Miracle Mile Advisors LLC Grows Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Miracle Mile Advisors LLC increased its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 37.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,504 shares of the network technology company's stock after acquiring an additional 4,479 shares during the quarter. Miracle Mile Advisors LLC's holdings in Palo Alto Networks were worth $2,816,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PANW. Brighton Jones LLC boosted its position in shares of Palo Alto Networks by 147.7% during the 4th quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company's stock valued at $1,230,000 after acquiring an additional 4,031 shares during the last quarter. Consolidated Portfolio Review Corp boosted its position in shares of Palo Alto Networks by 100.7% during the 4th quarter. Consolidated Portfolio Review Corp now owns 1,730 shares of the network technology company's stock valued at $315,000 after acquiring an additional 868 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Palo Alto Networks during the 4th quarter valued at about $4,772,000. Conning Inc. boosted its position in shares of Palo Alto Networks by 93.7% during the 4th quarter. Conning Inc. now owns 2,832 shares of the network technology company's stock valued at $515,000 after acquiring an additional 1,370 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its position in shares of Palo Alto Networks by 262.1% during the 4th quarter. Apollon Wealth Management LLC now owns 31,887 shares of the network technology company's stock valued at $5,802,000 after acquiring an additional 23,081 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Rosenblatt Securities reissued a "buy" rating and set a $235.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 20th. KeyCorp reaffirmed an "overweight" rating and issued a $220.00 target price on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Truist Financial decreased their target price on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. JPMorgan Chase & Co. decreased their target price on shares of Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 21st. Finally, Jefferies Financial Group upped their target price on shares of Palo Alto Networks from $215.00 to $225.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $208.00.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, EVP Nir Zuk sold 100,000 shares of the business's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the sale, the executive vice president now directly owns 3,543,516 shares in the company, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of the business's 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 sale, the executive vice president now owns 321,774 shares in the company, valued at $48,629,704.62. The trade was a 27.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 789,736 shares of company stock worth $139,837,528 in the last three months. Insiders own 2.50% of the company's stock.

Palo Alto Networks Price Performance

NASDAQ:PANW opened at $199.60 on Monday. The firm's fifty day moving average price is $180.48 and its 200 day moving average price is $184.92. Palo Alto Networks, Inc. has a 1-year low of $142.01 and a 1-year high of $208.39. The firm has a market cap of $133.09 billion, a price-to-earnings ratio of 112.45, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97.

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 analysts' consensus estimates 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 firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the firm posted $0.66 EPS. Palo Alto Networks's quarterly revenue was up 15.3% on a year-over-year basis. As a group, analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal 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.

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