Riggs Asset Managment Co. Inc. Has $5.44 Million Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Riggs Asset Managment Co. Inc. decreased its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 25.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,437 shares of the network technology company's stock after selling 6,253 shares during the quarter. Palo Alto Networks accounts for approximately 1.7% of Riggs Asset Managment Co. Inc.'s portfolio, making the stock its 20th largest position. Riggs Asset Managment Co. Inc.'s holdings in Palo Alto Networks were worth $5,437,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PANW. Worth Asset Management LLC purchased a new stake in shares of Palo Alto Networks during the first quarter worth $26,000. First Pacific Financial grew its stake in shares of Palo Alto Networks by 421.7% during the third quarter. First Pacific Financial now owns 120 shares of the network technology company's stock worth $28,000 after purchasing an additional 97 shares in the last quarter. Pin Oak Investment Advisors Inc. acquired a new position in Palo Alto Networks in the second quarter valued at $28,000. Fortis Capital Advisors LLC acquired a new position in Palo Alto Networks in the fourth quarter valued at $28,000. Finally, Webster Bank N. A. boosted its stake in Palo Alto Networks by 607.1% in the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company's stock valued at $29,000 after acquiring an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company's stock.

Palo Alto Networks Stock Down 1.2 %

Shares of PANW traded down $3.43 during midday trading on Friday, hitting $277.71. The company had a trading volume of 4,751,615 shares, compared to its average volume of 3,424,591. The company's 50 day moving average price is $295.46 and its 200 day moving average price is $290.81. The stock has a market cap of $89.73 billion, a price-to-earnings ratio of 43.39, a PEG ratio of 3.83 and a beta of 1.19. Palo Alto Networks, Inc. has a 52 week low of $176.30 and a 52 week high of $380.84.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.22. The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. Equities analysts anticipate that Palo Alto Networks, Inc. will post 2.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PANW has been the subject of a number of research reports. Susquehanna reduced their target price on shares of Palo Alto Networks from $400.00 to $325.00 and set a "positive" rating for the company in a report on Monday, February 26th. Truist Financial increased their price target on shares of Palo Alto Networks from $330.00 to $385.00 and gave the company a "buy" rating in a research report on Tuesday, February 20th. Westpark Capital reiterated a "hold" rating on shares of Palo Alto Networks in a research report on Monday, January 29th. Barclays decreased their target price on shares of Palo Alto Networks from $400.00 to $345.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada lifted their price target on shares of Palo Alto Networks to $420.00 and gave the company an "overweight" rating in a report on Thursday, February 22nd. Eleven research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $314.82.

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the transaction, the executive vice president now directly owns 174,075 shares of the company's stock, valued at approximately $46,659,063. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Josh D. Paul sold 1,050 shares of Palo Alto Networks stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares of the company's stock, valued at approximately $7,629,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the transaction, the executive vice president now directly owns 174,075 shares of the company's stock, valued at $46,659,063. The disclosure for this sale can be found here. In the last 90 days, insiders sold 167,917 shares of company stock valued at $49,395,553. Insiders own 3.30% 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.