Palo Alto Networks, Inc. (NASDAQ:PANW) Stock Position Boosted by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 22.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 34,119 shares of the network technology company’s stock after purchasing an additional 6,348 shares during the period. Palo Alto Networks accounts for about 2.9% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 6th biggest position. Sierra Summit Advisors LLC’s holdings in Palo Alto Networks were worth $11,567,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PANW. Vanguard Group Inc. lifted its position in shares of Palo Alto Networks by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock worth $8,129,800,000 after purchasing an additional 1,058,127 shares during the period. Axiom Investors LLC DE boosted its position in Palo Alto Networks by 359.3% during the 4th quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock valued at $282,406,000 after acquiring an additional 749,199 shares in the last quarter. Swedbank AB purchased a new position in shares of Palo Alto Networks in the 1st quarter valued at $177,933,000. 1832 Asset Management L.P. raised its position in shares of Palo Alto Networks by 63.8% in the 4th quarter. 1832 Asset Management L.P. now owns 640,755 shares of the network technology company’s stock worth $188,946,000 after acquiring an additional 249,455 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Palo Alto Networks by 7.6% during the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock worth $799,792,000 after purchasing an additional 198,078 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, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at approximately $8,443,916. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,475 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $339.12, for a total value of $500,202.00. Following the completion of the sale, the president now directly owns 19,026 shares in the company, valued at approximately $6,452,097.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at approximately $8,443,916. The disclosure for this sale can be found here. Insiders have sold 464,075 shares of company stock valued at $154,029,567 over the last ninety days. Insiders own 3.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PANW. Robert W. Baird lifted their target price on Palo Alto Networks from $360.00 to $375.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Truist Financial boosted their price objective on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Palo Alto Networks from $330.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Scotiabank upped their price target on Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 20th. Finally, Royal Bank of Canada raised their price objective on Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $366.08.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $346.90 on Monday. The stock has a market capitalization of $112.95 billion, a P/E ratio of 50.42, a P/E/G ratio of 4.98 and a beta of 1.13. The company’s fifty day moving average price is $336.21 and its 200 day moving average price is $312.13. Palo Alto Networks, Inc. has a 1 year low of $224.64 and a 1 year high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter last year, the business earned $0.80 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. Sell-side analysts predict that Palo Alto Networks, Inc. will post 3.55 EPS for the current 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.