Palo Alto Networks, Inc. $PANW Shares Bought by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management raised its stake in Palo Alto Networks by 7.9% to 4,356,617 shares (about 0.63% of the company) worth roughly $802.7 million, making PANW its 20th-largest holding and ~0.8% of Pictet’s portfolio.
• Insiders have been net sellers: directors sold a total of 30,356 shares in the last quarter (about $4.98 million), leaving company insiders with just 1.40% ownership.
• Palo Alto Networks recently beat quarterly estimates with $1.03 EPS and $2.59B revenue (up 14.9% YoY), and analysts hold an average rating of "Moderate Buy" with a consensus price target of $210.07.

Pictet Asset Management Holding SA grew its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 7.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,356,617 shares of the network technology company's stock after purchasing an additional 319,751 shares during the period. Palo Alto Networks comprises about 0.8% of Pictet Asset Management Holding SA's portfolio, making the stock its 20th biggest position. Pictet Asset Management Holding SA owned about 0.63% of Palo Alto Networks worth $802,691,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PANW. Deltec Asset Management LLC purchased a new position in Palo Alto Networks in the 4th quarter valued at approximately $764,000. Concord Asset Management LLC VA increased its position in shares of Palo Alto Networks by 4.3% during the fourth quarter. Concord Asset Management LLC VA now owns 8,654 shares of the network technology company's stock worth $1,594,000 after acquiring an additional 359 shares during the period. Concord Wealth Partners increased its position in shares of Palo Alto Networks by 7.3% during the fourth quarter. Concord Wealth Partners now owns 8,746 shares of the network technology company's stock worth $1,611,000 after acquiring an additional 593 shares during the period. Lee Danner & Bass Inc. raised its stake in shares of Palo Alto Networks by 2.8% in the fourth quarter. Lee Danner & Bass Inc. now owns 14,734 shares of the network technology company's stock valued at $2,714,000 after acquiring an additional 400 shares in the last quarter. Finally, Facet Wealth Inc. raised its stake in shares of Palo Alto Networks by 85.5% in the fourth quarter. Facet Wealth Inc. now owns 2,270 shares of the network technology company's stock valued at $417,000 after acquiring an additional 1,046 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

Insider Buying and Selling at Palo Alto Networks

In other news, Director John P. Key sold 1,572 shares of the firm's stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $173.32, for a total transaction of $272,459.04. Following the transaction, the director directly owned 20,000 shares in the company, valued at approximately $3,466,400. This trade represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James J. Goetz sold 22,684 shares of Palo Alto Networks stock in a transaction on Friday, March 6th. The shares were sold at an average price of $164.41, for a total transaction of $3,729,476.44. Following the completion of the transaction, the director directly owned 52,500 shares in the company, valued at $8,631,525. The trade was a 30.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 30,356 shares of company stock valued at $4,981,575. 1.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Scotiabank reissued an "outperform" rating on shares of Palo Alto Networks in a research note on Wednesday, February 18th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $220.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, February 18th. Arete Research raised Palo Alto Networks from a "sell" rating to a "buy" rating and set a $185.00 price objective for the company in a research report on Tuesday, March 3rd. New Street Research cut their target price on shares of Palo Alto Networks from $240.00 to $220.00 and set a "buy" rating on the stock in a research note on Thursday, February 19th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Palo Alto Networks in a report on Wednesday, February 18th. Three analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $210.07.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $178.54 on Monday. The company has a market capitalization of $145.69 billion, a P/E ratio of 98.64, a PEG ratio of 6.44 and a beta of 0.77. Palo Alto Networks, Inc. has a fifty-two week low of $139.57 and a fifty-two week high of $223.61. The stock has a 50-day simple moving average of $161.64 and a 200-day simple moving average of $181.84.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its quarterly earnings results on Wednesday, February 18th. The network technology company reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.09. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.58 billion. Palo Alto Networks had a return on equity of 17.60% and a net margin of 12.96%.The firm's quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. As a group, analysts forecast that Palo Alto Networks, Inc. will post 2.14 earnings per share for the current year.

Palo Alto Networks Profile

Palo Alto Networks NASDAQ: PANW is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company's product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.

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