Palo Alto Networks, Inc. (NASDAQ:PANW) Position Increased by Deepwater Asset Management LLC

Deepwater Asset Management LLC raised its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 1,605.5% in the 4th quarter, Holdings Channel reports. The firm owned 42,365 shares of the network technology company’s stock after purchasing an additional 39,881 shares during the quarter. Palo Alto Networks comprises about 5.0% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 12th biggest holding. Deepwater Asset Management LLC’s holdings in Palo Alto Networks were worth $12,493,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GSG Advisors LLC boosted its holdings in shares of Palo Alto Networks by 1.0% during the fourth quarter. GSG Advisors LLC now owns 5,160 shares of the network technology company’s stock valued at $1,478,000 after acquiring an additional 51 shares during the period. Truist Financial Corp boosted its holdings in shares of Palo Alto Networks by 148.9% during the third quarter. Truist Financial Corp now owns 189,801 shares of the network technology company’s stock valued at $44,497,000 after acquiring an additional 113,534 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of Palo Alto Networks by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 137,104 shares of the network technology company’s stock valued at $32,143,000 after acquiring an additional 735 shares during the period. Clough Capital Partners L P boosted its holdings in shares of Palo Alto Networks by 61.5% during the third quarter. Clough Capital Partners L P now owns 61,120 shares of the network technology company’s stock valued at $14,329,000 after acquiring an additional 23,265 shares during the period. Finally, Investment Management Corp of Ontario acquired a new position in shares of Palo Alto Networks during the second quarter valued at $7,002,000. Institutional investors own 79.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Raymond James downgraded shares of Palo Alto Networks from an “outperform” rating to a “market perform” rating in a report on Monday, December 18th. Redburn Atlantic upped their price objective on shares of Palo Alto Networks from $275.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. BMO Capital Markets reduced their price objective on shares of Palo Alto Networks from $378.00 to $327.00 and set an “outperform” rating for the company in a report on Wednesday, February 21st. Truist Financial upped their price objective on shares of Palo Alto Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Tuesday, February 20th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $380.00 price objective on shares of Palo Alto Networks in a report on Wednesday, February 21st. Eleven research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus price target of $314.82.

Palo Alto Networks Stock Up 0.6 %

Shares of PANW traded up $1.62 during trading hours on Tuesday, reaching $286.69. The company’s stock had a trading volume of 2,933,163 shares, compared to its average volume of 6,112,286. The firm has a market cap of $92.63 billion, a price-to-earnings ratio of 44.80, a P/E/G ratio of 3.91 and a beta of 1.21. Palo Alto Networks, Inc. has a 1-year low of $176.30 and a 1-year high of $380.84. The company has a 50 day moving average of $321.23 and a two-hundred day moving average of $285.83.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.97 billion. As a group, analysts forecast that Palo Alto Networks, Inc. will post 2.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President William D. Jenkins, Jr. sold 1,867 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the transaction, the president now owns 25,812 shares in the company, valued at $7,230,715.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, President William D. Jenkins, Jr. sold 1,867 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the transaction, the president now owns 25,812 shares in the company, valued at $7,230,715.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lee Klarich sold 45,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the sale, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at approximately $67,955,958.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 143,153 shares of company stock worth $44,107,332. Insiders own 3.30% of the company’s stock.

Palo Alto Networks Company 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.