Price T Rowe Associates Inc. MD Raises Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Price T Rowe Associates Inc. MD boosted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) by 111.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 422,572 shares of the network technology company’s stock after acquiring an additional 222,394 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Palo Alto Networks were worth $69,214,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Covestor Ltd boosted its holdings in shares of Palo Alto Networks by 61.8% during the 1st quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after acquiring an additional 21 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Palo Alto Networks by 0.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,961 shares of the network technology company’s stock valued at $1,843,000 after acquiring an additional 23 shares during the last quarter. Carolinas Wealth Consulting LLC boosted its holdings in shares of Palo Alto Networks by 6.5% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 408 shares of the network technology company’s stock valued at $202,000 after acquiring an additional 25 shares during the last quarter. Brighton Jones LLC boosted its holdings in shares of Palo Alto Networks by 6.5% during the 1st quarter. Brighton Jones LLC now owns 425 shares of the network technology company’s stock valued at $265,000 after acquiring an additional 26 shares during the last quarter. Finally, Integrated Wealth Concepts LLC boosted its holdings in shares of Palo Alto Networks by 4.3% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 637 shares of the network technology company’s stock valued at $315,000 after acquiring an additional 26 shares during the last quarter. Hedge funds and other institutional investors own 81.82% of the company’s stock.

Insiders Place Their Bets

In other Palo Alto Networks news, EVP Lee Klarich sold 15,639 shares of Palo Alto Networks stock in a transaction on Tuesday, January 10th. The shares were sold at an average price of $135.88, for a total transaction of $2,125,027.32. Following the completion of the transaction, the executive vice president now directly owns 619,266 shares of the company’s stock, valued at $84,145,864.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Palo Alto Networks news, EVP Nir Zuk sold 26,625 shares of Palo Alto Networks stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $138.46, for a total transaction of $3,686,497.50. Following the completion of the transaction, the executive vice president now directly owns 1,882,898 shares of the company’s stock, valued at $260,706,057.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 15,639 shares of Palo Alto Networks stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $135.88, for a total transaction of $2,125,027.32. Following the transaction, the executive vice president now directly owns 619,266 shares of the company’s stock, valued at $84,145,864.08. The disclosure for this sale can be found here. Insiders sold 112,089 shares of company stock valued at $19,017,662 over the last three months. 3.90% of the stock is owned by company insiders.

Analyst Ratings Changes

PANW has been the topic of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of Palo Alto Networks from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, February 22nd. Morgan Stanley increased their price objective on shares of Palo Alto Networks from $240.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 22nd. Cowen reiterated a “buy” rating and issued a $207.00 price objective on shares of Palo Alto Networks in a research note on Friday, November 18th. Redburn Partners started coverage on shares of Palo Alto Networks in a research note on Thursday, December 1st. They issued a “buy” rating and a $270.00 price objective on the stock. Finally, Roth Capital reiterated a “buy” rating and issued a $230.00 price objective (up previously from $220.00) on shares of Palo Alto Networks in a research note on Tuesday, February 21st. Five analysts have rated the stock with a hold rating and thirty-four have issued a buy rating to the stock. According to data from MarketBeat.com, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.77.

Palo Alto Networks Stock Performance

PANW stock opened at $185.90 on Tuesday. The firm has a fifty day moving average price of $162.79 and a 200 day moving average price of $161.95. Palo Alto Networks, Inc. has a fifty-two week low of $132.22 and a fifty-two week high of $213.63. The firm has a market cap of $56.26 billion, a PE ratio of 2,535.12, a price-to-earnings-growth ratio of 5.10 and a beta of 1.16.

Palo Alto Networks Company Profile

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Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.