E&G Advisors LP Invests $212,000 in Palo Alto Networks, Inc. (NASDAQ:PANW)

E&G Advisors LP purchased a new position in Palo Alto Networks, Inc. (NASDAQ:PANW) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 620 shares of the network technology company’s stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. TriaGen Wealth Management LLC bought a new stake in shares of Palo Alto Networks during the third quarter worth approximately $729,000. Meridiem Investment Management Ltd. acquired a new position in shares of Palo Alto Networks in the third quarter valued at approximately $222,000. Clarity Wealth Advisors LLC increased its holdings in Palo Alto Networks by 8.7% during the 3rd quarter. Clarity Wealth Advisors LLC now owns 1,171 shares of the network technology company’s stock worth $400,000 after purchasing an additional 94 shares in the last quarter. Legacy Financial Strategies LLC grew its holdings in shares of Palo Alto Networks by 59.2% during the third quarter. Legacy Financial Strategies LLC now owns 1,065 shares of the network technology company’s stock worth $364,000 after buying an additional 396 shares in the last quarter. Finally, NovaPoint Capital LLC acquired a new stake in shares of Palo Alto Networks in the third quarter valued at approximately $310,000. Institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Price Performance

Shares of NASDAQ PANW opened at $374.83 on Friday. The company has a market capitalization of $121.37 billion, a P/E ratio of 54.48, a P/E/G ratio of 5.42 and a beta of 1.13. The company has a 50 day simple moving average of $348.67 and a 200-day simple moving average of $323.01. Palo Alto Networks, Inc. has a 1 year low of $233.81 and a 1 year high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. The firm had revenue of $2.19 billion during 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 revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 EPS. As a group, research analysts expect that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

Analysts Set New Price Targets

PANW has been the subject of a number of research analyst reports. Robert W. Baird lifted their price target on Palo Alto Networks from $360.00 to $375.00 and gave the stock an “outperform” rating in a report on Friday, August 16th. Wells Fargo & Company lifted their price target on shares of Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Needham & Company LLC raised their target price on shares of Palo Alto Networks from $345.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Barclays upped their price objective on Palo Alto Networks from $370.00 to $410.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Susquehanna boosted their target price on shares of Palo Alto Networks from $340.00 to $420.00 and gave the stock a “positive” rating in a research note on Thursday, September 5th. Eleven investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $375.79.

Insider Transactions at Palo Alto Networks

In related news, CAO Josh D. Paul sold 200 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total transaction of $64,682.00. Following the completion of the sale, the chief accounting officer now owns 24,782 shares in the company, valued at $8,014,746.62. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Mary Pat Mccarthy sold 1,000 shares of the 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 completion of the transaction, the director now owns 41,517 shares in the company, valued at $14,175,564.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total transaction of $64,682.00. Following the sale, the chief accounting officer now owns 24,782 shares of the company’s stock, valued at approximately $8,014,746.62. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 351,452 shares of company stock worth $118,643,279. 3.30% of the stock is currently owned by insiders.

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.