Groesbeck Investment Management Corp NJ Buys 415 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Groesbeck Investment Management Corp NJ raised its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 38.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,495 shares of the network technology company’s stock after purchasing an additional 415 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Palo Alto Networks were worth $441,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Federated Hermes Inc. raised its position in Palo Alto Networks by 26.1% during the fourth quarter. Federated Hermes Inc. now owns 363,133 shares of the network technology company’s stock valued at $107,081,000 after purchasing an additional 75,183 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Palo Alto Networks by 74.6% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 782 shares of the network technology company’s stock valued at $230,000 after acquiring an additional 334 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in Palo Alto Networks during the 4th quarter valued at $9,878,000. Telos Capital Management Inc. bought a new stake in Palo Alto Networks during the 4th quarter valued at $1,803,000. Finally, Rakuten Securities Inc. bought a new stake in Palo Alto Networks during the 4th quarter valued at $770,000. Institutional investors own 79.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PANW shares. Piper Sandler cut Palo Alto Networks from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $350.00 to $300.00 in a research report on Wednesday, February 21st. Evercore ISI lifted their price target on Palo Alto Networks from $315.00 to $405.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. BMO Capital Markets cut their price target on Palo Alto Networks from $378.00 to $327.00 and set an “outperform” rating for the company in a research note on Wednesday, February 21st. Loop Capital lowered Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 price target for the company. in a research note on Wednesday, February 21st. Finally, JMP Securities restated a “market outperform” rating and set a $380.00 target price on shares of Palo Alto Networks in a report on Wednesday, February 21st. Eleven analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $314.82.

Insider Activity

In related news, EVP Lee Klarich sold 45,000 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $343.03, for a total transaction of $15,436,350.00. Following the sale, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $67,955,958.15. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Lee Klarich sold 45,000 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $343.03, for a total transaction of $15,436,350.00. Following the completion of the sale, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $67,955,958.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the sale, the chief accounting officer now owns 27,247 shares of the company’s stock, valued at $7,629,160. The disclosure for this sale can be found here. Insiders have sold 167,917 shares of company stock valued at $49,395,553 in the last 90 days. Insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Up 2.4 %

PANW stock traded up $6.57 during midday trading on Thursday, hitting $283.90. The company’s stock had a trading volume of 1,361,790 shares, compared to its average volume of 5,561,744. Palo Alto Networks, Inc. has a 1 year low of $176.30 and a 1 year high of $380.84. The stock’s 50-day moving average price is $299.16 and its 200 day moving average price is $290.18. The stock has a market cap of $91.73 billion, a price-to-earnings ratio of 44.04, a PEG ratio of 3.75 and a beta of 1.19.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. As a group, equities analysts forecast that Palo Alto Networks, Inc. will post 2.76 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.