Savvy Advisors Inc. Purchases 1,051 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Savvy Advisors Inc. grew its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 125.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,890 shares of the network technology company’s stock after buying an additional 1,051 shares during the quarter. Savvy Advisors Inc.’s holdings in Palo Alto Networks were worth $646,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PANW. Avantax Advisory Services Inc. lifted its position in shares of Palo Alto Networks by 13.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 10,319 shares of the network technology company’s stock valued at $2,932,000 after buying an additional 1,229 shares during the last quarter. Bleakley Financial Group LLC increased its stake in shares of Palo Alto Networks by 9.1% in the first quarter. Bleakley Financial Group LLC now owns 5,803 shares of the network technology company’s stock worth $1,649,000 after purchasing an additional 483 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Palo Alto Networks by 22.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 420,902 shares of the network technology company’s stock valued at $119,591,000 after purchasing an additional 78,260 shares during the period. TBH Global Asset Management LLC lifted its stake in shares of Palo Alto Networks by 101.5% during the 1st quarter. TBH Global Asset Management LLC now owns 9,495 shares of the network technology company’s stock valued at $2,698,000 after buying an additional 4,784 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. boosted its holdings in Palo Alto Networks by 828.7% in the 1st quarter. Beacon Investment Advisory Services Inc. now owns 48,571 shares of the network technology company’s stock worth $13,800,000 after buying an additional 43,341 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Nikesh Arora sold 81,586 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the transaction, the chief executive officer now directly owns 618,715 shares in the company, valued at $227,680,932.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the sale, the chief executive officer now owns 618,715 shares in the company, valued at $227,680,932.85. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 completion of the transaction, the executive vice president now owns 1,115,567 shares of the company’s stock, valued at approximately $370,926,027.50. The trade was 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 valued at $89,383,077. 2.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PANW has been the subject of a number of analyst reports. Bank of America raised their price target on Palo Alto Networks from $370.00 to $400.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. TD Cowen raised their target price on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Oppenheimer upped their price target on Palo Alto Networks from $410.00 to $450.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Sanford C. Bernstein raised their price objective on shares of Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Finally, Piper Sandler upped their target price on shares of Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $378.87.

Palo Alto Networks Price Performance

NASDAQ:PANW opened at $398.02 on Wednesday. The firm’s 50-day moving average price is $355.84 and its 200-day moving average price is $333.78. The company has a market capitalization of $129.60 billion, a PE ratio of 54.90, a P/E/G ratio of 5.77 and a beta of 1.12. Palo Alto Networks, Inc. has a 1-year low of $234.15 and a 1-year high of $400.69.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data 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 business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the company earned $0.80 earnings per share. The business’s revenue 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 fiscal 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.