MinichMacGregor Wealth Management LLC Makes New $8.05 Million Investment in Palo Alto Networks, Inc. (NASDAQ:PANW)

MinichMacGregor Wealth Management LLC purchased a new stake in Palo Alto Networks, Inc. (NASDAQ:PANW) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 23,538 shares of the network technology company’s stock, valued at approximately $8,045,000.

Other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC grew its stake in shares of Palo Alto Networks by 34,318.2% during the 3rd quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock worth $1,113,948,000 after purchasing an additional 3,249,594 shares during the period. Vanguard Group Inc. boosted its holdings in Palo Alto Networks by 3.6% during the first quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock worth $8,118,190,000 after buying an additional 1,002,239 shares in the last quarter. Swedbank AB purchased a new position in Palo Alto Networks in the first quarter valued at about $177,933,000. Altshuler Shaham Ltd lifted its position in shares of Palo Alto Networks by 444,100.0% during the 2nd quarter. Altshuler Shaham Ltd now owns 444,000 shares of the network technology company’s stock valued at $150,520,000 after acquiring an additional 444,100 shares during the period. Finally, Congress Asset Management Co. purchased a new stake in shares of Palo Alto Networks during the 3rd quarter worth approximately $94,875,000. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palo Alto Networks

In related news, CEO Nikesh Arora sold 81,586 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the sale, the chief executive officer now directly owns 618,715 shares in the company, valued at approximately $227,680,932.85. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the sale, the chief executive officer now owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Pat Mccarthy sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the completion of the transaction, the director now directly owns 31,517 shares in the company, valued at approximately $10,983,359.33. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 255,252 shares of company stock valued at $89,383,077 in the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks Trading Up 1.1 %

Shares of PANW traded up $4.08 during midday trading on Tuesday, hitting $365.20. The stock had a trading volume of 146,507 shares, compared to its average volume of 3,908,795. The firm has a market cap of $118.91 billion, a P/E ratio of 49.81, a price-to-earnings-growth ratio of 5.26 and a beta of 1.12. Palo Alto Networks, Inc. has a fifty-two week low of $233.81 and a fifty-two week high of $384.00. The business has a 50-day simple moving average of $352.97 and a two-hundred day simple moving average of $330.32.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 earnings per share. On average, analysts expect that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PANW shares. Oppenheimer lifted their price objective on Palo Alto Networks from $410.00 to $450.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Sanford C. Bernstein raised their price objective on shares of Palo Alto Networks from $364.00 to $399.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Stifel Nicolaus increased their target price on Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Needham & Company LLC boosted their price target on Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Finally, Scotiabank increased their price objective on Palo Alto Networks from $385.00 to $400.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. Eleven research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $378.49.

Palo Alto Networks Profile

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.