Stonegate Investment Group LLC Invests $347,000 in Palo Alto Networks, Inc. (NASDAQ:PANW)

Stonegate Investment Group LLC purchased a new position in Palo Alto Networks, Inc. (NASDAQ:PANWGet Rating) in the 4th quarter, HoldingsChannel reports. The fund purchased 623 shares of the network technology company’s stock, valued at approximately $347,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Patriot Financial Group Insurance Agency LLC increased its holdings in Palo Alto Networks by 108.7% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 48 shares of the network technology company’s stock worth $27,000 after buying an additional 25 shares in the last quarter. North Star Investment Management Corp. bought a new stake in shares of Palo Alto Networks during the 4th quarter valued at about $28,000. Catalyst Capital Advisors LLC grew its stake in shares of Palo Alto Networks by 113.8% during the 4th quarter. Catalyst Capital Advisors LLC now owns 62 shares of the network technology company’s stock valued at $35,000 after purchasing an additional 33 shares during the period. Lindbrook Capital LLC grew its stake in shares of Palo Alto Networks by 85.7% during the 4th quarter. Lindbrook Capital LLC now owns 65 shares of the network technology company’s stock valued at $36,000 after purchasing an additional 30 shares during the period. Finally, Bell Investment Advisors Inc bought a new stake in shares of Palo Alto Networks during the 3rd quarter valued at about $36,000. 84.33% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have issued reports on the company. Truist Financial boosted their price target on Palo Alto Networks from $600.00 to $675.00 and gave the company a “buy” rating in a research note on Thursday, March 24th. KeyCorp boosted their price objective on Palo Alto Networks from $610.00 to $729.00 and gave the company an “overweight” rating in a research note on Tuesday. Mizuho cut their price objective on Palo Alto Networks from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday. BMO Capital Markets boosted their price objective on Palo Alto Networks from $615.00 to $630.00 and gave the company an “outperform” rating in a research note on Wednesday, February 23rd. Finally, BTIG Research boosted their price objective on Palo Alto Networks from $610.00 to $720.00 and gave the company a “buy” rating in a research note on Friday, April 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $629.03.

NASDAQ:PANW traded down $18.00 during midday trading on Wednesday, hitting $455.27. 17,004 shares of the company traded hands, compared to its average volume of 1,564,543. The firm’s fifty day moving average is $574.40 and its 200-day moving average is $541.96. Palo Alto Networks, Inc. has a 12-month low of $331.82 and a 12-month high of $640.90. The firm has a market capitalization of $44.83 billion, a P/E ratio of -99.85 and a beta of 1.28.

Palo Alto Networks (NASDAQ:PANWGet Rating) last released its quarterly earnings results on Tuesday, February 22nd. The network technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.22). Palo Alto Networks had a negative net margin of 9.50% and a negative return on equity of 42.84%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the company posted ($0.42) EPS. The business’s quarterly revenue was up 29.5% on a year-over-year basis. On average, analysts anticipate that Palo Alto Networks, Inc. will post -1.29 earnings per share for the current fiscal year.

In other news, CEO Nikesh Arora sold 25,250 shares of the stock in a transaction on Thursday, March 17th. The stock was sold at an average price of $552.67, for a total transaction of $13,954,917.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $616.26, for a total value of $7,395,120.00. The disclosure for this sale can be found here. Insiders have sold a total of 71,032 shares of company stock worth $40,587,677 in the last 90 days. 2.20% of the stock is currently owned by insiders.

Palo Alto Networks Company Profile (Get Rating)

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-customer's network and instances in public or private cloud environments, as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

Further Reading

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

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