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

BNC Wealth Management LLC grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,789 shares of the network technology company’s stock after purchasing an additional 661 shares during the quarter. Palo Alto Networks accounts for 1.7% of BNC Wealth Management LLC’s investment portfolio, making the stock its 19th biggest position. BNC Wealth Management LLC’s holdings in Palo Alto Networks were worth $4,713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Capital Advisors Ltd. LLC boosted its position in Palo Alto Networks by 113.9% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock valued at $26,000 after buying an additional 41 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in shares of Palo Alto Networks by 352.6% in the 3rd quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after buying an additional 67 shares during the period. Strategic Investment Solutions Inc. IL grew its holdings in shares of Palo Alto Networks by 177.4% during the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock valued at $29,000 after purchasing an additional 55 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in Palo Alto Networks in the first quarter valued at $25,000. Finally, First PREMIER Bank boosted its stake in Palo Alto Networks by 48.4% during the 3rd quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 31 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Price Performance

PANW stock opened at $385.18 on Thursday. The stock has a market capitalization of $125.41 billion, a price-to-earnings ratio of 53.13, a P/E/G ratio of 5.23 and a beta of 1.12. The business has a fifty day moving average price of $353.98 and a 200 day moving average price of $331.32. Palo Alto Networks, Inc. has a fifty-two week low of $234.15 and a fifty-two week high of $386.20.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the business posted $0.80 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts expect that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current fiscal year.

Insider Transactions at Palo Alto Networks

In related news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total value of $11,970,000.00. Following the completion of the sale, the executive vice president now owns 1,115,567 shares of the company’s stock, valued at $370,926,027.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Nikesh Arora sold 66,666 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total value of $22,865,104.68. Following the transaction, the chief executive officer now owns 639,994 shares of the company’s stock, valued at approximately $219,505,142.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the sale, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at approximately $370,926,027.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 255,252 shares of company stock worth $89,383,077. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Palo Alto Networks from $330.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. KeyCorp raised their target price on shares of Palo Alto Networks from $400.00 to $435.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Scotiabank increased their price objective on Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 20th. Evercore ISI upped their price objective on shares of Palo Alto Networks from $385.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Finally, Wedbush reiterated an “outperform” rating and issued a $375.00 target price on shares of Palo Alto Networks in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $378.49.

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.