Bernard Wealth Management Corp. Invests $2.58 Million in Palo Alto Networks, Inc. (NASDAQ:PANW)

Bernard Wealth Management Corp. bought a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 14,200 shares of the network technology company's stock, valued at approximately $2,584,000. Palo Alto Networks accounts for about 1.2% of Bernard Wealth Management Corp.'s investment portfolio, making the stock its 20th biggest position.

Other hedge funds also recently made changes to their positions in the company. Transce3nd LLC bought a new position in Palo Alto Networks in the fourth quarter valued at approximately $25,000. Valued Wealth Advisors LLC increased its stake in Palo Alto Networks by 246.3% in the fourth quarter. Valued Wealth Advisors LLC now owns 142 shares of the network technology company's stock valued at $26,000 after acquiring an additional 101 shares during the last quarter. Strategic Investment Solutions Inc. IL increased its stake in Palo Alto Networks by 64.0% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after acquiring an additional 55 shares during the last quarter. Atlantic Edge Private Wealth Management LLC increased its stake in Palo Alto Networks by 265.0% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 146 shares of the network technology company's stock valued at $27,000 after acquiring an additional 106 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its position in Palo Alto Networks by 102.6% in the fourth quarter. Capital Advisors Ltd. LLC now owns 156 shares of the network technology company's stock valued at $28,000 after buying an additional 79 shares in the last quarter. 79.82% of the stock is owned by institutional investors.

Palo Alto Networks Stock Up 2.7%

Palo Alto Networks stock traded up $4.96 during midday trading on Friday, hitting $190.78. 11,416,203 shares of the stock were exchanged, compared to its average volume of 5,595,989. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39. The stock has a market capitalization of $127.21 billion, a price-to-earnings ratio of 107.48, a price-to-earnings-growth ratio of 5.64 and a beta of 1.02. The business's 50-day moving average price is $178.31 and its 200-day moving average price is $185.07.

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 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. The business had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.28 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 earnings per share. On average, sell-side analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Activity at Palo Alto Networks

In other news, EVP Nir Zuk sold 100,000 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 3,543,516 shares of the company's stock, valued at $586,132,981.56. This represents a 2.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lee Klarich sold 120,774 shares of the stock in a transaction on Monday, April 7th. The stock was sold at an average price of $151.13, for a total transaction of $18,252,574.62. Following the completion of the transaction, the executive vice president now directly owns 321,774 shares in the company, valued at $48,629,704.62. The trade was a 27.29% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 568,962 shares of company stock worth $96,933,690. 2.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PANW has been the topic of a number of research analyst reports. Truist Financial cut their target price 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. JPMorgan Chase & Co. cut their target price on shares of Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 21st. Hsbc Global Res upgraded shares of Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 10th. Guggenheim restated a "sell" rating and issued a $130.00 target price on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Finally, UBS Group raised their target price on shares of Palo Alto Networks from $190.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, February 14th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $208.00.

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.