Savant Capital LLC lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 9.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,874 shares of the network technology company’s stock after purchasing an additional 521 shares during the quarter. Savant Capital LLC’s holdings in Palo Alto Networks were worth $1,377,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Worth Asset Management LLC acquired a new stake in shares of Palo Alto Networks during the 1st quarter valued at about $26,000. First Pacific Financial lifted its stake in Palo Alto Networks by 421.7% during the third quarter. First Pacific Financial now owns 120 shares of the network technology company’s stock worth $28,000 after purchasing an additional 97 shares during the period. Pin Oak Investment Advisors Inc. acquired a new stake in Palo Alto Networks during the second quarter valued at approximately $28,000. Fortis Capital Advisors LLC bought a new stake in shares of Palo Alto Networks in the 4th quarter valued at approximately $28,000. Finally, VisionPoint Advisory Group LLC acquired a new position in shares of Palo Alto Networks in the 2nd quarter worth approximately $31,000. 85.69% of the stock is owned by institutional investors.
Palo Alto Networks Stock Performance
NASDAQ PANW opened at $345.89 on Wednesday. The stock has a market capitalization of $109.06 billion, a price-to-earnings ratio of 196.53, a PEG ratio of 4.75 and a beta of 1.27. Palo Alto Networks, Inc. has a 52 week low of $154.11 and a 52 week high of $350.60. The stock’s 50 day moving average price is $305.26 and its two-hundred day moving average price is $263.33.
Insider Transactions at Palo Alto Networks
In other news, EVP Lee Klarich sold 45,000 shares of Palo Alto Networks stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $243.48, for a total transaction of $10,956,600.00. Following the completion of the transaction, the executive vice president now directly owns 185,217 shares in the company, valued at approximately $45,096,635.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Palo Alto Networks news, CAO Josh D. Paul sold 450 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $292.31, for a total value of $131,539.50. Following the completion of the sale, the chief accounting officer now owns 29,185 shares of the company’s stock, valued at approximately $8,531,067.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Klarich sold 45,000 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $243.48, for a total value of $10,956,600.00. Following the sale, the executive vice president now directly owns 185,217 shares in the company, valued at approximately $45,096,635.16. The disclosure for this sale can be found here. Insiders have sold 419,426 shares of company stock worth $114,654,689 in the last ninety days. Insiders own 3.30% of the company’s stock.
Analyst Ratings Changes
A number of analysts have weighed in on the company. Evercore ISI upped their price target on Palo Alto Networks from $315.00 to $405.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. JPMorgan Chase & Co. upped their target price on shares of Palo Alto Networks from $272.00 to $326.00 and gave the stock an “overweight” rating in a report on Monday, December 11th. Stifel Nicolaus reissued a “buy” rating and set a $280.00 price target on shares of Palo Alto Networks in a report on Tuesday, November 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $281.00 price objective on shares of Palo Alto Networks in a research note on Thursday, November 16th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $300.00 target price on shares of Palo Alto Networks in a research note on Thursday, November 16th. Six research analysts have rated the stock with a hold rating and thirty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $287.10.
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.
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