Pictet Asset Management Holding SA Has $589.42 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Pictet Asset Management Holding SA raised its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 4.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,453,146 shares of the network technology company's stock after purchasing an additional 139,513 shares during the period. Palo Alto Networks accounts for approximately 0.7% of Pictet Asset Management Holding SA's holdings, making the stock its 29th biggest position. Pictet Asset Management Holding SA owned approximately 0.52% of Palo Alto Networks worth $589,417,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Palo Alto Networks by 104.4% during 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 buying an additional 31,281,359 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Palo Alto Networks by 87.8% during the 4th quarter. Geode Capital Management LLC now owns 14,382,116 shares of the network technology company's stock worth $2,611,013,000 after buying an additional 6,725,148 shares in the last quarter. Norges Bank bought a new stake in shares of Palo Alto Networks during the 4th quarter worth about $970,736,000. Northern Trust Corp raised its position in shares of 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 buying an additional 4,486,654 shares in the last quarter. Finally, Capital Research Global Investors raised its position in shares of 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 buying an additional 3,841,359 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PANW has been the topic of a number of recent analyst reports. Roth Capital initiated coverage on shares of Palo Alto Networks in a research report on Thursday, May 15th. They set a "neutral" rating and a $210.00 price target on the stock. Rosenblatt Securities restated a "buy" rating and set a $235.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 20th. Jefferies Financial Group boosted their price target on shares of Palo Alto Networks from $215.00 to $225.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Truist Financial dropped 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 report on Monday, March 31st. Finally, Morgan Stanley dropped their target price on shares of Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, Palo Alto Networks has a consensus rating of "Moderate Buy" and a consensus price target of $208.00.

Insiders Place Their Bets

In other news, CAO Josh D. Paul sold 600 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $204.00, for a total value of $122,400.00. Following the completion of the sale, the chief accounting officer directly owned 41,433 shares in the company, valued at approximately $8,452,332. The trade was a 1.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $198.66, for a total transaction of $19,866,000.00. Following the completion of the sale, the executive vice president owned 3,243,516 shares of the company's stock, valued at $644,356,888.56. The trade was a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 569,248 shares of company stock valued at $111,279,829 in the last three months. Company insiders own 2.50% of the company's stock.

Palo Alto Networks Stock Down 0.3%

PANW stock traded down $0.50 during trading hours on Friday, hitting $195.78. The company's stock had a trading volume of 2,977,409 shares, compared to its average volume of 5,403,774. The company has a market capitalization of $130.55 billion, a PE ratio of 111.87, a price-to-earnings-growth ratio of 5.48 and a beta of 0.97. Palo Alto Networks, Inc. has a 12 month low of $142.01 and a 12 month high of $208.39. The stock has a 50 day moving average price of $195.58 and a two-hundred day moving average price of $186.03.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the previous year, the firm posted $0.66 earnings per share. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. Sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

About Palo Alto Networks

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.