Bridgefront Capital LLC Boosts Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Bridgefront Capital LLC lifted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) by 71.4% in the third quarter, HoldingsChannel.com reports. The firm owned 1,561 shares of the network technology company’s stock after purchasing an additional 650 shares during the period. Bridgefront Capital LLC’s holdings in Palo Alto Networks were worth $256,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Covestor Ltd lifted its stake 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 buying an additional 21 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake 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 buying an additional 23 shares in the last quarter. Carolinas Wealth Consulting LLC lifted its stake 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 buying an additional 25 shares in the last quarter. Brighton Jones LLC lifted its stake 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 buying an additional 26 shares in the last quarter. Finally, Penserra Capital Management LLC lifted its stake in shares of Palo Alto Networks by 6.4% during the 1st quarter. Penserra Capital Management LLC now owns 452 shares of the network technology company’s stock valued at $281,000 after buying an additional 27 shares in the last quarter. 81.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Up 3.2 %

NASDAQ:PANW opened at $189.77 on Friday. Palo Alto Networks, Inc. has a 52 week low of $132.22 and a 52 week high of $213.63. The firm has a 50 day moving average of $165.71 and a 200 day moving average of $162.37. The stock has a market capitalization of $57.43 billion, a price-to-earnings ratio of 2,587.89, a PEG ratio of 4.94 and a beta of 1.16.

Insider Activity at Palo Alto Networks

In related news, Director Aparna Bawa sold 555 shares of the stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $184.59, for a total transaction of $102,447.45. Following the completion of the sale, the director now owns 5,223 shares of the company’s stock, valued at $964,113.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Palo Alto Networks news, Director Aparna Bawa sold 555 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $184.59, for a total transaction of $102,447.45. Following the transaction, the director now owns 5,223 shares in the company, valued at approximately $964,113.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nikesh Arora sold 20,849 shares of the company’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $192.06, for a total transaction of $4,004,258.94. Following the transaction, the chief executive officer now owns 1,237,419 shares in the company, valued at approximately $237,658,693.14. The disclosure for this sale can be found here. Insiders sold 157,644 shares of company stock valued at $27,482,009 over the last 90 days. Insiders own 3.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PANW shares. Wolfe Research lifted their target price on shares of Palo Alto Networks from $170.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, February 22nd. Loop Capital boosted their price target on shares of Palo Alto Networks from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, February 22nd. BMO Capital Markets boosted their price target on shares of Palo Alto Networks from $220.00 to $228.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 22nd. Guggenheim cut shares of Palo Alto Networks from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 17th. Finally, Piper Sandler boosted their price target on shares of Palo Alto Networks from $220.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 22nd. Five research analysts have rated the stock with a hold rating and thirty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average price target of $234.77.

About Palo Alto Networks

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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.