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

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

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GSG Advisors LLC increased its holdings in Palo Alto Networks by 1.0% in the 4th quarter. GSG Advisors LLC now owns 5,160 shares of the network technology company’s stock valued at $1,478,000 after buying an additional 51 shares during the period. Spirit of America Management Corp NY increased its holdings in Palo Alto Networks by 50.0% in the 4th quarter. Spirit of America Management Corp NY now owns 300 shares of the network technology company’s stock valued at $88,000 after buying an additional 100 shares during the period. Truist Financial Corp increased its holdings in Palo Alto Networks by 148.9% in the 3rd quarter. Truist Financial Corp now owns 189,801 shares of the network technology company’s stock valued at $44,497,000 after buying an additional 113,534 shares during the period. Treasurer of the State of North Carolina increased its holdings in Palo Alto Networks by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 137,104 shares of the network technology company’s stock valued at $32,143,000 after buying an additional 735 shares during the period. Finally, StoneCrest Wealth Management Inc. bought a new stake in Palo Alto Networks in the 4th quarter valued at $3,135,000. Institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of NASDAQ PANW traded up $6.57 during midday trading on Thursday, hitting $283.90. 1,361,790 shares of the stock traded hands, compared to its average volume of 5,561,744. The company has a market cap of $91.73 billion, a PE ratio of 44.04, a P/E/G ratio of 3.75 and a beta of 1.19. Palo Alto Networks, Inc. has a one year low of $176.30 and a one year high of $380.84. The business has a 50 day moving average price of $299.16 and a two-hundred day moving average price of $290.18.

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

Insider Buying and Selling

In related news, CAO Josh D. Paul sold 1,050 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total transaction of $294,000.00. Following the completion of the sale, the chief accounting officer now owns 27,247 shares in the company, valued at $7,629,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Lee Klarich sold 45,000 shares of the company’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 transaction, the executive vice president now owns 198,105 shares of the company’s stock, valued at approximately $67,955,958.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Josh D. Paul sold 1,050 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the transaction, the chief accounting officer now directly owns 27,247 shares in the company, valued at approximately $7,629,160. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 167,917 shares of company stock worth $49,395,553. 3.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PANW. Susquehanna reduced their target price on shares of Palo Alto Networks from $400.00 to $325.00 and set a “positive” rating on the stock in a research note on Monday, February 26th. Northland Securities cut Palo Alto Networks from an “outperform” rating to a “market perform” rating and set a $275.00 target price for the company. in a research note on Wednesday, February 21st. Sanford C. Bernstein started coverage on Palo Alto Networks in a research note on Thursday, January 18th. They set an “outperform” rating for the company. Piper Sandler downgraded Palo Alto Networks from an “overweight” rating to a “neutral” rating and cut their price target for the company from $350.00 to $300.00 in a report on Wednesday, February 21st. Finally, The Goldman Sachs Group increased their price objective on Palo Alto Networks from $274.00 to $310.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Eleven research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. According to MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and a consensus target price of $314.82.

About Palo Alto Networks

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.