Harmony Asset Management LLC Has $2.51 Million Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Harmony Asset Management LLC increased its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 111.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,799 shares of the network technology company's stock after acquiring an additional 7,270 shares during the period. Palo Alto Networks comprises approximately 1.0% of Harmony Asset Management LLC's holdings, making the stock its 28th largest position. Harmony Asset Management LLC's holdings in Palo Alto Networks were worth $2,511,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Palo Alto Networks by 104.4% during the fourth quarter. Vanguard Group Inc. now owns 61,233,907 shares of the network technology company's stock valued at $11,142,122,000 after acquiring an additional 31,281,359 shares in the last quarter. Geode Capital Management LLC lifted its stake in Palo Alto Networks by 87.8% in the fourth quarter. Geode Capital Management LLC now owns 14,382,116 shares of the network technology company's stock worth $2,611,013,000 after acquiring an additional 6,725,148 shares during the period. Capital Research Global Investors lifted its stake in Palo Alto Networks by 83.8% in the fourth quarter. Capital Research Global Investors now owns 8,427,062 shares of the network technology company's stock worth $1,533,419,000 after acquiring an additional 3,841,359 shares during the period. Northern Trust Corp lifted its position in shares of Palo Alto Networks by 133.7% during the fourth quarter. Northern Trust Corp now owns 7,842,647 shares of the network technology company's stock valued at $1,427,048,000 after buying an additional 4,486,654 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Palo Alto Networks by 17.6% in the 4th quarter. Ameriprise Financial Inc. now owns 7,277,739 shares of the network technology company's stock worth $1,324,387,000 after acquiring an additional 1,088,631 shares during the last quarter. Institutional investors own 79.82% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PANW. Truist Financial cut their price target on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Citigroup increased their target price on shares of Palo Alto Networks from $205.00 to $220.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Sanford C. Bernstein set a $225.00 target price on Palo Alto Networks and gave the company an "outperform" rating in a report on Wednesday, May 21st. Northland Securities reduced their price target on shares of Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating for the company in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company upped their price target 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 given a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $206.40.

Insider Activity

In other Palo Alto Networks news, EVP Nir Zuk sold 100,000 shares of the stock in a transaction on Friday, April 11th. The stock was sold at an average price of $165.41, for a total value of $16,541,000.00. Following the completion of the transaction, the executive vice president now owns 3,543,516 shares in the company, valued at approximately $586,132,981.56. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $151.13, for a total value of $18,252,574.62. Following the completion of the sale, the executive vice president now owns 321,774 shares of the company's stock, valued at $48,629,704.62. This trade represents a 27.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 568,962 shares of company stock valued at $96,933,690 in the last 90 days. Company insiders own 2.50% of the company's stock.

Palo Alto Networks Stock Performance

Shares of NASDAQ PANW traded up $0.29 during midday trading on Tuesday, reaching $187.04. The stock had a trading volume of 1,885,177 shares, compared to its average volume of 5,598,446. The company has a market capitalization of $124.72 billion, a price-to-earnings ratio of 105.52, a price-to-earnings-growth ratio of 5.64 and a beta of 1.02. The stock has a 50-day moving average of $178.09 and a 200-day moving average of $185.18. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.28 billion. During the same period last year, the business posted $0.66 earnings per share. The firm's revenue was up 15.3% compared to the same quarter last year. As a group, analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS 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.