Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Purchased by Brighton Jones LLC

Brighton Jones LLC grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 8.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 2,602 shares of the network technology company’s stock after acquiring an additional 200 shares during the period. Brighton Jones LLC’s holdings in Palo Alto Networks were worth $882,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PANW. Intech Investment Management LLC raised its position in shares of Palo Alto Networks by 18.7% during the second quarter. Intech Investment Management LLC now owns 5,882 shares of the network technology company’s stock worth $1,994,000 after purchasing an additional 925 shares during the period. XTX Topco Ltd purchased a new position in Palo Alto Networks in the 2nd quarter worth about $706,000. Somerset Group LLC raised its holdings in Palo Alto Networks by 1.8% during the 2nd quarter. Somerset Group LLC now owns 9,509 shares of the network technology company’s stock worth $3,224,000 after buying an additional 168 shares during the period. Kentucky Retirement Systems lifted its stake in Palo Alto Networks by 1.7% during the second quarter. Kentucky Retirement Systems now owns 24,348 shares of the network technology company’s stock valued at $8,254,000 after buying an additional 403 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co boosted its holdings in shares of Palo Alto Networks by 2.9% in the second quarter. Elo Mutual Pension Insurance Co now owns 29,647 shares of the network technology company’s stock worth $10,065,000 after buying an additional 837 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PANW. Susquehanna boosted their price target on shares of Palo Alto Networks from $340.00 to $420.00 and gave the company a “positive” rating in a report on Thursday, September 5th. Truist Financial increased their price target on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Evercore ISI raised their price target on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, August 20th. UBS Group upped their price target on shares of Palo Alto Networks from $345.00 to $355.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Daiwa America raised Palo Alto Networks to a “strong-buy” rating in a research report on Wednesday, May 29th. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $366.08.

Palo Alto Networks Trading Up 2.0 %

Shares of NASDAQ:PANW opened at $340.12 on Friday. The firm has a market capitalization of $110.74 billion, a PE ratio of 49.44, a PEG ratio of 5.04 and a beta of 1.13. Palo Alto Networks, Inc. has a 1-year low of $224.64 and a 1-year high of $380.84. The business’s 50 day moving average is $336.39 and its 200-day moving average is $313.18.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the company earned $0.80 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. On average, sell-side analysts predict that Palo Alto Networks, Inc. will post 3.55 EPS for the current year.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the sale, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at $219,505,142.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President William D. Jenkins, Jr. sold 1,475 shares of Palo Alto Networks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $339.12, for a total transaction of $500,202.00. Following the completion of the transaction, the president now directly owns 19,026 shares of the company’s stock, valued at approximately $6,452,097.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nikesh Arora sold 66,666 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the completion of the transaction, the chief executive officer now owns 639,994 shares in the company, valued at $219,505,142.12. The disclosure for this sale can be found here. Insiders have sold a total of 464,075 shares of company stock valued at $154,029,567 over the last quarter. 3.30% of the stock is owned by company insiders.

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.