Corebridge Financial Inc. Boosts Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Corebridge Financial Inc. boosted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 103.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 220,676 shares of the network technology company's stock after acquiring an additional 112,411 shares during the period. Corebridge Financial Inc.'s holdings in Palo Alto Networks were worth $40,154,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Swedbank AB increased its stake in Palo Alto Networks by 19.7% in the 3rd quarter. Swedbank AB now owns 786,574 shares of the network technology company's stock worth $268,851,000 after buying an additional 129,371 shares in the last quarter. Howard Capital Management Group LLC grew its position in shares of Palo Alto Networks by 1.5% during the third quarter. Howard Capital Management Group LLC now owns 106,248 shares of the network technology company's stock worth $36,316,000 after purchasing an additional 1,619 shares in the last quarter. United Bank grew its position in shares of Palo Alto Networks by 1.3% during the third quarter. United Bank now owns 6,835 shares of the network technology company's stock worth $2,336,000 after purchasing an additional 90 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Palo Alto Networks during the 3rd quarter valued at approximately $231,000. Finally, Avior Wealth Management LLC lifted its holdings in Palo Alto Networks by 116.6% in the 3rd quarter. Avior Wealth Management LLC now owns 535 shares of the network technology company's stock worth $183,000 after purchasing an additional 288 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PANW shares. Susquehanna lifted their price objective on shares of Palo Alto Networks from $217.50 to $230.00 and gave the company a "positive" rating in a research report on Tuesday, February 18th. UBS Group lifted their price target on shares of Palo Alto Networks from $190.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, February 14th. Jefferies Financial Group increased their price objective on shares of Palo Alto Networks from $225.00 to $240.00 and gave the company a "buy" rating in a report on Thursday, December 19th. KeyCorp lifted 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. Finally, Loop Capital dropped their price target on Palo Alto Networks from $385.00 to $180.00 and set a "hold" rating for the company in a research note on Tuesday, January 14th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Palo Alto Networks presently has an average rating of "Moderate Buy" and a consensus price target of $205.06.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 235,492 shares of the firm's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $183.32, for a total value of $43,170,393.44. Following the completion of the transaction, the chief executive officer now owns 1,086,404 shares of the company's stock, valued at approximately $199,159,581.28. This trade represents a 17.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lee Klarich sold 99,707 shares of the business's 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 sale, the executive vice president now directly owns 358,197 shares in the company, valued at $65,353,042.65. This trade represents a 21.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,122,864 shares of company stock valued at $204,315,811. Corporate insiders own 2.50% of the company's stock.

Palo Alto Networks Stock Performance

PANW traded up $5.16 on Tuesday, hitting $189.95. The company had a trading volume of 5,336,425 shares, compared to its average volume of 5,739,160. The stock has a market capitalization of $125.77 billion, a price-to-earnings ratio of 107.01, a P/E/G ratio of 5.64 and a beta of 1.04. The stock has a fifty day moving average price of $187.31 and a 200-day moving average price of $185.38. Palo Alto Networks, Inc. has a 12-month low of $132.50 and a 12-month high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The network technology company reported $0.81 earnings per share (EPS) 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 the consensus estimate of $2.24 billion. Analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

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.