New Wave Wealth Advisors LLC Takes $258,000 Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

New Wave Wealth Advisors LLC bought a new stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 762 shares of the network technology company’s stock, valued at approximately $258,000.

Several other large investors also recently modified their holdings of PANW. Sunbelt Securities Inc. grew its stake in Palo Alto Networks by 91.0% in the first quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock worth $478,000 after purchasing an additional 802 shares in the last quarter. Jennison Associates LLC grew its stake in Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock worth $799,792,000 after purchasing an additional 198,078 shares in the last quarter. Brookstone Capital Management grew its stake in Palo Alto Networks by 48.4% in the first quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock worth $7,502,000 after purchasing an additional 8,611 shares in the last quarter. Wealthspire Advisors LLC grew its stake in Palo Alto Networks by 1.7% in the first quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock worth $1,244,000 after purchasing an additional 75 shares in the last quarter. Finally, Connectus Wealth LLC grew its stake in Palo Alto Networks by 22.8% in the fourth quarter. Connectus Wealth LLC now owns 43,813 shares of the network technology company’s stock worth $12,920,000 after purchasing an additional 8,132 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $54,854,924.82. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total transaction of $64,682.00. Following the transaction, the chief accounting officer now directly owns 24,782 shares in the company, valued at approximately $8,014,746.62. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the transaction, the executive vice president now owns 159,009 shares in the company, valued at $54,854,924.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 359,732 shares of company stock valued at $118,815,557. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

NASDAQ PANW opened at $329.29 on Wednesday. The stock has a market capitalization of $106.62 billion, a P/E ratio of 47.86, a P/E/G ratio of 4.98 and a beta of 1.13. Palo Alto Networks, Inc. has a 1 year low of $230.09 and a 1 year high of $380.84. The business’s fifty day moving average is $337.16 and its two-hundred day moving average is $316.24.

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 (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 earnings per share. On average, research analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Redburn Atlantic downgraded Palo Alto Networks from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $350.00 to $325.00 in a research note on Thursday, July 18th. Sanford C. Bernstein lifted their target price on Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. UBS Group lifted their target price on Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. DA Davidson lifted their target price on Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Morgan Stanley lifted their target price on Palo Alto Networks from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Twelve research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and an average price target of $369.26.

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.