Palo Alto Networks, Inc. $PANW Shares Acquired by King Luther Capital Management Corp

King Luther Capital Management Corp increased its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 6.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 818,841 shares of the network technology company’s stock after acquiring an additional 51,130 shares during the period. King Luther Capital Management Corp’s holdings in Palo Alto Networks were worth $150,831,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Palo Alto Networks by 39.7% during the third quarter. CBIZ Investment Advisory Services LLC now owns 176 shares of the network technology company’s stock worth $36,000 after purchasing an additional 50 shares during the period. Harold Davidson & Associates Inc. raised its position in Palo Alto Networks by 5.0% during the third quarter. Harold Davidson & Associates Inc. now owns 1,056 shares of the network technology company’s stock valued at $215,000 after acquiring an additional 50 shares in the last quarter. Princeton Capital Management LLC raised its position in Palo Alto Networks by 3.4% during the third quarter. Princeton Capital Management LLC now owns 1,520 shares of the network technology company’s stock valued at $310,000 after acquiring an additional 50 shares in the last quarter. South Plains Financial Inc. raised its position in Palo Alto Networks by 1.0% during the third quarter. South Plains Financial Inc. now owns 4,823 shares of the network technology company’s stock valued at $982,000 after acquiring an additional 50 shares in the last quarter. Finally, Fayez Sarofim & Co raised its position in Palo Alto Networks by 1.2% during the third quarter. Fayez Sarofim & Co now owns 4,310 shares of the network technology company’s stock valued at $878,000 after acquiring an additional 50 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Insider Buying and Selling

In other news, CEO Nikesh Arora purchased 68,085 shares of the company’s stock in a transaction dated Friday, March 27th. The shares were bought at an average price of $146.87 per share, with a total value of $9,999,643.95. Following the completion of the transaction, the chief executive officer directly owned 343,394 shares in the company, valued at $50,434,276.78. This trade represents a 24.73% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Key sold 1,572 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $173.32, for a total transaction of $272,459.04. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at approximately $3,466,400. This represents a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 30,756 shares of company stock valued at $5,076,355. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PANW. Truist Financial raised their price objective on shares of Palo Alto Networks from $200.00 to $275.00 and gave the company a “buy” rating in a research report on Tuesday, May 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Palo Alto Networks in a research report on Friday. UBS Group set a $183.00 price objective on shares of Palo Alto Networks in a research report on Thursday, February 19th. JPMorgan Chase & Co. cut their price objective on shares of Palo Alto Networks from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Thursday, February 19th. Finally, Guggenheim lowered shares of Palo Alto Networks from a “neutral” rating to a “reduce” rating in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus target price of $229.16.

Palo Alto Networks Stock Down 1.5%

NASDAQ:PANW opened at $256.75 on Wednesday. Palo Alto Networks, Inc. has a 12 month low of $139.57 and a 12 month high of $261.41. The firm has a market cap of $209.51 billion, a price-to-earnings ratio of 141.85, a P/E/G ratio of 9.39 and a beta of 0.77. The company’s 50 day moving average is $186.94 and its 200-day moving average is $182.69.

Palo Alto Networks Company 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.