TBH Global Asset Management LLC Increases Position in Palo Alto Networks, Inc. $PANW

Key Points

• TBH Global Asset Management increased its stake in Palo Alto Networks by 129.7% in Q4, buying an additional 9,978 shares to hold 17,674 shares valued at about $3.256 million, and roughly 79.82% of the stock is owned by hedge funds and other institutions.
• Palo Alto Networks beat estimates for the quarter with EPS $1.03 versus $0.94 and revenue of $2.59 billion, up 14.9% year-over-year.
• The stock opened at $178.54 (52-week range $139.57–$223.61) with a market cap of $145.69 billion and a P/E of 98.64, while analysts hold a consensus "Moderate Buy" rating and an average target price of $210.07.

TBH Global Asset Management LLC grew its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 129.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 17,674 shares of the network technology company's stock after buying an additional 9,978 shares during the period. TBH Global Asset Management LLC's holdings in Palo Alto Networks were worth $3,256,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. China Universal Asset Management Co. Ltd. raised its holdings in shares of Palo Alto Networks by 2.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 37,524 shares of the network technology company's stock valued at $6,912,000 after buying an additional 1,066 shares during the last quarter. Directional Asset Management purchased a new stake in shares of Palo Alto Networks in the fourth quarter valued at about $235,000. TKG Advisors LLC raised its holdings in shares of Palo Alto Networks by 3.6% in the fourth quarter. TKG Advisors LLC now owns 3,304 shares of the network technology company's stock valued at $609,000 after buying an additional 116 shares during the last quarter. Lebenthal Global Advisors LLC raised its holdings in shares of Palo Alto Networks by 11.7% in the fourth quarter. Lebenthal Global Advisors LLC now owns 9,206 shares of the network technology company's stock valued at $1,696,000 after buying an additional 961 shares during the last quarter. Finally, Field & Main Bank raised its holdings in shares of Palo Alto Networks by 0.7% in the fourth quarter. Field & Main Bank now owns 18,325 shares of the network technology company's stock valued at $3,375,000 after buying an additional 135 shares during the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Up 3.1%

Shares of Palo Alto Networks stock opened at $178.54 on Friday. Palo Alto Networks, Inc. has a 52-week low of $139.57 and a 52-week high of $223.61. The company's 50-day simple moving average is $161.64 and its 200-day simple moving average is $182.30. The firm has a market cap of $145.69 billion, a price-to-earnings ratio of 98.64, a price-to-earnings-growth ratio of 6.24 and a beta of 0.77.

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

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 1,100 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $161.40, for a total transaction of $177,540.00. Following the transaction, the chief accounting officer directly owned 83,136 shares in the company, valued at approximately $13,418,150.40. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John P. Key sold 1,572 shares of the company's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $173.32, for a total transaction of $272,459.04. Following the transaction, the director owned 20,000 shares in the company, valued at $3,466,400. The trade was a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,356 shares of company stock valued at $4,981,575 in the last ninety days. Company insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Needham & Company LLC reduced their target price on shares of Palo Alto Networks from $230.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, February 18th. Barclays set a $200.00 price target on shares of Palo Alto Networks and gave the stock an "overweight" rating in a research note on Monday, February 9th. Robert W. Baird set a $220.00 price target on shares of Palo Alto Networks and gave the stock an "outperform" rating in a research note on Wednesday, February 18th. Berenberg Bank set a $215.00 price target on shares of Palo Alto Networks and gave the stock a "buy" rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Palo Alto Networks from $225.00 to $200.00 and set an "overweight" rating on the stock in a research note on Thursday, February 19th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $210.07.

About Palo Alto Networks

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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