Cascades Capital Asset Management LLC Purchases 1,863 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Cascades Capital Asset Management LLC boosted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 100.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,726 shares of the network technology company's stock after acquiring an additional 1,863 shares during the period. Cascades Capital Asset Management LLC's holdings in Palo Alto Networks were worth $678,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of 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 worth $11,142,122,000 after buying an additional 31,281,359 shares during the period. Geode Capital Management LLC raised its holdings in Palo Alto Networks by 87.8% in the fourth quarter. Geode Capital Management LLC now owns 14,382,116 shares of the network technology company's stock worth $2,611,013,000 after purchasing an additional 6,725,148 shares during the period. Norges Bank bought a new position in shares of Palo Alto Networks during the fourth quarter worth $970,736,000. Jennison Associates LLC grew its holdings in shares of 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 valued at $1,048,033,000 after buying an additional 2,612,474 shares during the period. Finally, Clearbridge Investments LLC increased its position in shares of Palo Alto Networks by 86.9% in the 4th quarter. Clearbridge Investments LLC now owns 4,775,171 shares of the network technology company's stock valued at $868,890,000 after buying an additional 2,220,130 shares in the last quarter. Institutional investors own 79.82% of the company's stock.

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Insider Buying and Selling at Palo Alto Networks

In other news, EVP Lee Klarich sold 99,707 shares of Palo Alto Networks stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $182.45, for a total transaction 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. The trade was 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 the SEC website. Also, CEO Nikesh Arora sold 227,414 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $172.73, for a total value of $39,281,220.22. Following the completion of the sale, the chief executive officer now owns 317,571 shares of the company's stock, valued at $54,854,038.83. The trade was a 41.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 818,544 shares of company stock worth $147,132,028. 2.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PANW has been the topic of several recent analyst reports. KeyCorp boosted their target price on Palo Alto Networks from $217.00 to $240.00 and gave the company an "overweight" rating in a research note on Tuesday, February 11th. Truist Financial decreased their price objective on 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. Jefferies Financial Group dropped 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 report on Monday, March 31st. Loop Capital reduced their price objective on Palo Alto Networks from $385.00 to $180.00 and set a "hold" rating for the company in a research report on Tuesday, January 14th. Finally, Guggenheim downgraded shares of Palo Alto Networks from a "neutral" rating to a "sell" rating and set a $130.00 target price for the company. in a research report on Monday, January 6th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Palo Alto Networks has a consensus rating of "Moderate Buy" and an average price target of $204.27.

Palo Alto Networks Stock Up 2.5 %

Shares of PANW stock traded up $3.75 on Wednesday, reaching $156.28. The company had a trading volume of 2,478,621 shares, compared to its average volume of 5,829,401. The stock has a market capitalization of $103.47 billion, a PE ratio of 88.20, a price-to-earnings-growth ratio of 5.64 and a beta of 1.07. The business's 50-day moving average is $183.39 and its 200 day moving average is $184.91. Palo Alto Networks, Inc. has a one year low of $135.18 and a one year high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.06. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The firm had revenue of $2.26 billion for the quarter, compared to analysts' expectations of $2.24 billion. On average, sell-side analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Palo Alto Networks 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.