State of Michigan Retirement System increased its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 17.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 211,100 shares of the network technology company’s stock after purchasing an additional 32,000 shares during the period. State of Michigan Retirement System’s holdings in Palo Alto Networks were worth $33,844,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of PANW. Darwin Wealth Management LLC purchased a new position in shares of Palo Alto Networks in the 2nd quarter worth $25,000. Steph & Co. increased its holdings in shares of Palo Alto Networks by 88.2% in the 4th quarter. Steph & Co. now owns 143 shares of the network technology company’s stock worth $26,000 after buying an additional 67 shares during the last quarter. Knuff & Co LLC purchased a new stake in shares of Palo Alto Networks during the 4th quarter valued at about $26,000. Sittner & Nelson LLC raised its position in shares of Palo Alto Networks by 73.8% during the 4th quarter. Sittner & Nelson LLC now owns 146 shares of the network technology company’s stock valued at $27,000 after buying an additional 62 shares in the last quarter. Finally, Luken Investment Analytics LLC lifted its holdings in shares of Palo Alto Networks by 196.2% in the 4th quarter. Luken Investment Analytics LLC now owns 154 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.
Palo Alto Networks Stock Performance
Palo Alto Networks stock opened at $330.30 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $269.19 billion, a P/E ratio of 270.74, a price-to-earnings-growth ratio of 12.10 and a beta of 0.91. Palo Alto Networks, Inc. has a 1-year low of $139.57 and a 1-year high of $368.17. The company’s 50-day moving average is $277.09 and its 200 day moving average is $207.76.
Analyst Ratings Changes
Several research analysts recently commented on the company. UBS Group set a $300.00 price target on Palo Alto Networks and gave the stock a “neutral” rating in a research report on Wednesday, June 3rd. Arete Research raised their price objective on Palo Alto Networks from $185.00 to $433.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Weiss Ratings lowered Palo Alto Networks from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Cantor Fitzgerald set a $340.00 target price on Palo Alto Networks and gave the stock an “overweight” rating in a report on Wednesday, June 3rd. Finally, Scotiabank reissued a “sector outperform” rating and set a $320.00 target price (up from $180.00) on shares of Palo Alto Networks in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $319.96.
Read Our Latest Research Report on Palo Alto Networks
Insider Activity
In other Palo Alto Networks news, Director Aparna Bawa sold 290 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $348.74, for a total value of $101,134.60. Following the transaction, the director owned 6,437 shares of the company’s stock, valued at $2,244,839.38. This represents a 4.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Helle Thorning-Schmidt sold 700 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $346.85, for a total value of $242,795.00. Following the completion of the sale, the director owned 5,898 shares in the company, valued at approximately $2,045,721.30. The trade was a 10.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 101,239 shares of company stock worth $27,174,360 in the last three months. Corporate insiders own 1.40% of the company’s stock.
Palo Alto Networks Company Profile
Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.
The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.
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