Parkside Financial Bank & Trust Raises Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Parkside Financial Bank & Trust raised its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 69.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,454 shares of the network technology company’s stock after purchasing an additional 1,417 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Palo Alto Networks were worth $628,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PANW. Tradewinds LLC. increased its holdings in Palo Alto Networks by 1.2% in the 3rd quarter. Tradewinds LLC. now owns 2,315 shares of the network technology company’s stock worth $791,000 after acquiring an additional 28 shares in the last quarter. Rosenberg Matthew Hamilton increased its holdings in Palo Alto Networks by 9.4% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 348 shares of the network technology company’s stock worth $119,000 after acquiring an additional 30 shares in the last quarter. Geneva Partners LLC increased its holdings in Palo Alto Networks by 0.3% in the 3rd quarter. Geneva Partners LLC now owns 10,945 shares of the network technology company’s stock worth $3,741,000 after acquiring an additional 30 shares in the last quarter. Klingman & Associates LLC increased its holdings in Palo Alto Networks by 4.2% in the 3rd quarter. Klingman & Associates LLC now owns 750 shares of the network technology company’s stock worth $256,000 after acquiring an additional 30 shares in the last quarter. Finally, Carr Financial Group Corp increased its holdings in Palo Alto Networks by 4.4% in the 3rd quarter. Carr Financial Group Corp now owns 715 shares of the network technology company’s stock worth $244,000 after acquiring an additional 30 shares in the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Palo Alto Networks news, CEO Nikesh Arora sold 235,492 shares of Palo Alto Networks stock in a transaction dated 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 in the company, valued at $199,159,581.28. The trade was a 17.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lee Klarich sold 120,000 shares of Palo Alto Networks stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $179.70, for a total value of $21,564,000.00. Following the completion of the transaction, the executive vice president now owns 365,856 shares in the company, valued at $65,744,323.20. This trade represents a 24.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,122,864 shares of company stock worth $204,315,811. Company insiders own 2.50% of the company’s stock.

Palo Alto Networks Trading Up 1.6 %

Shares of Palo Alto Networks stock opened at $190.43 on Friday. The firm has a market cap of $126.08 billion, a P/E ratio of 107.29, a P/E/G ratio of 5.64 and a beta of 1.14. Palo Alto Networks, Inc. has a 12 month low of $132.50 and a 12 month high of $208.39. The stock’s fifty day moving average price is $186.64 and its 200-day moving average price is $184.32.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.75 by $0.06. The firm had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.24 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. Analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PANW. Piper Sandler increased their target price on shares of Palo Alto Networks from $165.00 to $192.50 and gave the stock a “neutral” rating in a report on Thursday, November 21st. Citigroup increased their price objective on shares of Palo Alto Networks from $205.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday. BTIG Research lowered shares of Palo Alto Networks from a “buy” rating to a “neutral” rating in a report on Wednesday, January 8th. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price objective on shares of Palo Alto Networks in a report on Thursday, November 21st. Finally, Wells Fargo & Company increased their price objective on shares of Palo Alto Networks from $208.00 to $225.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Three investment 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 company. According to MarketBeat, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.06.

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.