Forge First Asset Management Inc. Invests $1.72 Million in Palo Alto Networks, Inc. (NASDAQ:PANW)

Key Points

• Forge First Asset Management Inc. invested approximately $1.72 million in Palo Alto Networks, acquiring 10,100 shares which now make up 0.7% of their portfolio.
• Insider transactions at Palo Alto Networks include Director Aparna Bawa selling 526 shares, reducing her ownership by 5.74%, while Chief Accounting Officer Josh D. Paul sold 800 shares, decreasing his stake by 1.87%.
• Several analysts have recently adjusted their ratings and target prices for Palo Alto Networks, with a consensus rating of "Moderate Buy" and an average target price of $209.61.

Forge First Asset Management Inc. bought a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund bought 10,100 shares of the network technology company's stock, valued at approximately $1,723,000. Palo Alto Networks accounts for 0.7% of Forge First Asset Management Inc.'s investment portfolio, making the stock its 28th largest holding.

A number of other hedge funds also recently made changes to their positions in the business. Transce3nd LLC purchased a new stake in Palo Alto Networks in the 4th quarter worth about $25,000. Strategic Investment Solutions Inc. IL increased its holdings in Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock worth $26,000 after acquiring an additional 55 shares during the last quarter. Anchor Investment Management LLC increased its holdings in Palo Alto Networks by 100.0% in the 4th quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company's stock worth $28,000 after acquiring an additional 78 shares during the last quarter. Capital A Wealth Management LLC purchased a new stake in Palo Alto Networks in the 4th quarter worth about $29,000. Finally, HWG Holdings LP purchased a new stake in Palo Alto Networks in the 1st quarter worth about $31,000. 79.82% of the stock is currently owned by institutional investors.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, Director Aparna Bawa sold 526 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $190.00, for a total value of $99,940.00. Following the completion of the transaction, the director owned 8,632 shares in the company, valued at approximately $1,640,080. This represents a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Josh D. Paul sold 800 shares of the stock in a transaction on Friday, June 20th. The stock was 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 owned 42,033 shares of the company's stock, valued at approximately $8,450,734.65. This trade represents a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 569,248 shares of company stock valued at $111,279,829 over the last 90 days. Company insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. HSBC raised Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price objective for the company in a report on Thursday, April 10th. Northland Securities reduced their target price on Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating for the company in a report on Wednesday, May 21st. Morgan Stanley reduced their target price on Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. DA Davidson reduced their target price on Palo Alto Networks from $225.00 to $215.00 and set a "buy" rating for the company in a report on Thursday. Finally, Barclays reduced their target price on Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating for the company in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat.com, Palo Alto Networks currently has an average rating of "Moderate Buy" and a consensus target price of $209.61.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $172.88 on Friday. Palo Alto Networks, Inc. has a fifty-two week low of $142.01 and a fifty-two week high of $210.39. The stock has a 50 day moving average price of $196.04 and a two-hundred day moving average price of $187.20. The company has a market capitalization of $115.28 billion, a P/E ratio of 98.79, a PEG ratio of 4.85 and a beta of 0.95.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter in the previous year, the company posted $0.66 earnings per share. The business's revenue was up 15.3% on a year-over-year basis. As a group, equities analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current 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.

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