Cary Street Partners Financial LLC Has $13.71 Million Stake in Palo Alto Networks, Inc. $PANW

Key Points

• Cary Street Partners Financial LLC increased its stake in Palo Alto Networks by 11.3% in the fourth quarter, ending with 74,444 shares valued at about $13.71 million.
• Insider activity was mixed: CEO Nikesh Arora bought 68,085 shares for nearly $10 million, while Director James J. Goetz sold 22,684 shares. In the last 90 days, insiders sold 30,756 shares overall.
• Wall Street remains broadly bullish on PANW, with analysts assigning a Moderate Buy consensus and an average price target of $226.33, even as the stock recently traded near its 52-week high at $260.58.

Cary Street Partners Financial LLC boosted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 11.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 74,444 shares of the network technology company's stock after purchasing an additional 7,569 shares during the quarter. Cary Street Partners Financial LLC's holdings in Palo Alto Networks were worth $13,713,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. CBIZ Investment Advisory Services LLC grew its holdings in 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 purchasing an additional 50 shares during the period. Harold Davidson & Associates Inc. grew its holdings in 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 purchasing an additional 50 shares during the period. Princeton Capital Management LLC grew its holdings in 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 purchasing an additional 50 shares during the period. South Plains Financial Inc. grew its holdings in 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 purchasing an additional 50 shares during the period. Finally, Fayez Sarofim & Co grew its holdings in 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 purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 79.82% of the company's stock.

Insider Transactions at Palo Alto Networks

In related news, CEO Nikesh Arora purchased 68,085 shares of the business's stock in a transaction on Friday, March 27th. The shares were purchased at an average price of $146.87 per share, with a total value of $9,999,643.95. Following the completion of the purchase, the chief executive officer owned 343,394 shares in the company, valued at $50,434,276.78. This represents a 24.73% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James J. Goetz sold 22,684 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $164.41, for a total transaction of $3,729,476.44. Following the transaction, the director owned 52,500 shares of the company's stock, valued at $8,631,525. The trade was a 30.17% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,756 shares of company stock valued at $5,076,355. 1.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PANW. Susquehanna decreased their price objective on shares of Palo Alto Networks from $230.00 to $200.00 and set a "positive" rating for the company in a report on Wednesday, February 18th. Sanford C. Bernstein set a $209.00 price objective on shares of Palo Alto Networks and gave the company an "outperform" rating in a report on Wednesday, February 18th. BTIG Research boosted their price objective on shares of Palo Alto Networks from $200.00 to $216.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. DA Davidson set a $190.00 price objective on shares of Palo Alto Networks and gave the company a "buy" rating in a report on Wednesday, February 18th. Finally, BMO Capital Markets boosted their price objective on shares of Palo Alto Networks from $200.00 to $270.00 and gave the company an "outperform" rating in a report on Wednesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $226.33.

Palo Alto Networks Stock Performance

Shares of PANW opened at $260.58 on Tuesday. Palo Alto Networks, Inc. has a twelve month low of $139.57 and a twelve month high of $261.41. The firm's 50 day moving average price is $185.14 and its two-hundred day moving average price is $182.38. The firm has a market cap 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 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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