Norden Group LLC Purchases New Shares in Palo Alto Networks, Inc. (NASDAQ:PANW)

Norden Group LLC acquired a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 929 shares of the network technology company’s stock, valued at approximately $274,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Penobscot Investment Management Company Inc. increased its position in shares of Palo Alto Networks by 69.4% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 3,185 shares of the network technology company’s stock worth $939,000 after purchasing an additional 1,305 shares during the period. Cozad Asset Management Inc. lifted its position in Palo Alto Networks by 8.5% during the fourth quarter. Cozad Asset Management Inc. now owns 5,483 shares of the network technology company’s stock worth $1,617,000 after purchasing an additional 431 shares during the period. Field & Main Bank increased its holdings in Palo Alto Networks by 1.1% in the 4th quarter. Field & Main Bank now owns 8,703 shares of the network technology company’s stock valued at $2,566,000 after buying an additional 95 shares during the period. Kestra Private Wealth Services LLC increased its holdings in Palo Alto Networks by 20.9% in the 4th quarter. Kestra Private Wealth Services LLC now owns 18,462 shares of the network technology company’s stock valued at $5,444,000 after buying an additional 3,194 shares during the period. Finally, Crew Capital Management Ltd. acquired a new position in shares of Palo Alto Networks in the 4th quarter valued at approximately $1,083,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Down 1.2 %

Shares of PANW stock opened at $287.34 on Thursday. The business’s fifty day moving average is $285.15 and its 200 day moving average is $293.00. The stock has a market cap of $92.84 billion, a price-to-earnings ratio of 44.90, a PEG ratio of 3.96 and a beta of 1.18. Palo Alto Networks, Inc. has a twelve month low of $176.30 and a twelve month high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. The firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.97 billion. Equities research analysts expect that Palo Alto Networks, Inc. will post 2.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PANW. Royal Bank of Canada lifted their price objective on shares of Palo Alto Networks to $420.00 and gave the company an “overweight” rating in a research note on Thursday, February 22nd. Wedbush raised their price objective on Palo Alto Networks from $350.00 to $425.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Piper Sandler downgraded Palo Alto Networks from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $350.00 to $300.00 in a research note on Wednesday, February 21st. Westpark Capital reiterated a “hold” rating on shares of Palo Alto Networks in a research report on Monday, January 29th. Finally, Barclays dropped their price target on Palo Alto Networks from $400.00 to $345.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $314.82.

Insider Transactions at Palo Alto Networks

In other news, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the sale, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at $7,629,160. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total transaction of $294,000.00. Following the completion of the sale, the chief accounting officer now owns 27,247 shares of the company’s stock, valued at $7,629,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the transaction, the executive vice president now directly owns 174,075 shares in the company, valued at $46,659,063. The disclosure for this sale can be found here. Insiders have sold a total of 122,917 shares of company stock valued at $33,959,203 in the last ninety days. 3.30% of the stock is currently owned by corporate insiders.

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.