Cary Street Partners Financial LLC Invests $3.89 Million in Palo Alto Networks, Inc. (NASDAQ:PANW)

Cary Street Partners Financial LLC bought a new stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,360 shares of the network technology company's stock, valued at approximately $3,887,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PANW. Chapman Financial Group LLC bought a new stake in shares of Palo Alto Networks during the 4th quarter valued at about $1,561,000. Brown Advisory Inc. boosted its holdings in shares of Palo Alto Networks by 50.9% during the 4th quarter. Brown Advisory Inc. now owns 153,266 shares of the network technology company's stock worth $27,888,000 after buying an additional 51,678 shares in the last quarter. Baird Financial Group Inc. grew its position in shares of Palo Alto Networks by 100.3% during the 4th quarter. Baird Financial Group Inc. now owns 530,782 shares of the network technology company's stock worth $96,581,000 after buying an additional 265,772 shares during the period. Baker Avenue Asset Management LP increased its stake in shares of Palo Alto Networks by 108.6% in the 4th quarter. Baker Avenue Asset Management LP now owns 18,338 shares of the network technology company's stock valued at $3,337,000 after acquiring an additional 9,547 shares in the last quarter. Finally, Baldwin Investment Management LLC lifted its position in shares of Palo Alto Networks by 100.7% during the 4th quarter. Baldwin Investment Management LLC now owns 16,111 shares of the network technology company's stock valued at $2,932,000 after acquiring an additional 8,084 shares during the period. Institutional investors and hedge funds own 79.82% of the company's stock.

Insiders Place Their Bets

In other news, EVP Nir Zuk sold 100,000 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $165.41, for a total value of $16,541,000.00. Following the sale, the executive vice president now directly owns 3,543,516 shares of the company's stock, valued at approximately $586,132,981.56. This represents a 2.74 % 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 Lee Klarich sold 120,774 shares of the business's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $151.13, for a total transaction of $18,252,574.62. Following the transaction, the executive vice president now directly owns 321,774 shares of the company's stock, valued at approximately $48,629,704.62. This represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 448,188 shares of company stock worth $74,074,795 over the last 90 days. Corporate insiders own 2.50% of the company's stock.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock opened at $188.13 on Tuesday. The stock has a market capitalization of $124.56 billion, a P/E ratio of 105.99, a P/E/G ratio of 5.64 and a beta of 1.07. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39. The stock's 50-day simple moving average is $175.94 and its 200 day simple moving average is $184.68.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.06. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.24 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. Equities research analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Truist Financial decreased their price target 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. JMP Securities raised their target price on Palo Alto Networks from $208.00 to $212.00 and gave the company a "market outperform" rating in a research note on Friday, February 14th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $190.00 price target (down previously from $207.00) on shares of Palo Alto Networks in a report on Wednesday, January 8th. Westpark Capital reissued a "hold" rating and issued a $196.40 price objective on shares of Palo Alto Networks in a research note on Wednesday, February 12th. Finally, UBS Group upped their target price on Palo Alto Networks from $190.00 to $200.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $203.06.

Palo Alto Networks 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.