Quest Partners LLC Acquires 2,385 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Quest Partners LLC increased its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 1,074.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,607 shares of the network technology company’s stock after purchasing an additional 2,385 shares during the quarter. Quest Partners LLC’s holdings in Palo Alto Networks were worth $891,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mainstream Capital Management LLC purchased a new position in Palo Alto Networks in the third quarter worth $1,156,000. Alpha Cubed Investments LLC grew its holdings in Palo Alto Networks by 16.4% in the third quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company’s stock worth $79,149,000 after purchasing an additional 32,626 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Palo Alto Networks by 3.8% in the third quarter. Handelsbanken Fonder AB now owns 196,700 shares of the network technology company’s stock worth $67,232,000 after purchasing an additional 7,291 shares during the last quarter. Harvest Portfolios Group Inc. purchased a new position in Palo Alto Networks in the third quarter worth $24,414,000. Finally, Parsons Capital Management Inc. RI grew its holdings in 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 worth $914,000 after purchasing an additional 116 shares during the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Palo Alto Networks 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 directly owns 1,115,567 shares of the company’s stock, valued at approximately $370,926,027.50. This trade represents a 3.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at $54,854,924.82. The trade was a 27.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,252 shares of company stock worth $89,041,637 in the last ninety days. 2.50% of the stock is owned by corporate insiders.

Palo Alto Networks Trading Up 1.2 %

Shares of PANW opened at $392.89 on Thursday. Palo Alto Networks, Inc. has a twelve month low of $258.17 and a twelve month high of $408.53. The firm’s fifty day simple moving average is $362.55 and its 200-day simple moving average is $338.41. The firm has a market capitalization of $127.92 billion, a price-to-earnings ratio of 54.19, a PEG ratio of 5.61 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Wednesday, November 20th. The network technology company reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.08. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same period last year, the business earned $0.63 EPS. The company’s revenue was up 13.9% on a year-over-year basis. On average, analysts predict that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PANW. Robert W. Baird boosted their price objective on shares of Palo Alto Networks from $385.00 to $425.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Wells Fargo & Company boosted their price objective on shares of Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. BMO Capital Markets boosted their price objective on shares of Palo Alto Networks from $334.00 to $390.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Truist Financial boosted their price objective on shares of Palo Alto Networks from $400.00 to $425.00 and gave the company a “buy” rating in a report on Monday. Finally, TD Cowen upped their price target on shares of Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $391.92.

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.