MinichMacGregor Wealth Management LLC Buys 18,569 Shares of Palo Alto Networks, Inc. $PANW

MinichMacGregor Wealth Management LLC raised its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 73.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 43,957 shares of the network technology company’s stock after acquiring an additional 18,569 shares during the period. Palo Alto Networks makes up about 1.7% of MinichMacGregor Wealth Management LLC’s holdings, making the stock its 25th largest position. MinichMacGregor Wealth Management LLC’s holdings in Palo Alto Networks were worth $8,963,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Exchange Traded Concepts LLC boosted its holdings in Palo Alto Networks by 29.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 32,155 shares of the network technology company’s stock worth $6,547,000 after acquiring an additional 7,301 shares during the last quarter. Silver Oak Securities Incorporated boosted its holdings in Palo Alto Networks by 240.1% during the third quarter. Silver Oak Securities Incorporated now owns 11,732 shares of the network technology company’s stock worth $2,389,000 after purchasing an additional 8,282 shares during the last quarter. GoalVest Advisory LLC increased its stake in Palo Alto Networks by 1,248.9% in the 3rd quarter. GoalVest Advisory LLC now owns 10,899 shares of the network technology company’s stock valued at $2,219,000 after buying an additional 10,091 shares during the last quarter. Schroder Investment Management Group increased its stake in Palo Alto Networks by 7.9% in the 2nd quarter. Schroder Investment Management Group now owns 2,234,551 shares of the network technology company’s stock valued at $457,279,000 after buying an additional 163,718 shares during the last quarter. Finally, Richmond Investment Services LLC lifted its position in shares of Palo Alto Networks by 87.2% during the 2nd quarter. Richmond Investment Services LLC now owns 3,286 shares of the network technology company’s stock worth $672,000 after buying an additional 1,531 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Trading Down 0.0%

PANW stock opened at $187.66 on Friday. The firm has a 50 day moving average of $191.35 and a 200-day moving average of $195.68. The firm has a market capitalization of $130.80 billion, a P/E ratio of 118.77, a price-to-earnings-growth ratio of 4.47 and a beta of 0.76. Palo Alto Networks, Inc. has a 12 month low of $144.15 and a 12 month high of $223.61.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Thursday, November 20th. The network technology company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.04. Palo Alto Networks had a return on equity of 17.05% and a net margin of 11.69%.The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period in the prior year, the company earned $1.56 EPS. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. Sell-side analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Insider Transactions at Palo Alto Networks

In other news, EVP Dipak Golechha sold 5,000 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $188.18, for a total value of $940,900.00. Following the completion of the transaction, the executive vice president directly owned 155,119 shares in the company, valued at approximately $29,190,293.42. This represents a 3.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 120,768 shares of the stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $191.03, for a total transaction of $23,070,311.04. Following the transaction, the executive vice president owned 298,887 shares in the company, valued at $57,096,383.61. The trade was a 28.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 382,016 shares of company stock worth $76,386,460. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PANW shares. Mizuho set a $220.00 price target on Palo Alto Networks in a research report on Tuesday, December 16th. Hsbc Global Res lowered Palo Alto Networks from a “hold” rating to a “moderate sell” rating in a research report on Thursday, November 20th. Stephens lifted their target price on Palo Alto Networks from $205.00 to $215.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 20th. Wedbush restated an “outperform” rating and set a $225.00 price target on shares of Palo Alto Networks in a research report on Thursday, November 20th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $235.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, December 17th. Thirty-one investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average price target of $229.09.

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.