Ethic Inc. Raises Holdings in Palo Alto Networks, Inc. (NYSE:PANW)

Ethic Inc. boosted its holdings in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 73.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,468 shares of the network technology company’s stock after buying an additional 622 shares during the quarter. Ethic Inc.’s holdings in Palo Alto Networks were worth $545,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Connable Office Inc. boosted its stake in Palo Alto Networks by 0.5% in the second quarter. Connable Office Inc. now owns 5,284 shares of the network technology company’s stock valued at $1,961,000 after acquiring an additional 26 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Palo Alto Networks by 1.3% in the first quarter. Geneos Wealth Management Inc. now owns 2,346 shares of the network technology company’s stock valued at $829,000 after acquiring an additional 29 shares in the last quarter. DAVENPORT & Co LLC boosted its stake in Palo Alto Networks by 0.6% in the second quarter. DAVENPORT & Co LLC now owns 4,955 shares of the network technology company’s stock valued at $1,839,000 after acquiring an additional 30 shares in the last quarter. Tradition Wealth Management LLC boosted its stake in Palo Alto Networks by 78.9% in the second quarter. Tradition Wealth Management LLC now owns 68 shares of the network technology company’s stock valued at $25,000 after acquiring an additional 30 shares in the last quarter. Finally, Nicollet Investment Management Inc. boosted its stake in Palo Alto Networks by 0.6% in the first quarter. Nicollet Investment Management Inc. now owns 5,698 shares of the network technology company’s stock valued at $1,835,000 after acquiring an additional 36 shares in the last quarter. 82.39% of the stock is currently owned by institutional investors.

PANW stock opened at $484.88 on Friday. The stock has a market capitalization of $47.23 billion, a P/E ratio of -93.61 and a beta of 1.40. The firm has a 50-day simple moving average of $415.00 and a 200-day simple moving average of $373.48. The company has a quick ratio of 1.38, a current ratio of 0.91 and a debt-to-equity ratio of 2.63. Palo Alto Networks, Inc. has a 52 week low of $219.34 and a 52 week high of $495.92.

Palo Alto Networks (NYSE:PANW) last released its earnings results on Sunday, August 22nd. The network technology company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.16. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Palo Alto Networks had a negative net margin of 11.72% and a negative return on equity of 17.08%. The company’s quarterly revenue was up 28.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.48 earnings per share. On average, analysts expect that Palo Alto Networks, Inc. will post -0.47 earnings per share for the current year.

PANW has been the subject of several research reports. BMO Capital Markets lifted their price objective on shares of Palo Alto Networks from $480.00 to $525.00 and gave the stock an “outperform” rating in a research note on Friday, September 10th. Raymond James lifted their price objective on shares of Palo Alto Networks from $410.00 to $450.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 24th. BTIG Research lifted their price objective on shares of Palo Alto Networks from $509.00 to $555.00 and gave the stock a “buy” rating in a research note on Tuesday. Truist lifted their price objective on shares of Palo Alto Networks from $475.00 to $525.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Piper Sandler lifted their price objective on shares of Palo Alto Networks from $500.00 to $600.00 and gave the stock an “overweight” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $506.13.

In related news, EVP Lee Klarich sold 6,870 shares of the company’s stock in a transaction dated Wednesday, September 8th. The shares were sold at an average price of $462.48, for a total transaction of $3,177,237.60. Following the completion of the sale, the executive vice president now owns 265,453 shares of the company’s stock, valued at approximately $122,766,703.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Mark D. Mclaughlin sold 1,500 shares of the business’s stock in a transaction dated Wednesday, September 8th. The shares were sold at an average price of $460.03, for a total transaction of $690,045.00. The disclosure for this sale can be found here. Insiders have sold 50,184 shares of company stock valued at $20,813,424 in the last three months. Corporate insiders own 2.30% of the company’s stock.

Palo Alto Networks Profile

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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