Elevation Point Wealth Partners LLC Grows Stock Position in Palo Alto Networks, Inc. $PANW

Elevation Point Wealth Partners LLC boosted its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 309.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,450 shares of the network technology company’s stock after acquiring an additional 8,655 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Palo Alto Networks were worth $2,331,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Palo Alto Networks in the second quarter valued at approximately $675,865,000. ABN AMRO Bank N.V. acquired a new position in shares of Palo Alto Networks during the 2nd quarter worth approximately $340,883,000. Victory Capital Management Inc. raised its position in shares of Palo Alto Networks by 108.3% during the 3rd quarter. Victory Capital Management Inc. now owns 2,467,692 shares of the network technology company’s stock worth $502,263,000 after purchasing an additional 1,282,738 shares during the last quarter. Vanguard Group Inc. lifted its stake in Palo Alto Networks by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 65,269,963 shares of the network technology company’s stock valued at $13,290,270,000 after buying an additional 1,253,589 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in Palo Alto Networks by 97.9% during the 2nd quarter. California Public Employees Retirement System now owns 2,104,939 shares of the network technology company’s stock valued at $430,755,000 after buying an additional 1,041,145 shares during the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Dipak Golechha sold 5,000 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $188.18, for a total transaction of $940,900.00. Following the completion of the sale, the executive vice president directly owned 155,119 shares of the company’s stock, valued at approximately $29,190,293.42. This trade represents a 3.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James J. Goetz sold 22,684 shares of Palo Alto Networks stock in a transaction on Friday, March 6th. The stock was sold at an average price of $164.41, for a total transaction of $3,729,476.44. Following the sale, the director directly owned 52,500 shares in the company, valued at $8,631,525. This trade represents a 30.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 149,252 shares of company stock valued at $27,888,535 over the last ninety days. 1.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stephens raised their price target on Palo Alto Networks from $205.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 20th. UBS Group set a $183.00 price objective on Palo Alto Networks in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Palo Alto Networks in a research note on Monday, December 29th. Citigroup reiterated a “buy” rating and set a $210.00 price objective (down from $235.00) on shares of Palo Alto Networks in a research report on Thursday, February 19th. Finally, Sanford C. Bernstein set a $209.00 target price on shares of Palo Alto Networks and gave the company an “outperform” rating in a research note on Wednesday, February 18th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $210.19.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $167.01 on Monday. The firm has a market capitalization of $136.28 billion, a PE ratio of 92.27, a price-to-earnings-growth ratio of 6.03 and a beta of 0.78. Palo Alto Networks, Inc. has a one year low of $139.57 and a one year high of $223.61. The stock’s 50 day moving average price is $169.84 and its 200 day moving average price is $189.52.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Wednesday, February 18th. The network technology company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.09. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.58 billion. Palo Alto Networks had a net margin of 12.96% and a return on equity of 17.60%. Palo Alto Networks’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter last year, the company earned $0.81 earnings per share. On average, analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Palo Alto Networks Profile

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.