Marcum Wealth LLC Grows Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Marcum Wealth LLC grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 10.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 947 shares of the network technology company’s stock after purchasing an additional 92 shares during the quarter. Marcum Wealth LLC’s holdings in Palo Alto Networks were worth $269,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Frank Rimerman Advisors LLC bought a new position in Palo Alto Networks in the fourth quarter worth approximately $27,000. Webster Bank N. A. grew its position in shares of Palo Alto Networks by 607.1% during the 4th quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock worth $29,000 after buying an additional 85 shares in the last quarter. Cedar Mountain Advisors LLC increased its stake in shares of Palo Alto Networks by 87.0% during the fourth quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after buying an additional 47 shares during the period. ICA Group Wealth Management LLC bought a new stake in shares of Palo Alto Networks in the fourth quarter valued at about $31,000. Finally, MV Capital Management Inc. lifted its stake in Palo Alto Networks by 37.2% in the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock worth $32,000 after acquiring an additional 29 shares during the period. 79.82% of the stock is currently owned by institutional investors.

Palo Alto Networks Trading Up 3.0 %

Shares of NASDAQ:PANW opened at $320.33 on Friday. The business has a 50-day moving average price of $301.84 and a 200 day moving average price of $306.04. Palo Alto Networks, Inc. has a 12-month low of $201.17 and a 12-month high of $380.84. The company has a market capitalization of $103.72 billion, a price-to-earnings ratio of 46.56, a PEG ratio of 4.77 and a beta of 1.10.

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

Analyst Ratings Changes

Several research firms have recently commented on PANW. Macquarie boosted their price target on shares of Palo Alto Networks from $270.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, May 21st. Evercore ISI dropped their target price on Palo Alto Networks from $405.00 to $385.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 14th. Wedbush restated an “outperform” rating and set a $375.00 price objective on shares of Palo Alto Networks in a research note on Tuesday, May 21st. Redburn Atlantic lifted their target price on Palo Alto Networks from $275.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Finally, Citigroup lifted their price objective on shares of Palo Alto Networks from $335.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Twelve equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $324.17.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the sale, the executive vice president now owns 174,075 shares of the company’s stock, valued at $46,659,063. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $268.04, for a total value of $16,082,400.00. Following the sale, the executive vice president now directly owns 174,075 shares of the company’s stock, valued at approximately $46,659,063. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $288.24, for a total value of $10,376,640.00. Following the sale, the executive vice president now directly owns 1,295,567 shares of the company’s stock, valued at $373,434,232.08. The disclosure for this sale can be found here. Insiders sold 258,182 shares of company stock valued at $74,850,597 in the last 90 days. Company insiders own 3.30% of the company’s stock.

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.