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

MinichMacGregor Wealth Management LLC acquired a new stake in Palo Alto Networks, Inc. (NASDAQ:PANW) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 23,538 shares of the network technology company’s stock, valued at approximately $8,045,000.

Several other large investors have also made changes to their positions in the business. Kathmere Capital Management LLC lifted its holdings in Palo Alto Networks by 3.4% during the second quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock valued at $312,000 after purchasing an additional 30 shares in the last quarter. FLC Capital Advisors lifted its stake in Palo Alto Networks by 0.7% in the 3rd quarter. FLC Capital Advisors now owns 4,035 shares of the network technology company’s stock valued at $1,379,000 after buying an additional 30 shares in the last quarter. Cromwell Holdings LLC boosted its holdings in Palo Alto Networks by 3.0% in the 3rd quarter. Cromwell Holdings LLC now owns 1,044 shares of the network technology company’s stock worth $357,000 after buying an additional 30 shares during the last quarter. Rosenberg Matthew Hamilton increased its stake in Palo Alto Networks by 9.4% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 348 shares of the network technology company’s stock worth $119,000 after buying an additional 30 shares in the last quarter. Finally, Geneva Partners LLC raised its holdings in shares of Palo Alto Networks by 0.3% during the third quarter. Geneva Partners LLC now owns 10,945 shares of the network technology company’s stock valued at $3,741,000 after acquiring an additional 30 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PANW has been the subject of several research reports. Northland Securities boosted their price target on Palo Alto Networks from $275.00 to $350.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 20th. BTIG Research increased their target price on shares of Palo Alto Networks from $366.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Robert W. Baird boosted their price target on shares of Palo Alto Networks from $360.00 to $375.00 and gave the stock an “outperform” rating in a research report on Friday, August 16th. Stifel Nicolaus increased their price objective on shares of Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Finally, Piper Sandler boosted their target price on Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Eleven equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $378.49.

Palo Alto Networks Trading Up 1.1 %

NASDAQ:PANW traded up $4.08 during mid-day 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. Palo Alto Networks, Inc. has a twelve month low of $233.81 and a twelve month high of $384.00. The company has a market capitalization of $118.91 billion, a PE ratio of 49.81, a PEG ratio of 5.26 and a beta of 1.12. The stock 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 quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.10. The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.80 EPS. Sell-side analysts predict that Palo Alto Networks, Inc. will post 3.57 EPS for the current fiscal year.

Insider Transactions at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the completion of the sale, the executive vice president now owns 159,009 shares in the company, valued at $54,854,924.82. The trade was 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 available through the SEC website. In related news, 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 sale, the director now directly owns 31,517 shares of the company’s stock, valued at $10,983,359.33. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the completion of the sale, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at $54,854,924.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 255,252 shares of company stock valued at $89,383,077. 2.50% of the stock is currently owned by corporate insiders.

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.