Clear Street Group Inc. Invests $5.42 Million in Palo Alto Networks, Inc. $PANW

Clear Street Group Inc. purchased a new position in Palo Alto Networks, Inc. (NASDAQ:PANW) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 26,633 shares of the network technology company’s stock, valued at approximately $5,423,000.

Other institutional investors also recently bought and sold shares of the company. Exchange Traded Concepts LLC raised its holdings in Palo Alto Networks by 29.4% in 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. Westfield Capital Management Co. LP purchased a new stake in Palo Alto Networks during the 3rd quarter valued at $75,412,000. American Century Companies Inc. increased its holdings in shares of Palo Alto Networks by 134.1% in the 3rd quarter. American Century Companies Inc. now owns 672,129 shares of the network technology company’s stock worth $136,859,000 after purchasing an additional 384,985 shares in the last quarter. US Bancorp DE raised its stake in shares of Palo Alto Networks by 0.6% in the third quarter. US Bancorp DE now owns 1,364,442 shares of the network technology company’s stock worth $277,828,000 after purchasing an additional 8,344 shares during the last quarter. Finally, Silver Oak Securities Incorporated raised its stake in shares of Palo Alto Networks by 240.1% in 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. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palo Alto Networks

In related news, CAO Josh D. Paul sold 800 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $184.81, for a total transaction of $147,848.00. Following the completion of the sale, the chief accounting officer directly owned 46,005 shares in the company, valued at approximately $8,502,184.05. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Dipak Golechha sold 5,000 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 155,119 shares of the company’s stock, valued at approximately $29,190,293.42. This represents a 3.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 149,252 shares of company stock valued at $27,888,535. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PANW has been the topic of several recent analyst reports. Wolfe Research increased their price objective on Palo Alto Networks from $225.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, December 15th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Palo Alto Networks from $240.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, February 18th. Citizens Jmp reaffirmed a “market outperform” rating and set a $250.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 18th. Oppenheimer reiterated an “outperform” rating and issued a $245.00 price target on shares of Palo Alto Networks in a research note on Thursday, November 20th. Finally, Wells Fargo & Company started coverage on shares of Palo Alto Networks in a research note on Tuesday, March 3rd. They issued an “overweight” rating and a $200.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average target price of $210.19.

Palo Alto Networks Stock Performance

PANW stock opened at $167.01 on Friday. The company has a market cap of $136.28 billion, a price-to-earnings ratio of 92.27, a P/E/G ratio of 6.03 and a beta of 0.78. The business’s 50-day moving average is $169.84 and its two-hundred day moving average is $189.50. Palo Alto Networks, Inc. has a fifty-two week low of $139.57 and a fifty-two week high of $223.61.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Wednesday, February 18th. The network technology company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.09. Palo Alto Networks had a return on equity of 17.60% and a net margin of 12.96%.The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the previous year, the company posted $0.81 EPS. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current 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.