Norden Group LLC Grows Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Norden Group LLC raised its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 2,064.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,111 shares of the network technology company’s stock after buying an additional 19,182 shares during the quarter. Norden Group LLC’s holdings in Palo Alto Networks were worth $5,714,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. GSG Advisors LLC lifted its position in shares of Palo Alto Networks by 1.0% during the fourth 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 last quarter. Spirit of America Management Corp NY lifted its position in shares of Palo Alto Networks by 50.0% during the fourth 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 last quarter. Beacon Pointe Advisors LLC lifted its position in shares of Palo Alto Networks by 31.4% during the fourth quarter. Beacon Pointe Advisors LLC now owns 112,040 shares of the network technology company’s stock valued at $33,038,000 after buying an additional 26,767 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Palo Alto Networks by 9.9% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 24,726 shares of the network technology company’s stock valued at $7,291,000 after buying an additional 2,225 shares during the last quarter. Finally, Sunbelt Securities Inc. lifted its position in shares of Palo Alto Networks by 91.0% during the first quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock valued at $478,000 after buying an additional 802 shares during the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at approximately $8,443,916. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 stock was sold at an average price of $306.92, for a total transaction of $497,517.32. Following the transaction, the president now owns 20,501 shares in the company, valued at approximately $6,292,166.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at approximately $8,443,916. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 302,525 shares of company stock worth $93,982,207. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $341.20 on Friday. The company’s fifty day moving average price is $310.13 and its 200 day moving average price is $307.86. Palo Alto Networks, Inc. has a 1 year low of $201.17 and a 1 year high of $380.84. The stock has a market capitalization of $110.48 billion, a P/E ratio of 49.59, a P/E/G ratio of 5.23 and a beta of 1.14.

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. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 EPS. Sell-side analysts predict that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

Wall Street Analysts Forecast Growth

PANW has been the subject of several analyst reports. BMO Capital Markets increased their price target on shares of Palo Alto Networks from $327.00 to $334.00 and gave the company an “outperform” rating in a research report on Tuesday, May 21st. Daiwa Capital Markets began coverage on shares of Palo Alto Networks in a research report on Wednesday, May 29th. They issued an “outperform” rating and a $350.00 price objective for the company. Robert W. Baird increased their price objective on shares of Palo Alto Networks from $340.00 to $360.00 and gave the company an “outperform” rating in a research report on Thursday, June 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $330.00 price objective on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Finally, Daiwa America raised shares of Palo Alto Networks to a “strong-buy” rating in a research report on Wednesday, May 29th. Twelve analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average price target of $326.29.

Palo Alto Networks Company 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.