Cahaba Wealth Management Inc. Increases Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Cahaba Wealth Management Inc. lifted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 100.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,280 shares of the network technology company's stock after acquiring an additional 2,140 shares during the quarter. Cahaba Wealth Management Inc.'s holdings in Palo Alto Networks were worth $779,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PANW. SJS Investment Consulting Inc. grew its stake in shares of Palo Alto Networks by 97.2% in the fourth quarter. SJS Investment Consulting Inc. now owns 140 shares of the network technology company's stock valued at $25,000 after acquiring an additional 69 shares in the last quarter. Rakuten Securities Inc. grew its position in shares of Palo Alto Networks by 8.4% during the 4th quarter. Rakuten Securities Inc. now owns 906 shares of the network technology company's stock worth $165,000 after purchasing an additional 70 shares in the last quarter. Cedar Mountain Advisors LLC increased its holdings in shares of Palo Alto Networks by 70.3% during the fourth quarter. Cedar Mountain Advisors LLC now owns 172 shares of the network technology company's stock worth $31,000 after purchasing an additional 71 shares during the period. Abound Wealth Management raised its position in shares of Palo Alto Networks by 97.3% in the fourth quarter. Abound Wealth Management now owns 146 shares of the network technology company's stock valued at $27,000 after buying an additional 72 shares in the last quarter. Finally, Kiely Wealth Advisory Group Inc. raised its position in shares of Palo Alto Networks by 100.0% in the fourth quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company's stock valued at $29,000 after buying an additional 75 shares in the last quarter. Institutional investors own 79.82% of the company's stock.

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Palo Alto Networks Stock Up 1.0 %

PANW traded up $1.64 during trading on Monday, reaching $169.98. 5,098,383 shares of the company were exchanged, compared to its average volume of 5,901,559. The company's 50-day moving average is $181.95 and its two-hundred day moving average is $184.92. Palo Alto Networks, Inc. has a 12-month low of $135.18 and a 12-month high of $208.39. The company has a market cap of $112.54 billion, a price-to-earnings ratio of 95.76, a P/E/G ratio of 5.64 and a beta of 1.07.

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

Insiders Place Their Bets

In other news, EVP Lee Klarich sold 99,707 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $182.45, for a total value of $18,191,542.15. Following the transaction, the executive vice president now owns 358,197 shares in the company, valued at approximately $65,353,042.65. This trade represents a 21.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the sale, the executive vice president now owns 3,543,516 shares of the company's stock, valued at approximately $586,132,981.56. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,039,318 shares of company stock valued at $181,925,602 in the last quarter. Corporate insiders own 2.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Truist Financial decreased their price target on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Stephens started coverage on Palo Alto Networks in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $205.00 price target for the company. Jefferies Financial Group cut their target price on shares of Palo Alto Networks from $240.00 to $215.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Rosenblatt Securities reissued a "buy" rating and issued a $235.00 price target on shares of Palo Alto Networks in a research note on Monday, March 31st. Finally, BTIG Research lowered shares of Palo Alto Networks from a "buy" rating to a "neutral" rating in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $204.52.

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.