B.A. Schrock Wealth Management Inc. acquired a new stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) during the third quarter, Holdings Channel reports. The fund acquired 1,453 shares of the network technology company’s stock, valued at approximately $576,000.
A number of other large investors have also bought and sold shares of the stock. Solstein Capital LLC purchased a new position in shares of Palo Alto Networks in the second quarter worth $26,000. N.E.W. Advisory Services LLC bought a new stake in Palo Alto Networks in the 2nd quarter worth $27,000. Delos Wealth Advisors LLC bought a new stake in Palo Alto Networks in the 2nd quarter worth $28,000. Principia Wealth Advisory LLC grew its holdings in Palo Alto Networks by 125.0% in the 2nd quarter. Principia Wealth Advisory LLC now owns 81 shares of the network technology company’s stock worth $28,000 after acquiring an additional 45 shares during the last quarter. Finally, EMC Capital Management purchased a new position in shares of Palo Alto Networks in the second quarter valued at about $34,000. 79.82% of the stock is owned by hedge funds and other institutional investors.
Palo Alto Networks Stock Performance
Shares of PANW stock opened at $375.04 on Thursday. Palo Alto Networks, Inc. has a 12 month low of $139.57 and a 12 month high of $432.33. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. The company’s fifty day moving average price is $372.88 and its 200-day moving average price is $299.16. The stock has a market cap of $306.78 billion, a PE ratio of 735.39, a price-to-earnings-growth ratio of 11.43 and a beta of 0.93.
Wall Street Analyst Weigh In
Several brokerages have recently commented on PANW. Scotiabank downgraded shares of Palo Alto Networks from a “sector outperform” rating to a “hold” rating in a research note on Wednesday, September 2nd. BMO Capital Markets restated an “outperform” rating and set a $415.00 price target (up from $335.00) on shares of Palo Alto Networks in a report on Thursday, August 20th. Benchmark upped their price target on Palo Alto Networks from $340.00 to $400.00 and gave the company a “buy” rating in a research report on Monday, August 24th. JPMorgan Chase & Co. upped their price target on Palo Alto Networks from $326.00 to $384.00 and gave the company an “overweight” rating in a research report on Tuesday, August 25th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $410.00 price objective (up from $345.00) on shares of Palo Alto Networks in a report on Wednesday, September 2nd. Thirty-eight research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $392.38.
Read Our Latest Stock Analysis on PANW
Insiders Place Their Bets
In other news, CAO Josh Paul sold 400 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $395.70, for a total value of $158,280.00. Following the sale, the chief accounting officer directly owned 77,987 shares of the company’s stock, valued at approximately $30,859,455.90. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Dipak Golechha sold 27,500 shares of the stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $391.60, for a total value of $10,769,000.00. Following the completion of the sale, the executive vice president directly owned 117,750 shares in the company, valued at approximately $46,110,900. This represents a 18.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 54,210 shares of company stock valued at $20,823,029. Company insiders own 1.40% of the company’s stock.
About Palo Alto Networks
Palo Alto Networks, Inc is a cybersecurity company that provides solutions designed to help organizations protect networks, endpoints, cloud environments, applications and users from cyber threats. Its offerings include next-generation firewalls, cloud-delivered security services, secure access service edge (SASE) solutions, endpoint protection and security operations tools.
The company also provides platforms and services for cloud security, threat intelligence, incident response, vulnerability management and the automation of security operations.
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