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Harvest Portfolios Group Inc. Invests $24.41 Million in Palo Alto Networks, Inc. (NASDAQ:PANW)

Palo Alto Networks logo with Computer and Technology background

Harvest Portfolios Group Inc. acquired a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 71,429 shares of the network technology company's stock, valued at approximately $24,414,000.

Other hedge funds also recently modified their holdings of the company. Norden Group LLC grew its stake in shares of Palo Alto Networks by 65.6% during the first quarter. Norden Group LLC now owns 1,538 shares of the network technology company's stock valued at $437,000 after purchasing an additional 609 shares during the last quarter. Commerce Bank grew its stake in shares of Palo Alto Networks by 5.9% during the first quarter. Commerce Bank now owns 25,168 shares of the network technology company's stock valued at $7,151,000 after purchasing an additional 1,394 shares during the last quarter. Catalina Capital Group LLC grew its stake in shares of Palo Alto Networks by 60.2% during the first quarter. Catalina Capital Group LLC now owns 1,205 shares of the network technology company's stock valued at $342,000 after purchasing an additional 453 shares during the last quarter. Signaturefd LLC boosted its stake in Palo Alto Networks by 15.3% in the first quarter. Signaturefd LLC now owns 6,367 shares of the network technology company's stock valued at $1,809,000 after acquiring an additional 844 shares during the last quarter. Finally, 9258 Wealth Management LLC boosted its stake in Palo Alto Networks by 23.7% in the first quarter. 9258 Wealth Management LLC now owns 1,132 shares of the network technology company's stock valued at $322,000 after acquiring an additional 217 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

Wall Street Analyst Weigh In

PANW has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price objective on shares of Palo Alto Networks from $376.00 to $425.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Piper Sandler raised their price objective on shares of Palo Alto Networks from $300.00 to $330.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Robert W. Baird raised their price objective on shares of Palo Alto Networks from $360.00 to $375.00 and gave the stock an "outperform" rating in a report on Friday, August 16th. Citigroup raised their price objective on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock a "buy" rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC raised their price objective on shares of Palo Alto Networks from $345.00 to $385.00 and gave the stock a "buy" rating in a report on Tuesday, August 20th. Eleven analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $378.49.

Read Our Latest Stock Report on Palo Alto Networks

Insider Activity

In other news, EVP Nir Zuk sold 36,000 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total value of $11,970,000.00. Following the completion of the transaction, the executive vice president now directly owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total value of $11,970,000.00. Following the completion of the transaction, the executive vice president now owns 1,115,567 shares of the company's stock, valued at $370,926,027.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Pat Mccarthy sold 1,000 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $341.44, for a total transaction of $341,440.00. Following the completion of the transaction, the director now directly owns 41,517 shares of the company's stock, valued at approximately $14,175,564.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 255,252 shares of company stock worth $89,383,077. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks Trading Up 5.2 %

NASDAQ PANW traded up $18.89 during trading on Wednesday, reaching $385.18. The company's stock had a trading volume of 2,514,998 shares, compared to its average volume of 3,907,863. The firm has a market capitalization of $125.41 billion, a price-to-earnings ratio of 52.76, a price-to-earnings-growth ratio of 5.23 and a beta of 1.12. Palo Alto Networks, Inc. has a 12 month low of $234.15 and a 12 month high of $386.20. The firm has a 50 day moving average price of $353.29 and a 200 day moving average price of $330.94.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.10. The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.80 EPS. On average, equities analysts forecast that Palo Alto Networks, Inc. will post 3.57 EPS for the current fiscal year.

About Palo Alto Networks

(Free Report)

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.

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Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ:PANW)

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