Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Purchased by Drive Wealth Management LLC

Drive Wealth Management LLC boosted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 928 shares of the network technology company’s stock after buying an additional 38 shares during the quarter. Drive Wealth Management LLC’s holdings in Palo Alto Networks were worth $317,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in Palo Alto Networks during the third quarter worth approximately $1,156,000. Alpha Cubed Investments LLC raised its stake 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 worth $79,149,000 after buying an additional 32,626 shares during the period. Handelsbanken Fonder AB lifted its position 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 valued at $67,232,000 after buying an additional 7,291 shares in the last quarter. Harvest Portfolios Group Inc. purchased a new position in Palo Alto Networks during the third quarter valued at $24,414,000. Finally, Parsons Capital Management Inc. RI grew its position in shares of Palo Alto Networks by 4.5% in the second 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 during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insiders Place Their Bets

In other Palo Alto Networks news, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 618,715 shares in the company, valued at approximately $227,680,932.85. The trade was a 11.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total value of $3,484,900.00. Following the completion of the sale, the director now directly owns 31,517 shares in the company, valued at approximately $10,983,359.33. The trade was a 24.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 254,252 shares of company stock worth $89,041,637. 2.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PANW shares. Robert W. Baird boosted their price objective on Palo Alto Networks from $385.00 to $425.00 and gave the stock an “outperform” rating in a research note on Friday. Royal Bank of Canada upped their price objective on shares of Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. KeyCorp raised their target price on shares of Palo Alto Networks from $400.00 to $435.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. BMO Capital Markets boosted their price objective on Palo Alto Networks from $334.00 to $390.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Finally, Cantor Fitzgerald raised Palo Alto Networks to a “strong-buy” rating in a research note on Friday, November 1st. One equities 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 given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $390.39.

Palo Alto Networks Price Performance

Palo Alto Networks stock opened at $386.83 on Tuesday. The stock’s 50 day moving average price is $360.72 and its 200 day moving average price is $337.38. Palo Alto Networks, Inc. has a 1-year low of $249.56 and a 1-year high of $408.53. The company has a market cap of $125.95 billion, a PE ratio of 53.36, a price-to-earnings-growth ratio of 5.61 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The firm had revenue of $2.19 billion for 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 was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.80 earnings per share. On average, equities research analysts anticipate that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Palo Alto Networks 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.