,096,383.61. This represents a 28.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James J. Goetz sold 12,500 shares of Palo Alto Networks stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $195.33, for a total value of $2,441,625.00. Following the completion of the sale, the director directly owned 75,184 shares in the company, valued at $14,685,690.72. This represents a 14.26% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 382,016 shares of company stock valued at $76,386,460. 1.40% of the stock is owned by insiders.

Palo Alto Networks 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.