Palo Alto Networks, Inc. (NASDAQ:PANW) Stake Lifted by Magnus Financial Group LLC

by · The Markets Daily

Magnus Financial Group LLC increased its stake in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,948 shares of the network technology company’s stock after acquiring an additional 728 shares during the period. Magnus Financial Group LLC’s holdings in Palo Alto Networks were worth $3,916,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Strategic Investment Solutions Inc. IL grew its position in Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock worth $26,000 after purchasing an additional 55 shares during the last quarter. JDM Financial Group LLC grew its position in Palo Alto Networks by 22.4% in the 4th quarter. JDM Financial Group LLC now owns 322 shares of the network technology company’s stock worth $59,000 after purchasing an additional 59 shares during the last quarter. Rakuten Securities Inc. boosted its position in shares of Palo Alto Networks by 8.4% during the 4th quarter. Rakuten Securities Inc. now owns 906 shares of the network technology company’s stock valued at $165,000 after acquiring an additional 70 shares in the last quarter. Quarry LP boosted its position in shares of Palo Alto Networks by 16.9% during the 4th quarter. Quarry LP now owns 511 shares of the network technology company’s stock valued at $93,000 after acquiring an additional 74 shares in the last quarter. Finally, Kiely Wealth Advisory Group Inc. boosted its position in shares of Palo Alto Networks by 100.0% during the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company’s stock valued at $29,000 after acquiring an additional 75 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Lee Klarich sold 120,774 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $189.27, for a total value of $22,858,894.98. Following the sale, the executive vice president now directly owns 293,010 shares in the company, valued at approximately $55,458,002.70. This trade represents a 29.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the completion of the sale, the executive vice president now owns 3,543,516 shares in the company, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 668,962 shares of company stock worth $116,269,690 over the last ninety days. Corporate insiders own 2.50% of the company’s stock.

Palo Alto Networks Stock Performance

NASDAQ:PANW opened at $197.18 on Friday. Palo Alto Networks, Inc. has a 52 week low of $142.01 and a 52 week high of $208.39. The firm has a market cap of $131.48 billion, a price-to-earnings ratio of 111.09, a P/E/G ratio of 5.64 and a beta of 1.02. The firm’s 50-day simple moving average is $179.91 and its 200 day simple moving average is $185.06.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the firm earned $0.66 earnings per share. Palo Alto Networks’s revenue for the quarter was up 15.3% compared to the same quarter last year. Sell-side analysts anticipate that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $225.00 target price on shares of Palo Alto Networks in a research report on Monday, February 10th. Jefferies Financial Group boosted their target price on shares of Palo Alto Networks from $215.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Guggenheim reaffirmed a “sell” rating and issued a $130.00 target price on shares of Palo Alto Networks in a research note on Wednesday, May 21st. Susquehanna boosted their target price on shares of Palo Alto Networks from $217.50 to $230.00 and gave the stock a “positive” rating in a research note on Tuesday, February 18th. Finally, Truist Financial dropped their target price on shares of Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $208.00.

Check Out Our Latest Stock Analysis on Palo Alto Networks

About Palo Alto Networks

(Free Report)

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.

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