Fortis Group Advisors LLC Has $511,000 Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Fortis Group Advisors LLC boosted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 101.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,806 shares of the network technology company’s stock after buying an additional 1,414 shares during the quarter. Fortis Group Advisors LLC’s holdings in Palo Alto Networks were worth $511,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of PANW. Swedbank AB raised its position in Palo Alto Networks by 19.7% in the 3rd quarter. Swedbank AB now owns 786,574 shares of the network technology company’s stock valued at $268,851,000 after buying an additional 129,371 shares during the last quarter. Good Life Advisors LLC acquired a new stake in Palo Alto Networks in the 3rd quarter valued at approximately $253,000. Howard Capital Management Group LLC increased its position in shares of Palo Alto Networks by 1.5% during the 3rd quarter. Howard Capital Management Group LLC now owns 106,248 shares of the network technology company’s stock worth $36,316,000 after purchasing an additional 1,619 shares during the last quarter. Blue Trust Inc. increased its position in shares of Palo Alto Networks by 222.6% during the 3rd quarter. Blue Trust Inc. now owns 2,949 shares of the network technology company’s stock worth $1,000,000 after purchasing an additional 2,035 shares during the last quarter. Finally, Capital Investment Advisors LLC increased its position in shares of Palo Alto Networks by 5.5% during the 3rd quarter. Capital Investment Advisors LLC now owns 4,200 shares of the network technology company’s stock worth $1,435,000 after purchasing an additional 220 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PANW shares. Susquehanna boosted their price target on Palo Alto Networks from $217.50 to $230.00 and gave the stock a “positive” rating in a research report on Tuesday. Evercore ISI lowered their price target on Palo Alto Networks from $455.00 to $230.00 and set an “outperform” rating on the stock in a research report on Tuesday, December 31st. Guggenheim lowered Palo Alto Networks from a “neutral” rating to a “sell” rating and set a $130.00 price target on the stock. in a research report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target on Palo Alto Networks from $193.50 to $224.50 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Piper Sandler lifted their target price on Palo Alto Networks from $165.00 to $192.50 and gave the stock a “neutral” rating in a research note on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $202.70.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $205.19 on Thursday. Palo Alto Networks, Inc. has a 52 week low of $130.04 and a 52 week high of $208.39. The stock has a market capitalization of $134.65 billion, a P/E ratio of 115.60, a price-to-earnings-growth ratio of 5.70 and a beta of 1.14. The stock has a fifty day moving average of $187.11 and a 200-day moving average of $182.68.

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

Insiders Place Their Bets

In other Palo Alto Networks news, EVP Lee Klarich sold 120,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $179.70, for a total value of $21,564,000.00. Following the completion of the transaction, the executive vice president now owns 365,856 shares of the company’s stock, valued at $65,744,323.20. This represents a 24.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Josh D. Paul sold 700 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $181.22, for a total value of $126,854.00. Following the completion of the transaction, the chief accounting officer now directly owns 47,976 shares of the company’s stock, valued at approximately $8,694,210.72. The trade was a 1.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,458,864 shares of company stock valued at $269,397,331 in the last 90 days. Corporate insiders own 2.50% of the company’s stock.

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.