Broadway Wealth Solutions Inc. Takes Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Broadway Wealth Solutions Inc. purchased a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,855 shares of the network technology company's stock, valued at approximately $519,000. Palo Alto Networks accounts for about 0.4% of Broadway Wealth Solutions Inc.'s portfolio, making the stock its 25th largest position.

Other large investors have also made changes to their positions in the company. New Age Alpha Advisors LLC lifted its holdings in shares of Palo Alto Networks by 156,917.1% in the fourth quarter. New Age Alpha Advisors LLC now owns 54,956 shares of the network technology company's stock worth $10,000,000 after acquiring an additional 54,921 shares during the last quarter. Triodos Investment Management BV lifted its stake in Palo Alto Networks by 102.0% in the 4th quarter. Triodos Investment Management BV now owns 222,500 shares of the network technology company's stock valued at $40,486,000 after purchasing an additional 112,350 shares during the last quarter. Norges Bank bought a new stake in shares of Palo Alto Networks during the fourth quarter worth $970,736,000. Blair William & Co. IL increased its holdings in shares of Palo Alto Networks by 101.7% during the fourth quarter. Blair William & Co. IL now owns 1,304,027 shares of the network technology company's stock worth $237,281,000 after buying an additional 657,597 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Palo Alto Networks by 81.7% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,523 shares of the network technology company's stock worth $4,644,000 after acquiring an additional 11,475 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

Remove Ads

Palo Alto Networks Price Performance

Palo Alto Networks stock traded down $4.51 during mid-day trading on Monday, hitting $168.25. The company's stock had a trading volume of 2,209,575 shares, compared to its average volume of 5,616,828. The business has a 50 day moving average price of $187.39 and a 200-day moving average price of $185.49. Palo Alto Networks, Inc. has a 12 month low of $132.50 and a 12 month high of $208.39. The stock has a market cap of $111.40 billion, a price-to-earnings ratio of 94.79, a price-to-earnings-growth ratio of 5.64 and a beta of 1.04.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its 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 during the quarter, compared to analysts' expectations of $2.24 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. On average, equities research analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Nikesh Arora sold 235,492 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $183.32, for a total transaction of $43,170,393.44. Following the transaction, the chief executive officer now owns 1,086,404 shares in the company, valued at $199,159,581.28. The trade was a 17.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lee Klarich sold 120,000 shares of the company's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $179.70, for a total value of $21,564,000.00. Following the transaction, the executive vice president now directly owns 365,856 shares of the company's stock, valued at $65,744,323.20. The trade was a 24.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,122,864 shares of company stock valued at $204,315,811 over the last three months. 2.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PANW shares. Susquehanna lifted their target price on shares of Palo Alto Networks from $217.50 to $230.00 and gave the stock a "positive" rating in a research note on Tuesday, February 18th. KeyCorp increased their target price on Palo Alto Networks from $217.00 to $240.00 and gave the stock an "overweight" rating in a report on Tuesday, February 11th. Morgan Stanley set a $230.00 price target on shares of Palo Alto Networks in a research note on Tuesday, March 18th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $225.00 price objective on shares of Palo Alto Networks in a research note on Monday, February 10th. Finally, Jefferies Financial Group decreased their target price on shares of Palo Alto Networks from $240.00 to $215.00 and set a "buy" rating for the company in a research report on Monday. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Palo Alto Networks presently has an average rating of "Moderate Buy" and a consensus target price of $204.25.

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.