Financial Advocates Investment Management Purchases 389 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Financial Advocates Investment Management raised its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 7.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,364 shares of the network technology company’s stock after buying an additional 389 shares during the quarter. Financial Advocates Investment Management’s holdings in Palo Alto Networks were worth $1,833,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PANW. International Assets Investment Management LLC boosted its stake in shares of Palo Alto Networks by 34,318.2% in the 3rd quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock valued at $1,113,948,000 after purchasing an additional 3,249,594 shares in the last quarter. Vanguard Group Inc. raised its holdings in Palo Alto Networks by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock worth $8,118,190,000 after purchasing an additional 1,002,239 shares during the last quarter. Swedbank AB bought a new position in Palo Alto Networks during the 1st quarter worth approximately $177,933,000. Altshuler Shaham Ltd raised its holdings in Palo Alto Networks by 444,100.0% during the 2nd quarter. Altshuler Shaham Ltd now owns 444,000 shares of the network technology company’s stock worth $150,520,000 after purchasing an additional 444,100 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in Palo Alto Networks by 8.5% during the 2nd quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock worth $1,099,564,000 after purchasing an additional 255,060 shares during the last quarter. 79.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on PANW. Truist Financial raised their price target on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Robert W. Baird lifted their price objective on shares of Palo Alto Networks from $360.00 to $375.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. JPMorgan Chase & Co. lifted their price objective on shares of Palo Alto Networks from $340.00 to $365.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Needham & Company LLC lifted their price objective on shares of Palo Alto Networks from $345.00 to $385.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Susquehanna lifted their price objective on shares of Palo Alto Networks from $340.00 to $420.00 and gave the company a “positive” rating in a research note on Thursday, September 5th. Eleven equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $378.49.

Insider Buying and Selling

In related news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $295.93, for a total value of $17,755,800.00. Following the transaction, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at approximately $47,055,533.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Palo Alto Networks news, CEO Nikesh Arora sold 81,586 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the sale, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at $227,680,932.85. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the sale, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $47,055,533.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 315,252 shares of company stock valued at $107,138,877. 3.30% of the stock is owned by insiders.

Palo Alto Networks Stock Performance

Shares of NASDAQ:PANW opened at $360.33 on Friday. The company’s 50-day moving average is $352.45 and its 200 day moving average is $328.38. The company has a market capitalization of $117.32 billion, a P/E ratio of 49.70, a price-to-earnings-growth ratio of 5.21 and a beta of 1.13. Palo Alto Networks, Inc. has a fifty-two week low of $233.81 and a fifty-two week high of $384.00.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.80 EPS. As a group, research analysts predict that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current year.

About Palo Alto Networks

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.