Assenagon Asset Management S.A. Sells 15,357 Shares of Palo Alto Networks, Inc. $PANW

Assenagon Asset Management S.A. decreased its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 24.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 47,934 shares of the network technology company’s stock after selling 15,357 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Palo Alto Networks were worth $8,829,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PANW. Brighton Jones LLC increased its holdings in shares of Palo Alto Networks by 147.7% in the fourth quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company’s stock worth $1,230,000 after acquiring an additional 4,031 shares in the last quarter. Bison Wealth LLC increased its stake in Palo Alto Networks by 169.1% during the 4th quarter. Bison Wealth LLC now owns 5,212 shares of the network technology company’s stock worth $948,000 after purchasing an additional 3,275 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in Palo Alto Networks by 66.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,484 shares of the network technology company’s stock worth $713,000 after buying an additional 1,389 shares during the period. Laurel Wealth Advisors LLC raised its holdings in shares of Palo Alto Networks by 20,370.0% during the second quarter. Laurel Wealth Advisors LLC now owns 2,047 shares of the network technology company’s stock worth $419,000 after acquiring an additional 2,037 shares during the period. Finally, Quadrant Capital Group LLC raised its holdings in shares of Palo Alto Networks by 25.3% during the second quarter. Quadrant Capital Group LLC now owns 17,077 shares of the network technology company’s stock worth $3,495,000 after acquiring an additional 3,452 shares during the period. 79.82% of the stock is currently owned by institutional investors.

Palo Alto Networks Stock Performance

Shares of NASDAQ:PANW opened at $147.02 on Friday. Palo Alto Networks, Inc. has a 52-week low of $139.57 and a 52-week high of $223.61. The company has a market capitalization of $119.97 billion, a P/E ratio of 81.23, a price-to-earnings-growth ratio of 5.64 and a beta of 0.78. The company has a 50-day simple moving average of $164.41 and a 200 day simple moving average of $187.43.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Wednesday, February 18th. The network technology company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.09. Palo Alto Networks had a return on equity of 17.60% and a net margin of 12.96%.The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The business’s revenue was up 14.9% compared to the same quarter last year. As a group, equities analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insider Activity at Palo Alto Networks

In related news, EVP Lee Klarich sold 120,768 shares of the company’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $191.03, for a total value of $23,070,311.04. Following the transaction, the executive vice president owned 298,887 shares in the company, valued at approximately $57,096,383.61. This represents a 28.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James J. Goetz sold 22,684 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $164.41, for a total value of $3,729,476.44. Following the transaction, the director owned 52,500 shares in the company, valued at approximately $8,631,525. This trade represents a 30.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 144,252 shares of company stock worth $26,947,635 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Palo Alto Networks in a report on Wednesday, February 18th. Loop Capital cut their price target on Palo Alto Networks from $190.00 to $160.00 and set a “hold” rating on the stock in a report on Wednesday, February 18th. Wells Fargo & Company initiated coverage on Palo Alto Networks in a research report on Tuesday, March 3rd. They set an “overweight” rating and a $200.00 price objective for the company. Robert W. Baird set a $220.00 target price on Palo Alto Networks and gave the company an “outperform” rating in a research report on Wednesday, February 18th. Finally, BTIG Research restated a “buy” rating and issued a $200.00 target price on shares of Palo Alto Networks in a research note on Wednesday, February 18th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $210.19.

Palo Alto Networks 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.