Convergence Financial LLC Has $265,000 Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Convergence Financial LLC grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 130.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,456 shares of the network technology company’s stock after buying an additional 823 shares during the period. Convergence Financial LLC’s holdings in Palo Alto Networks were worth $265,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Tradewinds LLC. boosted its stake in Palo Alto Networks by 1.2% in the third quarter. Tradewinds LLC. now owns 2,315 shares of the network technology company’s stock valued at $791,000 after acquiring an additional 28 shares during the last quarter. Rosenberg Matthew Hamilton boosted its holdings in shares of Palo Alto Networks by 9.4% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 348 shares of the network technology company’s stock valued at $119,000 after buying an additional 30 shares during the last quarter. Geneva Partners LLC lifted its holdings in Palo Alto Networks by 0.3% during the 3rd quarter. Geneva Partners LLC now owns 10,945 shares of the network technology company’s stock valued at $3,741,000 after purchasing an additional 30 shares during the last quarter. Klingman & Associates LLC lifted its holdings in Palo Alto Networks by 4.2% during the 3rd quarter. Klingman & Associates LLC now owns 750 shares of the network technology company’s stock valued at $256,000 after purchasing an additional 30 shares during the last quarter. Finally, Carr Financial Group Corp lifted its holdings in Palo Alto Networks by 4.4% during the 3rd quarter. Carr Financial Group Corp now owns 715 shares of the network technology company’s stock valued at $244,000 after purchasing an additional 30 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 490,723 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $182.45, for a total value 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. The trade was a 31.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Josh D. Paul sold 700 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $181.22, for a total transaction of $126,854.00. Following the sale, the chief accounting officer now directly owns 47,976 shares of the company’s stock, valued at approximately $8,694,210.72. This represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,122,864 shares of company stock valued at $204,315,811. Company insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PANW. Susquehanna lifted their target price on Palo Alto Networks from $217.50 to $230.00 and gave the stock a “positive” rating in a report on Tuesday, February 18th. Stifel Nicolaus lifted their target price on Palo Alto Networks from $192.50 to $220.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC boosted their price target on Palo Alto Networks from $192.50 to $225.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $223.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, February 12th. Finally, Bank of America lifted their price objective on Palo Alto Networks from $200.00 to $215.00 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average price target of $205.06.

Palo Alto Networks Stock Performance

PANW stock opened at $189.55 on Thursday. The stock has a market capitalization of $125.50 billion, a P/E ratio of 106.79, a PEG ratio of 5.64 and a beta of 1.14. The company has a 50 day moving average price of $186.60 and a two-hundred day moving average price of $184.12. Palo Alto Networks, Inc. has a one year low of $132.50 and a one year high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.06. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. Research analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

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.