IFP Advisors Inc grew its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 7.0% in the second quarter, Holdings Channel reports. The fund owned 116,369 shares of the network technology company’s stock after buying an additional 7,577 shares during the quarter. Palo Alto Networks makes up about 0.7% of IFP Advisors Inc’s portfolio, making the stock its 17th biggest position. IFP Advisors Inc’s holdings in Palo Alto Networks were worth $39,684,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of PANW. Janney Montgomery Scott LLC boosted its stake in Palo Alto Networks by 15.0% during the first quarter. Janney Montgomery Scott LLC now owns 410,401 shares of the network technology company’s stock worth $65,796,000 after buying an additional 53,485 shares during the period. Aviva PLC raised its stake in shares of Palo Alto Networks by 5.4% in the fourth quarter. Aviva PLC now owns 568,804 shares of the network technology company’s stock valued at $104,774,000 after acquiring an additional 29,230 shares during the period. B&D White Capital Company LLC purchased a new stake in shares of Palo Alto Networks in the first quarter valued at $353,000. Bridgewater Advisors Inc. bought a new stake in shares of Palo Alto Networks in the 2nd quarter worth about $2,159,000. Finally, Granite Islands Private Wealth LLC lifted its holdings in shares of Palo Alto Networks by 43.6% in the 1st quarter. Granite Islands Private Wealth LLC now owns 15,342 shares of the network technology company’s stock worth $2,453,000 after acquiring an additional 4,659 shares during the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.
Palo Alto Networks Trading Up 1.1%
Shares of NASDAQ PANW opened at $336.98 on Wednesday. Palo Alto Networks, Inc. has a twelve month low of $139.57 and a twelve month high of $398.88. The firm has a market cap of $274.64 billion, a PE ratio of 660.76, a price-to-earnings-growth ratio of 9.62 and a beta of 0.91. The business has a fifty day simple moving average of $350.13 and a two-hundred day simple moving average of $257.94. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.06.
Wall Street Analysts Forecast Growth
PANW has been the topic of several analyst reports. The Goldman Sachs Group reiterated a “buy” rating and set a $390.00 price target on shares of Palo Alto Networks in a report on Wednesday, September 2nd. Rosenblatt Securities upped their target price on Palo Alto Networks from $355.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. FBN Securities reiterated an “outperform” rating on shares of Palo Alto Networks in a report on Wednesday, July 1st. JPMorgan Chase & Co. raised their price target on Palo Alto Networks from $326.00 to $384.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 25th. Finally, Northland Securities set a $360.00 price objective on Palo Alto Networks in a research report on Wednesday, September 2nd. Thirty-nine analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus target price of $385.67.
View Our Latest Report on Palo Alto Networks
Insider Activity at Palo Alto Networks
In other news, Director John Key sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $279.24, for a total value of $2,094,300.00. Following the completion of the sale, the director owned 12,500 shares of the company’s stock, valued at approximately $3,490,500. This represents a 37.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Josh D. Paul sold 900 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $345.00, for a total transaction of $310,500.00. Following the transaction, the chief accounting officer owned 79,644 shares in the company, valued at approximately $27,477,180. This represents a 1.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 38,258 shares of company stock worth $11,050,673 over the last quarter. Corporate insiders own 1.40% of the company’s stock.
About Palo Alto Networks
Palo Alto Networks, Inc is a cybersecurity company that provides security products and services to businesses, governments and other organizations worldwide. The company helps customers protect networks, cloud environments, endpoints, applications and connected devices from cyber threats.
Its portfolio includes next-generation firewalls and network security technologies, as well as cloud-delivered security solutions such as Prisma Access and Prisma Cloud. Palo Alto Networks also offers Cortex products for endpoint protection, security operations, threat detection and response, and automation.
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