Palo Alto Networks, Inc. (NASDAQ:PANW) Holdings Boosted by KMG Fiduciary Partners LLC

KMG Fiduciary Partners LLC raised its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 16.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,771 shares of the network technology company's stock after buying an additional 5,416 shares during the period. KMG Fiduciary Partners LLC's holdings in Palo Alto Networks were worth $6,445,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Palo Alto Networks by 104.4% in the 4th quarter. Vanguard Group Inc. now owns 61,233,907 shares of the network technology company's stock worth $11,142,122,000 after purchasing an additional 31,281,359 shares during the last quarter. Geode Capital Management LLC grew 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 purchasing an additional 6,725,148 shares in the last quarter. Capital Research Global Investors increased its holdings 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 valued at $1,533,419,000 after buying an additional 3,841,359 shares during the last quarter. Northern Trust Corp raised its stake in 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 in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Palo Alto Networks by 17.6% during the fourth quarter. Ameriprise Financial Inc. now owns 7,277,739 shares of the network technology company's stock valued at $1,324,387,000 after buying an additional 1,088,631 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $195.14, for a total value of $23,567,838.36. Following the transaction, the executive vice president now directly owns 264,246 shares in the company, valued at $51,564,964.44. The trade was a 31.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Nikesh Arora sold 227,414 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $172.73, for a total value of $39,281,220.22. Following the sale, the chief executive officer now directly owns 317,571 shares of the company's stock, valued at approximately $54,854,038.83. This represents a 41.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 789,736 shares of company stock worth $139,837,528. 2.50% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on PANW. Wells Fargo & Company lifted their target price on Palo Alto Networks from $225.00 to $235.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. KeyCorp reaffirmed an "overweight" rating and issued a $220.00 price objective on shares of Palo Alto Networks in a report on Wednesday, May 21st. Northland Securities lowered their target price on shares of Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating for the company in a research note on Wednesday, May 21st. UBS Group raised their price target on shares of Palo Alto Networks from $190.00 to $200.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Finally, Truist Financial lowered their price objective on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $208.00.

Palo Alto Networks Trading Down 1.6%

PANW stock traded down $3.27 during trading hours on Monday, hitting $196.33. 2,563,808 shares of the stock traded hands, compared to its average volume of 5,513,813. The stock has a 50-day simple moving average of $180.48 and a 200 day simple moving average of $184.92. The company has a market cap of $130.91 billion, a P/E ratio of 110.61, a P/E/G ratio of 5.64 and a beta of 0.97. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted 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 net margin of 14.64% and a return on equity of 21.93%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same quarter last year, the firm posted $0.66 EPS. The business's revenue for the quarter was up 15.3% on a year-over-year basis. Analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Palo Alto Networks 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.