Astoria Portfolio Advisors LLC. Makes New Investment in Palo Alto Networks, Inc. (NASDAQ:PANW)

Astoria Portfolio Advisors LLC. purchased a new position in Palo Alto Networks, Inc. (NASDAQ:PANW) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 697 shares of the network technology company’s stock, valued at approximately $236,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new position in shares of Palo Alto Networks during the first quarter worth $25,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Palo Alto Networks in the fourth quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. boosted its stake in Palo Alto Networks by 3,200.0% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after buying an additional 96 shares during the last quarter. Ulland Investment Advisors LLC purchased a new position in Palo Alto Networks during the 1st quarter valued at approximately $30,000. Finally, Central Bank & Trust Co. grew its holdings in Palo Alto Networks by 89.3% during the 1st quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock valued at $30,000 after buying an additional 50 shares in the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Performance

PANW traded up $2.28 during trading on Wednesday, hitting $304.21. The stock had a trading volume of 3,564,255 shares, compared to its average volume of 4,428,755. The stock has a 50 day simple moving average of $321.07 and a two-hundred day simple moving average of $311.41. Palo Alto Networks, Inc. has a twelve month low of $201.17 and a twelve month high of $380.84. The company has a market capitalization of $98.50 billion, a PE ratio of 45.25, a PEG ratio of 4.16 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the firm earned $0.38 EPS. The business’s quarterly revenue was up 15.3% on a year-over-year basis. On average, equities research analysts anticipate that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

Insider Activity

In other news, President William D. Jenkins, Jr. sold 1,621 shares of Palo Alto Networks stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total transaction of $497,517.32. Following the completion of the sale, the president now directly owns 20,501 shares in the company, valued at $6,292,166.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Aparna Bawa sold 322 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total value of $99,820.00. Following the transaction, the director now owns 3,767 shares in the company, valued at approximately $1,167,770. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President William D. Jenkins, Jr. sold 1,621 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total transaction of $497,517.32. Following the sale, the president now owns 20,501 shares of the company’s stock, valued at $6,292,166.92. The disclosure for this sale can be found here. Insiders have sold a total of 307,315 shares of company stock worth $100,940,790 over the last 90 days. 3.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PANW has been the subject of a number of research reports. BMO Capital Markets increased their target price on Palo Alto Networks from $327.00 to $334.00 and gave the company an “outperform” rating in a research report on Tuesday, May 21st. Morgan Stanley reissued an “overweight” rating and issued a $360.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, June 12th. Cantor Fitzgerald restated an “overweight” rating and set a $350.00 target price on shares of Palo Alto Networks in a research report on Friday, June 21st. Macquarie lifted their price target on Palo Alto Networks from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 21st. Finally, Daiwa Capital Markets began coverage on Palo Alto Networks in a research report on Wednesday, May 29th. They set an “outperform” rating and a $350.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $325.59.

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.