Perigon Wealth Management LLC Acquires 8,998 Shares of Palo Alto Networks, Inc. $PANW

Perigon Wealth Management LLC raised its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 43.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,517 shares of the network technology company’s stock after buying an additional 8,998 shares during the period. Perigon Wealth Management LLC’s holdings in Palo Alto Networks were worth $6,010,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PANW. Exchange Traded Concepts LLC increased its stake in shares of Palo Alto Networks by 29.4% in the third quarter. Exchange Traded Concepts LLC now owns 32,155 shares of the network technology company’s stock worth $6,547,000 after purchasing an additional 7,301 shares in the last quarter. Strive Asset Management LLC lifted its stake in shares of Palo Alto Networks by 16.6% during the 1st quarter. Strive Asset Management LLC now owns 2,099 shares of the network technology company’s stock valued at $358,000 after buying an additional 299 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Palo Alto Networks by 7.9% in the 2nd quarter. Schroder Investment Management Group now owns 2,234,551 shares of the network technology company’s stock worth $457,279,000 after buying an additional 163,718 shares during the period. Richmond Investment Services LLC increased its stake in Palo Alto Networks by 87.2% in the 2nd quarter. Richmond Investment Services LLC now owns 3,286 shares of the network technology company’s stock worth $672,000 after buying an additional 1,531 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its holdings in Palo Alto Networks by 4,524.0% during the second quarter. Panagora Asset Management Inc. now owns 547,944 shares of the network technology company’s stock valued at $112,131,000 after acquiring an additional 536,094 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Performance

NASDAQ PANW opened at $188.45 on Monday. The company has a market capitalization of $131.35 billion, a P/E ratio of 119.27, a P/E/G ratio of 4.48 and a beta of 0.79. Palo Alto Networks, Inc. has a one year low of $144.15 and a one year high of $223.61. The stock has a 50 day moving average price of $199.94 and a 200-day moving average price of $197.03.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Thursday, November 20th. The network technology company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.04. Palo Alto Networks had a net margin of 11.69% and a return on equity of 17.05%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the previous year, the business posted $1.56 earnings per share. Palo Alto Networks’s quarterly revenue was up 15.7% on a year-over-year basis. As a group, equities analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PANW shares. Westpark Capital reaffirmed a “hold” rating on shares of Palo Alto Networks in a research note on Thursday, November 20th. BMO Capital Markets boosted their price target on Palo Alto Networks from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $230.00 price objective on shares of Palo Alto Networks in a report on Thursday, November 20th. Wolfe Research lifted their price objective on shares of Palo Alto Networks from $225.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, December 15th. Finally, JMP Securities boosted their target price on shares of Palo Alto Networks from $212.00 to $250.00 and gave the stock a “market outperform” rating in a report on Monday, October 27th. Thirty-one equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $226.20.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 120,774 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $191.91, for a total transaction of $23,177,738.34. Following the sale, the executive vice president directly owned 327,645 shares of the company’s stock, valued at $62,878,351.95. The trade was a 26.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Josh D. Paul sold 700 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $189.39, for a total value of $132,573.00. Following the completion of the sale, the chief accounting officer directly owned 46,805 shares of the company’s stock, valued at $8,864,398.95. The trade was a 1.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 376,922 shares of company stock worth $77,963,339. 1.40% of the stock is currently owned by corporate insiders.

Palo Alto Networks Company Profile

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.