Congress Park Capital LLC Buys 700 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Congress Park Capital LLC raised its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 49.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,130 shares of the network technology company’s stock after purchasing an additional 700 shares during the period. Congress Park Capital LLC’s holdings in Palo Alto Networks were worth $605,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PANW. Chesley Taft & Associates LLC grew its holdings in Palo Alto Networks by 16.7% during the 1st quarter. Chesley Taft & Associates LLC now owns 89,339 shares of the network technology company’s stock worth $25,384,000 after acquiring an additional 12,793 shares during the period. Procyon Advisors LLC grew its holdings in Palo Alto Networks by 375.8% during the 1st quarter. Procyon Advisors LLC now owns 7,727 shares of the network technology company’s stock worth $2,196,000 after acquiring an additional 6,103 shares during the period. Investment Partners Asset Management Inc. acquired a new stake in Palo Alto Networks during the 1st quarter worth about $350,000. Wealthcare Advisory Partners LLC grew its holdings in Palo Alto Networks by 91.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 5,520 shares of the network technology company’s stock worth $1,568,000 after acquiring an additional 2,638 shares during the period. Finally, Clarity Financial LLC acquired a new stake in shares of Palo Alto Networks in the 1st quarter valued at about $3,063,000. 79.82% of the stock is owned by institutional investors.

Insider Activity

In other news, President William D. Jenkins, Jr. sold 1,621 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total transaction of $497,517.32. Following the sale, the president now owns 20,501 shares in the company, valued at $6,292,166.92. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, President William D. Jenkins, Jr. sold 1,621 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total transaction of $497,517.32. Following the sale, the president now directly owns 20,501 shares in the company, valued at approximately $6,292,166.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 800 shares of Palo Alto Networks stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $300.21, for a total transaction of $240,168.00. Following the completion of the transaction, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at $49,997,573.82. The disclosure for this sale can be found here. Insiders have sold a total of 258,182 shares of company stock worth $74,850,597 over the last 90 days. 3.30% of the stock is currently owned by insiders.

Palo Alto Networks Price Performance

PANW stock traded up $0.10 during trading on Friday, reaching $340.92. The company had a trading volume of 2,374,912 shares, compared to its average volume of 4,831,095. The company has a market cap of $110.39 billion, a P/E ratio of 49.59, a PEG ratio of 4.98 and a beta of 1.10. Palo Alto Networks, Inc. has a 52 week low of $201.17 and a 52 week high of $380.84. The business has a 50 day moving average of $304.64 and a 200 day moving average of $306.64.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. Research analysts expect that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on PANW shares. DA Davidson initiated coverage on Palo Alto Networks in a research note on Friday, June 21st. They issued a “buy” rating and a $380.00 target price for the company. Redburn Atlantic lifted their price target on Palo Alto Networks from $275.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Citigroup lifted their price target on Palo Alto Networks from $335.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. KeyCorp lifted their price target on Palo Alto Networks from $355.00 to $384.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $345.00 price target on shares of Palo Alto Networks in a research note on Tuesday, May 21st. Twelve research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus target price of $326.29.

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.