Parcion Private Wealth LLC Acquires 3,602 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Parcion Private Wealth LLC lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 102.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,122 shares of the network technology company’s stock after buying an additional 3,602 shares during the period. Parcion Private Wealth LLC’s holdings in Palo Alto Networks were worth $1,296,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mainstream Capital Management LLC purchased a new position in shares of Palo Alto Networks in the 3rd quarter worth approximately $1,156,000. Harvest Portfolios Group Inc. purchased a new position in shares of Palo Alto Networks in the 3rd quarter worth approximately $24,414,000. Jennison Associates LLC grew its position in shares of Palo Alto Networks by 50.1% in the 3rd quarter. Jennison Associates LLC now owns 3,147,215 shares of the network technology company’s stock worth $1,075,718,000 after buying an additional 1,050,173 shares during the last quarter. Swiss National Bank grew its position in shares of Palo Alto Networks by 0.5% in the 3rd quarter. Swiss National Bank now owns 961,000 shares of the network technology company’s stock worth $328,470,000 after buying an additional 4,400 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. grew its position in shares of Palo Alto Networks by 15.0% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 40,173 shares of the network technology company’s stock worth $13,731,000 after buying an additional 5,250 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Down 1.5 %

Shares of NASDAQ PANW opened at $205.19 on Thursday. The firm has a 50-day simple moving average of $187.11 and a 200-day simple moving average of $182.68. The stock has a market capitalization of $135.86 billion, a price-to-earnings ratio of 115.60, a price-to-earnings-growth ratio of 5.96 and a beta of 1.14. Palo Alto Networks, Inc. has a 52 week low of $130.04 and a 52 week high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Thursday, February 13th. The network technology company reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.06. The business had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. As a group, equities research analysts expect that Palo Alto Networks, Inc. will post 1.75 EPS for the current year.

Insider Activity

In related news, EVP Nir Zuk sold 336,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $193.70, for a total value of $65,081,520.00. Following the completion of the sale, the executive vice president now owns 3,643,516 shares of the company’s stock, valued at approximately $705,730,831.62. This represents a 8.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Nikesh Arora sold 490,723 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $182.45, for a total transaction of $89,532,411.35. Following the completion of the sale, the chief executive officer now directly owns 1,086,404 shares of the company’s stock, valued at $198,214,409.80. This represents a 31.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,458,864 shares of company stock worth $269,397,331 over the last three months. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Loop Capital cut their price objective on shares of Palo Alto Networks from $385.00 to $180.00 and set a “hold” rating on the stock in a research report on Tuesday, January 14th. Oppenheimer reissued an “outperform” rating and set a $225.00 target price on shares of Palo Alto Networks in a research report on Thursday, November 21st. JMP Securities boosted their target price on shares of Palo Alto Networks from $208.00 to $212.00 and gave the stock a “market outperform” rating in a research report on Friday, February 14th. Royal Bank of Canada reissued an “outperform” rating and set a $225.00 target price on shares of Palo Alto Networks in a research report on Monday, February 10th. Finally, Piper Sandler boosted their target price on shares of Palo Alto Networks from $165.00 to $192.50 and gave the stock a “neutral” rating in a research report on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus target price of $202.70.

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.