Allstate Corp Increases Position in Palo Alto Networks, Inc. $PANW

Key Points

• Allstate Corp more than doubled its stake in Palo Alto Networks in the fourth quarter, increasing holdings by 111% to 51,805 shares worth about $9.54 million.
• Institutional ownership in Palo Alto Networks remains high, with hedge funds and other institutions holding 79.82% of the company’s stock.
• Analysts remain broadly positive on PANW, with an average Moderate Buy rating and an average price target of $226.33, even as some firms recently adjusted targets upward or downward.

Allstate Corp lifted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 111.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 51,805 shares of the network technology company's stock after buying an additional 27,249 shares during the period. Allstate Corp's holdings in Palo Alto Networks were worth $9,542,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. CBIZ Investment Advisory Services LLC lifted its stake 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 valued at $36,000 after buying an additional 50 shares during the period. Harold Davidson & Associates Inc. lifted its stake in shares of 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 buying an additional 50 shares during the period. Princeton Capital Management LLC lifted its stake in shares of 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 buying an additional 50 shares during the period. South Plains Financial Inc. lifted its stake in shares of 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 buying an additional 50 shares during the period. Finally, Fayez Sarofim & Co lifted its stake in shares of 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 buying an additional 50 shares during the period. Hedge funds and other institutional investors own 79.82% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Palo Alto Networks from $240.00 to $220.00 and set a "buy" rating for the company in a research report on Wednesday, February 18th. Arete Research raised shares of Palo Alto Networks from a "sell" rating to a "buy" rating and set a $185.00 price target for the company in a research report on Tuesday, March 3rd. Mizuho upped their price target on shares of Palo Alto Networks from $200.00 to $265.00 and gave the stock an "outperform" rating in a research report on Monday, May 18th. Royal Bank Of Canada upped their price target on shares of Palo Alto Networks from $220.00 to $255.00 and gave the stock an "outperform" rating in a research report on Friday, May 15th. Finally, Citizens Jmp reaffirmed a "market outperform" rating and set a $250.00 price target on shares of Palo Alto Networks in a research report on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, Palo Alto Networks has an average rating of "Moderate Buy" and an average price target of $226.33.

Insider Buying and Selling

In other news, EVP Dipak Golechha sold 5,000 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $160.42, for a total value of $802,100.00. Following the completion of the sale, the executive vice president owned 150,250 shares of the company's stock, valued at $24,103,105. This represents a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Josh D. Paul sold 400 shares of the firm's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $236.95, for a total transaction of $94,780.00. Following the sale, the chief accounting officer directly owned 82,736 shares of the company's stock, valued at approximately $19,604,295.20. The trade was a 0.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety 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.

Palo Alto Networks Price Performance

Palo Alto Networks stock opened at $260.58 on Tuesday. Palo Alto Networks, Inc. has a 52-week low of $139.57 and a 52-week high of $261.41. The firm has a fifty day moving average of $185.14 and a 200-day moving average of $182.38. The firm has a market capitalization of $212.63 billion, a P/E ratio of 143.97, a PEG ratio of 9.39 and a beta of 0.77.

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.

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