Triumph Capital Management Raises Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Triumph Capital Management grew its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 78.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,953 shares of the network technology company's stock after purchasing an additional 1,744 shares during the period. Triumph Capital Management's holdings in Palo Alto Networks were worth $719,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in 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 valued at $11,142,122,000 after acquiring an additional 31,281,359 shares during the period. Geode Capital Management LLC raised its holdings in shares of Palo Alto Networks by 87.8% during the fourth quarter. Geode Capital Management LLC now owns 14,382,116 shares of the network technology company's stock valued at $2,611,013,000 after purchasing an additional 6,725,148 shares during the last quarter. Capital Research Global Investors lifted its position in Palo Alto Networks by 83.8% during the fourth quarter. Capital Research Global Investors now owns 8,427,062 shares of the network technology company's stock valued at $1,533,419,000 after purchasing an additional 3,841,359 shares during the period. Northern Trust Corp boosted its holdings in Palo Alto Networks by 133.7% in the fourth quarter. Northern Trust Corp now owns 7,842,647 shares of the network technology company's stock worth $1,427,048,000 after purchasing an additional 4,486,654 shares during the last quarter. Finally, Jennison Associates LLC grew its position in Palo Alto Networks by 83.0% in the 4th quarter. Jennison Associates LLC now owns 5,759,689 shares of the network technology company's stock worth $1,048,033,000 after purchasing an additional 2,612,474 shares during the period. Hedge funds and other institutional investors own 79.82% of the company's stock.

Palo Alto Networks Stock Performance

PANW stock traded up $1.43 during midday trading on Friday, reaching $187.70. 3,841,186 shares of the company traded hands, compared to its average volume of 5,794,098. The firm has a market capitalization of $124.28 billion, a price-to-earnings ratio of 105.75, a P/E/G ratio of 5.64 and a beta of 1.07. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39. The business has a 50 day moving average of $175.97 and a 200-day moving average of $184.71.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.06. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.24 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. Research analysts anticipate that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on PANW. Citigroup raised their price target on Palo Alto Networks from $205.00 to $220.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. KeyCorp dropped their target price on Palo Alto Networks from $240.00 to $205.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Truist Financial reduced their price target on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $223.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, February 12th. Finally, Stephens began coverage on shares of Palo Alto Networks in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $205.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $203.06.

Insider Activity at Palo Alto Networks

In related news, EVP Lee Klarich sold 99,707 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $182.45, for a total transaction of $18,191,542.15. Following the completion of the transaction, the executive vice president now owns 358,197 shares in the company, valued at $65,353,042.65. The trade was a 21.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the stock in a transaction on 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 sale, the executive vice president now owns 3,543,516 shares in the company, valued at approximately $586,132,981.56. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,039,318 shares of company stock worth $181,925,602. Insiders own 2.50% of the company's stock.

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.