Envestnet Portfolio Solutions Inc. Has $15.46 Million Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Envestnet Portfolio Solutions Inc. lifted its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 9.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 90,600 shares of the network technology company's stock after buying an additional 8,083 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Palo Alto Networks were worth $15,460,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Uniting Wealth Partners LLC bought a new stake in shares of Palo Alto Networks during the fourth quarter worth $548,000. Rehmann Capital Advisory Group increased its position in Palo Alto Networks by 106.4% in the fourth quarter. Rehmann Capital Advisory Group now owns 2,378 shares of the network technology company's stock worth $433,000 after purchasing an additional 1,226 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Palo Alto Networks by 94.3% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 11,661 shares of the network technology company's stock worth $2,122,000 after purchasing an additional 5,658 shares during the last quarter. Knights of Columbus Asset Advisors LLC raised its holdings in Palo Alto Networks by 108.1% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 21,354 shares of the network technology company's stock worth $3,886,000 after purchasing an additional 11,095 shares during the last quarter. Finally, National Pension Service lifted its position in Palo Alto Networks by 82.1% during the 4th quarter. National Pension Service now owns 1,345,740 shares of the network technology company's stock valued at $244,871,000 after purchasing an additional 606,778 shares during the period. Institutional investors and hedge funds own 79.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Stephens cut shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. HSBC upgraded shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 target price for the company in a research report on Thursday, April 10th. Citigroup raised their price target on Palo Alto Networks from $205.00 to $220.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Hsbc Global Res upgraded Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 10th. Finally, Truist Financial cut their target price on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Palo Alto Networks has a consensus rating of "Moderate Buy" and a consensus target price of $208.00.

Insider Buying and Selling at Palo Alto Networks

In related news, EVP Nir Zuk sold 100,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $193.36, for a total value of $19,336,000.00. Following the sale, the executive vice president now owns 3,343,516 shares in the company, valued at approximately $646,502,253.76. This represents a 2.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks 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 transaction, the executive vice president now directly owns 321,774 shares of the company's stock, valued at approximately $48,629,704.62. This trade represents a 27.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 789,736 shares of company stock worth $139,837,528 over the last quarter. 2.50% of the stock is currently owned by insiders.

Palo Alto Networks Stock Down 0.3%

Shares of NASDAQ:PANW traded down $0.54 during midday trading on Friday, reaching $199.24. The company had a trading volume of 8,285,645 shares, compared to its average volume of 5,480,473. Palo Alto Networks, Inc. has a 1-year low of $142.01 and a 1-year high of $208.39. The stock has a market cap of $132.85 billion, a PE ratio of 113.85, a P/E/G ratio of 5.57 and a beta of 0.97. The business's 50 day moving average price is $187.43 and its 200 day moving average price is $185.31.

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 for the quarter, topping the consensus estimate of $0.77 by $0.03. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The business's quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 EPS. On average, research analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

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.