Smithbridge Asset Management Inc. DE Purchases New Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Smithbridge Asset Management Inc. DE purchased a new stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 42,677 shares of the network technology company's stock, valued at approximately $7,282,000. Palo Alto Networks accounts for about 1.3% of Smithbridge Asset Management Inc. DE's holdings, making the stock its 28th largest position.

Several other large investors have also recently bought and sold shares of the business. Transce3nd LLC acquired a new position in Palo Alto Networks in the fourth quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL boosted its holdings in Palo Alto Networks by 64.0% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock worth $26,000 after purchasing an additional 55 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in shares of Palo Alto Networks by 102.6% in the fourth quarter. Capital Advisors Ltd. LLC now owns 156 shares of the network technology company's stock worth $28,000 after buying an additional 79 shares during the last quarter. Anchor Investment Management LLC lifted its position in shares of Palo Alto Networks by 100.0% in the fourth quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company's stock worth $28,000 after buying an additional 78 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Palo Alto Networks in the fourth quarter worth about $29,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Down 0.7%

Palo Alto Networks stock traded down $1.40 during mid-day trading on Friday, hitting $196.27. 3,815,861 shares of the company were exchanged, compared to its average volume of 5,482,749. The company has a market capitalization of $130.87 billion, a PE ratio of 110.58, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97. The business has a fifty day moving average of $183.28 and a 200 day moving average of $185.12. Palo Alto Networks, Inc. has a 1-year low of $142.01 and a 1-year high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.28 billion. During the same quarter last year, the company posted $0.66 EPS. The firm's revenue for the quarter was up 15.3% on a year-over-year basis. Research analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barclays lowered their price objective on Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating on the stock in a report on Wednesday, May 21st. Truist Financial reduced 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 note on Monday, March 31st. Susquehanna upped their price objective on shares of Palo Alto Networks from $217.50 to $230.00 and gave the stock a "positive" rating in a report on Tuesday, February 18th. JMP Securities lifted their target price on shares of Palo Alto Networks from $208.00 to $212.00 and gave the stock a "market outperform" rating in a report on Friday, February 14th. Finally, Citigroup boosted their target price on shares of Palo Alto Networks from $205.00 to $220.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $208.00.

Insiders Place Their Bets

In related news, EVP Nir Zuk sold 100,000 shares of Palo Alto Networks stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $165.41, for a total value of $16,541,000.00. Following the completion of the transaction, the executive vice president now directly owns 3,543,516 shares of the company's stock, valued at $586,132,981.56. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Nikesh Arora sold 227,414 shares of the company's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $172.73, for a total transaction of $39,281,220.22. Following the transaction, the chief executive officer now owns 317,571 shares in the company, valued at approximately $54,854,038.83. This trade represents a 41.73% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 789,736 shares of company stock valued at $139,837,528. 2.50% of the stock is currently owned by insiders.

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.