Trueblood Wealth Management LLC Raises Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Trueblood Wealth Management LLC grew its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 2,560 shares of the network technology company’s stock after purchasing an additional 136 shares during the quarter. Trueblood Wealth Management LLC’s holdings in Palo Alto Networks were worth $437,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Uniting Wealth Partners LLC purchased a new position in Palo Alto Networks in the 4th quarter worth $548,000. Rehmann Capital Advisory Group raised its stake in Palo Alto Networks by 106.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 2,378 shares of the network technology company’s stock worth $433,000 after acquiring an additional 1,226 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Palo Alto Networks by 94.3% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 11,661 shares of the network technology company’s stock worth $2,122,000 after acquiring an additional 5,658 shares during the last quarter. Knights of Columbus Asset Advisors LLC raised its stake in Palo Alto Networks by 108.1% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 21,354 shares of the network technology company’s stock worth $3,886,000 after acquiring an additional 11,095 shares during the last quarter. Finally, National Pension Service raised its stake in Palo Alto Networks by 82.1% in the 4th quarter. National Pension Service now owns 1,345,740 shares of the network technology company’s stock worth $244,871,000 after acquiring an additional 606,778 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 equities analysts recently issued reports on PANW shares. Morgan Stanley reduced their target price on Palo Alto Networks from $230.00 to $205.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company raised their target price on Palo Alto Networks from $225.00 to $235.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 21st. Northland Securities cut their price target on Palo Alto Networks from $210.00 to $177.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 21st. Susquehanna increased their price target on Palo Alto Networks from $217.50 to $230.00 and gave the stock a “positive” rating in a research report on Tuesday, February 18th. Finally, Truist Financial cut their price target on Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus target price of $208.00.

Palo Alto Networks Trading Down 0.8%

PANW stock opened at $194.39 on Thursday. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39. The stock has a market cap of $129.62 billion, a price-to-earnings ratio of 109.52, a PEG ratio of 5.64 and a beta of 0.97. The business’s 50-day moving average is $182.38 and its 200 day moving average is $185.09.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the company posted $0.66 EPS. The business’s revenue was up 15.3% on a year-over-year basis. As a group, equities analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Nir Zuk sold 100,000 shares of Palo Alto Networks stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the sale, the executive vice president now owns 3,543,516 shares of the company’s stock, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $195.14, for a total transaction of $23,567,838.36. Following the sale, the executive vice president now directly owns 264,246 shares in the company, valued at approximately $51,564,964.44. The trade was a 31.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 789,736 shares of company stock valued at $139,837,528 in the last ninety days. 2.50% of the stock is currently owned by corporate insiders.

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.