Wealthsource Partners LLC Boosts Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Wealthsource Partners LLC grew its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) by 43.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,179 shares of the network technology company’s stock after acquiring an additional 658 shares during the period. Wealthsource Partners LLC’s holdings in Palo Alto Networks were worth $357,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Washington Trust Bank grew its holdings in shares of Palo Alto Networks by 186.0% during the 3rd quarter. Washington Trust Bank now owns 88,295 shares of the network technology company’s stock worth $14,462,000 after acquiring an additional 57,421 shares during the period. Neo Ivy Capital Management increased its position in Palo Alto Networks by 330.9% during the 3rd quarter. Neo Ivy Capital Management now owns 655 shares of the network technology company’s stock valued at $107,000 after buying an additional 503 shares in the last quarter. Summit Financial LLC increased its position in Palo Alto Networks by 300.7% during the 3rd quarter. Summit Financial LLC now owns 1,723 shares of the network technology company’s stock valued at $282,000 after buying an additional 1,293 shares in the last quarter. Nvwm LLC increased its position in Palo Alto Networks by 199.6% during the 3rd quarter. Nvwm LLC now owns 4,992 shares of the network technology company’s stock valued at $817,000 after buying an additional 3,326 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its position in Palo Alto Networks by 123.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 571,070 shares of the network technology company’s stock valued at $93,774,000 after buying an additional 315,259 shares in the last quarter. Hedge funds and other institutional investors own 81.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Royal Bank of Canada raised their price objective on Palo Alto Networks from $200.00 to $216.00 and gave the company an “outperform” rating in a research report on Wednesday, February 22nd. Loop Capital increased their target price on Palo Alto Networks from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, February 22nd. Robert W. Baird increased their target price on Palo Alto Networks from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Wednesday, February 22nd. JPMorgan Chase & Co. increased their target price on Palo Alto Networks from $195.00 to $225.00 and gave the company an “overweight” rating in a research note on Wednesday, February 22nd. Finally, MKM Partners cut their target price on Palo Alto Networks from $250.00 to $220.00 and set a “buy” rating on the stock in a research note on Tuesday, November 15th. Five analysts have rated the stock with a hold rating and thirty-four have issued a buy rating to the company. Based on data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average price target of $234.77.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Nir Zuk sold 26,625 shares of Palo Alto Networks stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $138.46, for a total value of $3,686,497.50. Following the sale, the executive vice president now directly owns 1,882,898 shares of the company’s stock, valued at $260,706,057.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Nikesh Arora sold 20,849 shares of Palo Alto Networks stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $192.06, for a total value of $4,004,258.94. Following the sale, the chief executive officer now directly owns 1,237,419 shares of the company’s stock, valued at $237,658,693.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nir Zuk sold 26,625 shares of Palo Alto Networks stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $138.46, for a total value of $3,686,497.50. Following the completion of the sale, the executive vice president now directly owns 1,882,898 shares in the company, valued at $260,706,057.08. The disclosure for this sale can be found here. Insiders have sold a total of 157,089 shares of company stock valued at $27,379,562 over the last ninety days. 3.90% of the stock is currently owned by company insiders.

Palo Alto Networks Stock Down 0.8 %

NASDAQ:PANW opened at $184.48 on Wednesday. The business’s 50-day simple moving average is $163.71 and its two-hundred day simple moving average is $162.07. The stock has a market cap of $55.83 billion, a PE ratio of 2,515.75, a P/E/G ratio of 5.10 and a beta of 1.16. Palo Alto Networks, Inc. has a 52 week low of $132.22 and a 52 week high of $213.63.

Palo Alto Networks 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.