Gradient Investments LLC Grows Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Gradient Investments LLC lifted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) by 5.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 69,429 shares of the network technology company’s stock after purchasing an additional 3,896 shares during the quarter. Gradient Investments LLC’s holdings in Palo Alto Networks were worth $9,688,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PANW. Vanguard Group Inc. lifted its stake in shares of Palo Alto Networks by 150.3% during the third quarter. Vanguard Group Inc. now owns 19,223,780 shares of the network technology company’s stock worth $3,148,664,000 after buying an additional 11,544,319 shares during the period. First Trust Advisors LP lifted its position in Palo Alto Networks by 171.2% during the third quarter. First Trust Advisors LP now owns 2,434,431 shares of the network technology company’s stock valued at $398,735,000 after purchasing an additional 1,536,744 shares during the period. Jennison Associates LLC lifted its position in Palo Alto Networks by 239.8% during the third quarter. Jennison Associates LLC now owns 2,171,621 shares of the network technology company’s stock valued at $355,690,000 after purchasing an additional 1,532,582 shares during the period. Canada Pension Plan Investment Board lifted its position in Palo Alto Networks by 199.5% during the third quarter. Canada Pension Plan Investment Board now owns 2,197,356 shares of the network technology company’s stock valued at $359,905,000 after purchasing an additional 1,463,568 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in Palo Alto Networks by 408.6% in the third quarter. Two Sigma Advisers LP now owns 1,813,506 shares of the network technology company’s stock valued at $297,034,000 after buying an additional 1,456,904 shares in the last quarter. 81.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. JMP Securities lifted their price objective on shares of Palo Alto Networks from $208.00 to $230.00 and gave the company an “outperform” rating in a report on Wednesday, February 22nd. Scotiabank boosted their target price on shares of Palo Alto Networks from $195.00 to $212.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, February 22nd. Piper Sandler boosted their target price on shares of Palo Alto Networks from $220.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 22nd. UBS Group boosted their target price on shares of Palo Alto Networks from $155.00 to $200.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 22nd. Finally, Roth Mkm boosted their target price on shares of Palo Alto Networks from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, February 22nd. Five analysts have rated the stock with a hold rating and thirty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $234.77.

Insider Transactions at Palo Alto Networks

In other news, CAO Josh D. Paul sold 1,550 shares of the company’s stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $185.00, for a total value of $286,750.00. Following the transaction, the chief accounting officer now directly owns 31,125 shares in the company, valued at approximately $5,758,125. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Palo Alto Networks news, CAO Josh D. Paul sold 1,550 shares of the stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $185.00, for a total transaction of $286,750.00. Following the sale, the chief accounting officer now directly owns 31,125 shares in the company, valued at approximately $5,758,125. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Nir Zuk sold 26,625 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $138.46, for a total transaction of $3,686,497.50. Following the sale, the executive vice president now owns 1,882,898 shares in the company, valued at $260,706,057.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 157,644 shares of company stock worth $27,482,009. 3.90% of the stock is currently owned by insiders.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $189.12 on Friday. The firm’s 50 day moving average price is $166.80 and its 200-day moving average price is $162.55. Palo Alto Networks, Inc. has a one year low of $132.22 and a one year high of $213.63. The firm has a market cap of $57.23 billion, a P/E ratio of 2,701.71, a P/E/G ratio of 4.90 and a beta of 1.16.

Palo Alto Networks Company Profile

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Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.