Elevation Point Wealth Partners LLC Increases Position in Palo Alto Networks, Inc. $PANW

Key Points

• Elevation Point Wealth Partners boosted its stake in Palo Alto Networks by 309.7%, buying 8,655 shares to hold 11,450 shares worth $2.33 million at quarter-end, while other institutions also increased positions and institutional investors now own 79.82% of the stock.
• Palo Alto Networks beat quarterly estimates (EPS $1.03 vs. $0.94; revenue $2.59B vs. $2.58B), with revenue up 14.9% year-over-year, and the stock trades around $167 with a market cap of ~$136.3 billion and a PE of about 92x.
• Insiders have been sellers, disposing of 149,252 shares (~$27.9M) in the last 90 days (insiders now own 1.4%), while analysts have an average rating of "Moderate Buy" and an average target price of $210.19.

Elevation Point Wealth Partners LLC lifted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 309.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,450 shares of the network technology company's stock after buying an additional 8,655 shares during the period. Elevation Point Wealth Partners LLC's holdings in Palo Alto Networks were worth $2,331,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Brighton Jones LLC increased its holdings 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 purchasing an additional 4,031 shares during the period. Bison Wealth LLC lifted its holdings in shares of Palo Alto Networks by 169.1% during the fourth quarter. Bison Wealth LLC now owns 5,212 shares of the network technology company's stock worth $948,000 after purchasing an additional 3,275 shares during the period. Sivia Capital Partners LLC grew its position in Palo Alto Networks by 66.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,484 shares of the network technology company's stock valued at $713,000 after buying an additional 1,389 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Palo Alto Networks by 7.2% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 162,384 shares of the network technology company's stock valued at $33,230,000 after buying an additional 10,970 shares during the last quarter. Finally, Cetera Investment Advisers increased its stake in Palo Alto Networks by 13.4% in the 2nd quarter. Cetera Investment Advisers now owns 391,506 shares of the network technology company's stock valued at $80,118,000 after buying an additional 46,301 shares during the period. Hedge funds and other institutional investors own 79.82% of the company's stock.

Palo Alto Networks Stock Down 0.7%

NASDAQ:PANW opened at $167.01 on Monday. The firm's fifty day simple moving average is $169.84 and its 200-day simple moving average is $189.52. The stock has a market cap of $136.28 billion, a PE ratio of 92.27, a price-to-earnings-growth ratio of 6.03 and a beta of 0.78. Palo Alto Networks, Inc. has a fifty-two week low of $139.57 and a fifty-two week high of $223.61.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The network technology company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.94 by $0.09. The firm had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.58 billion. Palo Alto Networks had a net margin of 12.96% and a return on equity of 17.60%. The business's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 earnings per share. Equities analysts anticipate that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PANW. Susquehanna cut 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 research report on Wednesday, February 18th. Piper Sandler reiterated an "overweight" rating and set a $265.00 price target (up from $230.00) on shares of Palo Alto Networks in a research note on Monday, January 5th. Sanford C. Bernstein set a $209.00 price target on shares of Palo Alto Networks and gave the stock an "outperform" rating in a report on Wednesday, February 18th. Truist Financial set a $200.00 price objective on shares of Palo Alto Networks and gave the company a "buy" rating in a research report on Tuesday, February 17th. Finally, Robert W. Baird set a $220.00 price objective on Palo Alto Networks and gave the company an "outperform" rating in a report on Wednesday, February 18th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Palo Alto Networks presently has an average rating of "Moderate Buy" and an average target price of $210.19.

Insider Activity at Palo Alto Networks

In related news, Director James J. Goetz sold 22,684 shares of the company's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $164.41, for a total value of $3,729,476.44. Following the sale, the director owned 52,500 shares in the company, valued at $8,631,525. This represents a 30.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Lee Klarich sold 120,768 shares of the company's stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $191.03, for a total value of $23,070,311.04. Following the completion of the sale, the executive vice president owned 298,887 shares in the company, valued at approximately $57,096,383.61. This represents a 28.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 149,252 shares of company stock valued at $27,888,535. 1.40% of the stock is currently owned by corporate insiders.

About Palo Alto Networks

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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