OMNI 360 Wealth Inc. Takes Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

OMNI 360 Wealth Inc. purchased a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,298 shares of the network technology company's stock, valued at approximately $221,000.

A number of other hedge funds also recently made changes to their positions in PANW. Vanguard Group Inc. raised its position in Palo Alto Networks by 104.4% in 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 purchasing an additional 31,281,359 shares during the period. Geode Capital Management LLC grew its stake in shares of 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 valued at $2,611,013,000 after buying an additional 6,725,148 shares in the last quarter. Norges Bank purchased a new stake in shares of Palo Alto Networks during the 4th quarter valued at about $970,736,000. Northern Trust Corp lifted its position in Palo Alto Networks by 133.7% during the 4th quarter. Northern Trust Corp now owns 7,842,647 shares of the network technology company's stock worth $1,427,048,000 after acquiring an additional 4,486,654 shares in the last quarter. Finally, Capital Research Global Investors lifted its position in Palo Alto Networks by 83.8% during the 4th 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 in the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Truist Financial dropped their price objective on shares of 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. Hsbc Global Res raised shares of Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 10th. JPMorgan Chase & Co. dropped their price target on shares of Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 21st. Stephens cut shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, Roth Capital started coverage on Palo Alto Networks in a research note on Thursday, May 15th. They set a "neutral" rating and a $210.00 target price for the company. Two 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $208.00.

Palo Alto Networks Trading Up 1.0%

PANW stock traded up $2.07 during trading hours on Wednesday, hitting $206.06. 3,085,020 shares of the stock traded hands, compared to its average volume of 5,384,103. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $208.39. The company has a market cap of $137.40 billion, a P/E ratio of 117.75, a P/E/G ratio of 5.69 and a beta of 0.97. The stock has a 50-day simple moving average of $194.55 and a 200 day simple moving average of $185.62.

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 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The company's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.66 EPS. Analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insiders Place Their Bets

In other Palo Alto Networks news, EVP Dipak Golechha sold 5,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $201.85, for a total value of $1,009,250.00. Following the transaction, the executive vice president owned 101,135 shares in the company, valued at approximately $20,414,099.75. This represents a 4.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nir Zuk sold 100,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $198.66, for a total value of $19,866,000.00. Following the sale, the executive vice president owned 3,243,516 shares of the company's stock, valued at approximately $644,356,888.56. This represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 669,248 shares of company stock worth $127,820,829 in the last quarter. Corporate insiders own 2.50% of the company's stock.

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.