Assetmark Inc. Grows Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Assetmark Inc. grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 8.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 83,228 shares of the network technology company’s stock after acquiring an additional 6,545 shares during the period. Assetmark Inc.’s holdings in Palo Alto Networks were worth $28,447,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PANW. Mainstream Capital Management LLC purchased a new stake in Palo Alto Networks during the third quarter worth about $1,156,000. Alpha Cubed Investments LLC lifted its position in shares of Palo Alto Networks by 16.4% during the 3rd quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company’s stock valued at $79,149,000 after acquiring an additional 32,626 shares during the period. Handelsbanken Fonder AB boosted its stake in shares of Palo Alto Networks by 3.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 196,700 shares of the network technology company’s stock worth $67,232,000 after acquiring an additional 7,291 shares in the last quarter. Harvest Portfolios Group Inc. acquired a new stake in shares of Palo Alto Networks in the 3rd quarter worth approximately $24,414,000. Finally, Parsons Capital Management Inc. RI increased its stake in Palo Alto Networks by 4.5% in the 2nd quarter. Parsons Capital Management Inc. RI now owns 2,695 shares of the network technology company’s stock valued at $914,000 after purchasing an additional 116 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PANW shares. Piper Sandler upped their target price on Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Northland Securities increased their price objective on shares of Palo Alto Networks from $275.00 to $350.00 and gave the company a “market perform” rating in a research note on Tuesday, August 20th. UBS Group raised their target price on shares of Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. JMP Securities reaffirmed a “market outperform” rating and issued a $380.00 price target on shares of Palo Alto Networks in a report on Monday, November 4th. Finally, Barclays raised their price objective on shares of Palo Alto Networks from $370.00 to $410.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average price target of $378.49.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 1,000 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $341.44, for a total value of $341,440.00. Following the completion of the sale, the director now owns 41,517 shares in the company, valued at $14,175,564.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 1,000 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $341.44, for a total value of $341,440.00. Following the sale, the director now directly owns 41,517 shares in the company, valued at approximately $14,175,564.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the transaction, the executive vice president now owns 159,009 shares of the company’s stock, valued at approximately $54,854,924.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 255,252 shares of company stock worth $89,383,077. 3.30% of the stock is owned by company insiders.

Palo Alto Networks Stock Up 1.1 %

PANW stock opened at $391.40 on Friday. The company has a 50-day simple moving average of $355.13 and a 200 day simple moving average of $332.47. The company has a market capitalization of $127.44 billion, a P/E ratio of 53.99, a PEG ratio of 5.59 and a beta of 1.12. Palo Alto Networks, Inc. has a fifty-two week low of $234.15 and a fifty-two week high of $393.21.

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. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the business posted $0.80 EPS. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts anticipate that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

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.