Avantax Advisory Services Inc. boosted its stake in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 3.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,958 shares of the network technology company’s stock after acquiring an additional 271 shares during the period. Avantax Advisory Services Inc.’s holdings in Palo Alto Networks were worth $1,866,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in shares of Palo Alto Networks by 69.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,709,428 shares of the network technology company’s stock valued at $1,455,174,000 after acquiring an additional 2,332,827 shares in the last quarter. Norges Bank bought a new stake in shares of Palo Alto Networks in the 4th quarter worth approximately $751,276,000. Capital Research Global Investors grew its position in shares of Palo Alto Networks by 12.4% in the 2nd quarter. Capital Research Global Investors now owns 4,380,002 shares of the network technology company’s stock worth $1,119,116,000 after buying an additional 482,857 shares during the last quarter. Northern Trust Corp boosted its position in shares of Palo Alto Networks by 27.2% during the second quarter. Northern Trust Corp now owns 3,343,304 shares of the network technology company’s stock valued at $854,248,000 after purchasing an additional 715,850 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in Palo Alto Networks by 4.8% during the second quarter. Jennison Associates LLC now owns 2,097,464 shares of the network technology company’s stock valued at $535,923,000 after buying an additional 96,315 shares during the last quarter. 85.69% of the stock is currently owned by institutional investors.
Palo Alto Networks Trading Down 0.9 %
Shares of PANW stock opened at $341.49 on Wednesday. The business’s fifty day simple moving average is $312.66 and its 200-day simple moving average is $266.70. The company has a market cap of $107.67 billion, a PE ratio of 194.03, a PEG ratio of 4.74 and a beta of 1.26. Palo Alto Networks, Inc. has a 12-month low of $154.11 and a 12-month high of $350.60.
Insider Activity at Palo Alto Networks
In other Palo Alto Networks news, EVP Lee Klarich sold 45,000 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $343.03, for a total value of $15,436,350.00. Following the sale, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at $67,955,958.15. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Dipak Golechha sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $305.04, for a total transaction of $762,600.00. Following the completion of the sale, the chief financial officer now owns 74,171 shares in the company, valued at approximately $22,625,121.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 45,000 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $343.03, for a total transaction of $15,436,350.00. Following the transaction, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at approximately $67,955,958.15. The disclosure for this sale can be found here. Insiders have sold a total of 419,426 shares of company stock valued at $119,134,439 in the last ninety days. Company insiders own 3.30% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on PANW. DZ Bank began coverage on Palo Alto Networks in a research note on Wednesday, October 18th. They issued a “buy” rating and a $310.00 price target for the company. Stifel Nicolaus restated a “buy” rating and issued a $280.00 price target on shares of Palo Alto Networks in a research note on Tuesday, November 14th. Susquehanna started coverage on Palo Alto Networks in a research report on Friday, December 15th. They set a “positive” rating for the company. Needham & Company LLC reissued a “buy” rating and set a $305.00 price target on shares of Palo Alto Networks in a report on Thursday, November 16th. Finally, JMP Securities boosted their target price on Palo Alto Networks from $300.00 to $380.00 and gave the stock a “market outperform” rating in a research report on Wednesday, January 31st. Six analysts have rated the stock with a hold rating and thirty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $289.15.
About Palo Alto Networks
Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.
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