Elk River Wealth Management LLC Has $9.55 Million Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Elk River Wealth Management LLC increased its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 100.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,493 shares of the network technology company’s stock after purchasing an additional 26,274 shares during the quarter. Palo Alto Networks makes up 1.7% of Elk River Wealth Management LLC’s portfolio, making the stock its 15th biggest position. Elk River Wealth Management LLC’s holdings in Palo Alto Networks were worth $9,552,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC grew its position in shares of Palo Alto Networks by 113.9% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after buying an additional 41 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of Palo Alto Networks during the 3rd quarter worth about $29,000. Strategic Investment Solutions Inc. IL grew its position in shares of Palo Alto Networks by 177.4% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after buying an additional 55 shares during the period. True Wealth Design LLC grew its position in shares of Palo Alto Networks by 2,933.3% during the 3rd quarter. True Wealth Design LLC now owns 91 shares of the network technology company’s stock worth $31,000 after buying an additional 88 shares during the period. Finally, MidAtlantic Capital Management Inc. acquired a new position in shares of Palo Alto Networks during the 3rd quarter worth about $32,000. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PANW shares. Jefferies Financial Group boosted their target price on Palo Alto Networks from $225.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. HSBC lowered Palo Alto Networks from a “hold” rating to a “reduce” rating and decreased their price objective for the company from $152.00 to $145.50 in a research report on Friday, November 22nd. KeyCorp boosted their price objective on Palo Alto Networks from $217.00 to $240.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Citigroup decreased their price objective on Palo Alto Networks from $216.00 to $205.00 and set a “buy” rating for the company in a research report on Friday, January 17th. Finally, BMO Capital Markets boosted their price objective on Palo Alto Networks from $195.00 to $212.50 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and an average target price of $202.70.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, 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 value of $126,854.00. Following the transaction, the chief accounting officer now directly owns 47,976 shares of the company’s stock, valued at $8,694,210.72. This represents a 1.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Nir Zuk sold 336,000 shares of the company’s stock in a transaction on 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 transaction, the executive vice president now directly owns 3,643,516 shares in the company, valued at approximately $705,730,831.62. This represents a 8.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,458,864 shares of company stock valued at $269,397,331 in the last ninety days. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks Trading Down 1.5 %

PANW opened at $205.19 on Thursday. Palo Alto Networks, Inc. has a 1-year low of $130.04 and a 1-year high of $208.39. The stock’s fifty day simple moving average is $187.11 and its 200 day simple moving average is $182.68. The stock has a market cap of $134.65 billion, a PE ratio of 115.60, a price-to-earnings-growth ratio of 5.70 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, beating 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 business had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Equities analysts forecast that Palo Alto Networks, Inc. will post 1.75 earnings per share for the current year.

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.