3,947 Shares in Palo Alto Networks, Inc. (NASDAQ:PANW) Bought by USA Financial Formulas

USA Financial Formulas acquired a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,947 shares of the network technology company’s stock, valued at approximately $1,349,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kathmere Capital Management LLC grew its position in shares of Palo Alto Networks by 3.4% in the second quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock valued at $312,000 after purchasing an additional 30 shares in the last quarter. Cascade Investment Group Inc. lifted its position in shares of Palo Alto Networks by 2.9% during the 2nd quarter. Cascade Investment Group Inc. now owns 1,110 shares of the network technology company’s stock worth $376,000 after purchasing an additional 31 shares during the last quarter. Herbst Group LLC increased its stake in Palo Alto Networks by 0.3% in the third quarter. Herbst Group LLC now owns 9,692 shares of the network technology company’s stock valued at $3,313,000 after purchasing an additional 31 shares during the last quarter. First PREMIER Bank grew its holdings in shares of Palo Alto Networks by 48.4% during the third quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock worth $32,000 after purchasing an additional 31 shares during the last quarter. Finally, Sheets Smith Wealth Management increased its holdings in shares of Palo Alto Networks by 2.4% in the 1st quarter. Sheets Smith Wealth Management now owns 1,479 shares of the network technology company’s stock valued at $420,000 after acquiring an additional 34 shares during the period. 79.82% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Up 2.2 %

PANW opened at $362.87 on Thursday. The firm has a market cap of $117.50 billion, a PE ratio of 52.74, a P/E/G ratio of 4.82 and a beta of 1.13. The business has a fifty day simple moving average of $339.77 and a 200-day simple moving average of $318.54. Palo Alto Networks, Inc. has a fifty-two week low of $233.81 and a fifty-two week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the business earned $0.80 EPS. The company’s revenue was up 12.1% on a year-over-year basis. On average, equities research analysts anticipate that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Insider Transactions at Palo Alto Networks

In related news, 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 value of $11,970,000.00. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the transaction, the executive vice president now owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nikesh Arora sold 66,666 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the completion of the sale, the chief executive officer now owns 639,994 shares of the company’s stock, valued at $219,505,142.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 269,866 shares of company stock valued at $88,620,447. 3.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PANW shares. Stifel Nicolaus raised their target price on shares of Palo Alto Networks from $360.00 to $385.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Truist Financial increased their price target 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. BNP Paribas began coverage on Palo Alto Networks in a research report on Tuesday. They set an “outperform” rating and a $410.00 price target for the company. Scotiabank increased their target price on Palo Alto Networks from $385.00 to $400.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. Finally, Robert W. Baird upped their target price on Palo Alto Networks from $360.00 to $375.00 and gave the company an “outperform” rating in a research report on Friday, August 16th. Eleven research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $371.50.

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.