Surevest LLC Has $4.84 Million Stake in Palo Alto Networks Inc (NYSE:PANW)

Surevest LLC increased its stake in shares of Palo Alto Networks Inc (NYSE:PANW) by 5.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,769 shares of the network technology company’s stock after purchasing an additional 1,037 shares during the period. Palo Alto Networks makes up 1.9% of Surevest LLC’s investment portfolio, making the stock its 9th largest holding. Surevest LLC’s holdings in Palo Alto Networks were worth $4,838,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Cresset Asset Management LLC boosted its stake in shares of Palo Alto Networks by 1.0% in the 2nd quarter. Cresset Asset Management LLC now owns 3,907 shares of the network technology company’s stock worth $897,000 after buying an additional 40 shares during the last quarter. Newman Dignan & Sheerar Inc. boosted its position in Palo Alto Networks by 1.7% in the second quarter. Newman Dignan & Sheerar Inc. now owns 2,417 shares of the network technology company’s stock worth $609,000 after purchasing an additional 40 shares during the last quarter. IBM Retirement Fund grew its stake in shares of Palo Alto Networks by 1.5% during the 2nd quarter. IBM Retirement Fund now owns 2,969 shares of the network technology company’s stock valued at $682,000 after purchasing an additional 44 shares during the period. Smithfield Trust Co. increased its position in shares of Palo Alto Networks by 3.7% during the 2nd quarter. Smithfield Trust Co. now owns 1,300 shares of the network technology company’s stock valued at $298,000 after purchasing an additional 46 shares during the last quarter. Finally, Wellington Shields Capital Management LLC lifted its stake in shares of Palo Alto Networks by 0.7% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 7,500 shares of the network technology company’s stock worth $1,723,000 after purchasing an additional 50 shares during the period. Institutional investors own 78.50% of the company’s stock.

In other Palo Alto Networks news, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $250.58, for a total value of $3,006,960.00. Following the completion of the sale, the executive vice president now owns 923,934 shares of the company’s stock, valued at $231,519,381.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Amit K. Singh sold 1,378 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $235.11, for a total value of $323,981.58. Following the transaction, the president now owns 105,115 shares of the company’s stock, valued at approximately $24,713,587.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,756 shares of company stock valued at $18,569,240. 2.30% of the stock is owned by corporate insiders.

Shares of NYSE:PANW traded down $5.46 during trading on Friday, reaching $246.36. The company’s stock had a trading volume of 1,081,010 shares, compared to its average volume of 1,365,473. The stock has a market capitalization of $23.74 billion, a PE ratio of -89.59 and a beta of 1.14. Palo Alto Networks Inc has a 12 month low of $125.47 and a 12 month high of $275.03. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 2.80. The firm’s 50 day simple moving average is $246.16 and its two-hundred day simple moving average is $230.76.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings data on Monday, August 24th. The network technology company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.09. The business had revenue of $950.40 million for the quarter, compared to the consensus estimate of $924.29 million. Palo Alto Networks had a negative return on equity of 9.61% and a negative net margin of 7.83%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.47 earnings per share. Research analysts anticipate that Palo Alto Networks Inc will post -0.21 EPS for the current fiscal year.

A number of analysts have commented on PANW shares. Jefferies Financial Group upped their target price on shares of Palo Alto Networks from $275.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Truist upped their price objective on Palo Alto Networks from $250.00 to $305.00 in a research note on Friday, August 21st. Zacks Investment Research cut Palo Alto Networks from a “hold” rating to a “sell” rating and set a $268.00 target price on the stock. in a report on Friday, August 28th. Mizuho boosted their price target on Palo Alto Networks from $265.00 to $300.00 in a report on Wednesday, August 19th. Finally, Guggenheim raised their price objective on Palo Alto Networks from $254.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, August 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $291.32.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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