Allegiance Financial Group Advisory Services LLC Buys New Shares in Palo Alto Networks, Inc. (NASDAQ:PANW)

Allegiance Financial Group Advisory Services LLC bought a new stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,815 shares of the network technology company's stock, valued at approximately $310,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PANW. Brighton Jones LLC grew its holdings in Palo Alto Networks by 147.7% in the 4th quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company's stock valued at $1,230,000 after buying an additional 4,031 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in shares of Palo Alto Networks by 115.6% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 43,985 shares of the network technology company's stock valued at $8,004,000 after acquiring an additional 23,586 shares in the last quarter. Proficio Capital Partners LLC grew its stake in shares of Palo Alto Networks by 215.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,416 shares of the network technology company's stock valued at $440,000 after acquiring an additional 1,651 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of Palo Alto Networks by 132.1% in the fourth quarter. Harbour Investments Inc. now owns 4,616 shares of the network technology company's stock valued at $840,000 after acquiring an additional 2,627 shares in the last quarter. Finally, Axxcess Wealth Management LLC grew its position in shares of Palo Alto Networks by 370.5% during the 4th quarter. Axxcess Wealth Management LLC now owns 12,370 shares of the network technology company's stock worth $2,251,000 after purchasing an additional 9,741 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Stephens downgraded Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Truist Financial dropped their price target on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Barclays dropped their price target on Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 21st. Hsbc Global Res raised Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 10th. Finally, Morgan Stanley lowered their price objective on Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two research 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 stock. According to data from MarketBeat, Palo Alto Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $208.00.

Insider Buying and Selling

In related news, EVP Dipak Golechha sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $201.85, for a total value of $1,009,250.00. Following the completion of the sale, the executive vice president owned 101,135 shares in the company, valued at approximately $20,414,099.75. The trade was a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nir Zuk sold 100,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $198.66, for a total transaction of $19,866,000.00. Following the completion of the sale, the executive vice president directly owned 3,243,516 shares of the company's stock, valued at approximately $644,356,888.56. This trade represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 569,248 shares of company stock worth $111,279,829 over the last 90 days. Corporate insiders own 2.50% of the company's stock.

Palo Alto Networks Stock Down 0.1%

PANW traded down $0.28 on Friday, hitting $196.00. The company had a trading volume of 913,029 shares, compared to its average volume of 5,394,305. The company has a market cap of $130.69 billion, a PE ratio of 112.07, a PEG ratio of 5.38 and a beta of 0.97. The business's fifty day simple moving average is $195.41 and its 200 day simple moving average is $185.94. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the previous year, the business earned $0.66 earnings per share. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. On average, analysts anticipate that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

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.

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