Canvas Wealth Advisors LLC Raises Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Canvas Wealth Advisors LLC grew its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 46.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,923 shares of the network technology company's stock after buying an additional 9,501 shares during the quarter. Palo Alto Networks accounts for approximately 1.2% of Canvas Wealth Advisors LLC's holdings, making the stock its 21st biggest holding. Canvas Wealth Advisors LLC's holdings in Palo Alto Networks were worth $4,896,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PANW. Brighton Jones LLC raised its stake in shares of Palo Alto Networks by 147.7% in the fourth quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company's stock valued at $1,230,000 after acquiring an additional 4,031 shares during the period. Roanoke Asset Management Corp NY grew its holdings in Palo Alto Networks by 100.0% during the 4th quarter. Roanoke Asset Management Corp NY now owns 1,530 shares of the network technology company's stock valued at $278,000 after purchasing an additional 765 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in Palo Alto Networks by 115.6% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 43,985 shares of the network technology company's stock worth $8,004,000 after purchasing an additional 23,586 shares during the period. Pine Valley Investments Ltd Liability Co lifted its stake in Palo Alto Networks by 98.4% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 1,944 shares of the network technology company's stock worth $354,000 after purchasing an additional 964 shares during the last quarter. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of Palo Alto Networks by 60.2% in the fourth quarter. Illinois Municipal Retirement Fund now owns 34,532 shares of the network technology company's stock worth $6,283,000 after buying an additional 12,970 shares during the period. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on PANW. Barclays cut their price objective on Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 21st. Rosenblatt Securities reissued a "buy" rating and set a $235.00 target price on shares of Palo Alto Networks in a research note on Tuesday, May 20th. Northland Securities cut their price target on shares of Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating on the stock in a report on Wednesday, May 21st. JPMorgan Chase & Co. decreased their price objective on shares of Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating for the company in a report on Wednesday, May 21st. Finally, Wells Fargo & Company boosted their price objective on shares of Palo Alto Networks from $225.00 to $235.00 and gave the company an "overweight" rating in a research report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat.com, Palo Alto Networks presently has a consensus rating of "Moderate Buy" and an average target price of $208.00.

Palo Alto Networks Stock Up 2.1%

Shares of NASDAQ:PANW traded up $4.26 during trading on Monday, hitting $204.83. The stock had a trading volume of 2,838,096 shares, compared to its average volume of 5,391,624. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39. The stock has a market capitalization of $136.58 billion, a price-to-earnings ratio of 117.05, a price-to-earnings-growth ratio of 5.60 and a beta of 0.97. The stock has a 50-day simple moving average of $190.70 and a two-hundred day simple moving average of $185.23.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.03. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. Palo Alto Networks's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted $0.66 EPS. As a group, sell-side analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Dipak Golechha sold 5,000 shares of the company's stock in a transaction dated 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 sale, the executive vice president now owns 101,135 shares in the company, valued at $20,414,099.75. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Josh D. Paul sold 800 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $201.05, for a total value of $160,840.00. Following the completion of the transaction, the chief accounting officer now directly owns 42,033 shares of the company's stock, valued at $8,450,734.65. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 795,536 shares of company stock valued at $141,007,618. Company insiders own 2.50% of the company's stock.

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.