Wealthfront Advisers LLC bought a new position in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) during the second quarter, HoldingsChannel.com reports. The fund bought 98,573 shares of the network technology company’s stock, valued at approximately $33,615,000.
Other large investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Palo Alto Networks during the 2nd quarter valued at about $25,833,462,000. Vanguard Group Inc. raised its holdings in Palo Alto Networks by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 67,929,063 shares of the network technology company’s stock worth $12,512,533,000 after buying an additional 2,659,100 shares during the last quarter. State Street Corp raised its holdings in Palo Alto Networks by 2.0% in the fourth quarter. State Street Corp now owns 30,331,705 shares of the network technology company’s stock worth $5,587,100,000 after buying an additional 594,789 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Palo Alto Networks by 16.0% in the first quarter. Bank of America Corp DE now owns 22,476,753 shares of the network technology company’s stock worth $3,603,473,000 after buying an additional 3,101,267 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Palo Alto Networks by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 15,989,257 shares of the network technology company’s stock worth $2,934,935,000 after buying an additional 540,756 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.
Palo Alto Networks Price Performance
Shares of NASDAQ:PANW opened at $374.14 on Wednesday. The stock has a market capitalization of $304.92 billion, a PE ratio of 306.67, a price-to-earnings-growth ratio of 12.89 and a beta of 0.91. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average price is $332.48 and its 200-day moving average price is $238.39. Palo Alto Networks, Inc. has a twelve month low of $139.57 and a twelve month high of $398.88.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on PANW. Citigroup reissued a “market outperform” rating on shares of Palo Alto Networks in a research report on Wednesday, August 12th. Tigress Financial increased their target price on Palo Alto Networks from $245.00 to $430.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. New Street Research set a $415.00 target price on Palo Alto Networks in a report on Tuesday. Piper Sandler reissued an “overweight” rating and issued a $345.00 target price (up from $265.00) on shares of Palo Alto Networks in a report on Wednesday, June 3rd. Finally, DA Davidson boosted their price target on Palo Alto Networks from $190.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, forty have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $351.56.
Check Out Our Latest Stock Report on PANW
Insider Activity at Palo Alto Networks
In other news, Director Aparna Bawa sold 290 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $348.74, for a total value of $101,134.60. Following the completion of the sale, the director owned 6,437 shares in the company, valued at approximately $2,244,839.38. This trade represents a 4.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Josh D. Paul sold 900 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $345.00, for a total value of $310,500.00. Following the transaction, the chief accounting officer owned 79,644 shares of the company’s stock, valued at $27,477,180. This trade represents a 1.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 100,839 shares of company stock valued at $27,079,580 over the last quarter. 1.40% of the stock is currently owned by insiders.
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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