Tredje AP fonden Has $34.21 Million Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Tredje AP fonden boosted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 150.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,980 shares of the network technology company's stock after purchasing an additional 113,015 shares during the period. Tredje AP fonden's holdings in Palo Alto Networks were worth $34,205,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC increased its stake in shares of Palo Alto Networks by 50.1% in the 3rd quarter. Jennison Associates LLC now owns 3,147,215 shares of the network technology company's stock valued at $1,075,718,000 after buying an additional 1,050,173 shares during the period. Swiss National Bank increased its stake in shares of Palo Alto Networks by 0.5% in the 3rd quarter. Swiss National Bank now owns 961,000 shares of the network technology company's stock valued at $328,470,000 after buying an additional 4,400 shares during the period. Dillon & Associates Inc. increased its stake in shares of Palo Alto Networks by 4.5% in the 3rd quarter. Dillon & Associates Inc. now owns 50,650 shares of the network technology company's stock valued at $17,322,000 after buying an additional 2,167 shares during the period. Pinnacle Financial Partners Inc increased its stake in shares of Palo Alto Networks by 3.4% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 38,539 shares of the network technology company's stock valued at $13,173,000 after buying an additional 1,269 shares during the period. Finally, Prime Capital Investment Advisors LLC increased its stake in shares of Palo Alto Networks by 16.7% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 15,271 shares of the network technology company's stock valued at $5,220,000 after buying an additional 2,189 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

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Palo Alto Networks Price Performance

NASDAQ PANW traded down $3.16 during trading on Thursday, reaching $176.32. 3,820,448 shares of the company's stock were exchanged, compared to its average volume of 5,880,386. The business has a 50 day moving average price of $185.65 and a 200-day moving average price of $184.73. The stock has a market capitalization of $116.74 billion, a P/E ratio of 99.34, a PEG ratio of 5.64 and a beta of 1.04. Palo Alto Networks, Inc. has a fifty-two week low of $132.50 and a fifty-two week high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly 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. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. On average, analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Wall Street Analyst Weigh In

PANW has been the subject of several research reports. BMO Capital Markets lifted their target price on Palo Alto Networks from $195.00 to $212.50 and gave the company an "outperform" rating in a research note on Thursday, November 21st. Royal Bank of Canada reaffirmed an "outperform" rating and set a $225.00 price objective on shares of Palo Alto Networks in a research note on Monday, February 10th. TD Cowen lifted their price objective on Palo Alto Networks from $200.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, November 21st. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $190.00 price objective (down from $207.00) on shares of Palo Alto Networks in a research note on Wednesday, January 8th. Finally, Piper Sandler lifted their price objective on Palo Alto Networks from $165.00 to $192.50 and gave the stock a "neutral" rating in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Palo Alto Networks currently has an average rating of "Moderate Buy" and an average target price of $205.06.

Insiders Place Their Bets

In other news, CEO Nikesh Arora sold 235,492 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $183.32, for a total value of $43,170,393.44. Following 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 represents a 17.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 99,707 shares of the company'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 completion of the transaction, the executive vice president now directly owns 358,197 shares in the company, valued at $65,353,042.65. The trade was a 21.77 % 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 90 days. 2.50% of the stock is currently owned by insiders.

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.