AK Global Asset Management LLC Acquires Shares of 8,830 Palo Alto Networks, Inc. $PANW

AK Global Asset Management LLC acquired a new stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 8,830 shares of the network technology company’s stock, valued at approximately $1,626,000. Palo Alto Networks accounts for about 1.4% of AK Global Asset Management LLC’s investment portfolio, making the stock its 17th biggest holding.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Palo Alto Networks by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 65,269,963 shares of the network technology company’s stock valued at $13,290,270,000 after purchasing an additional 1,253,589 shares during the period. State Street Corp increased its position in Palo Alto Networks by 1.7% during the 3rd quarter. State Street Corp now owns 29,736,916 shares of the network technology company’s stock valued at $6,055,031,000 after purchasing an additional 505,924 shares during the period. Northern Trust Corp increased its position in Palo Alto Networks by 0.5% during the 3rd quarter. Northern Trust Corp now owns 7,528,248 shares of the network technology company’s stock valued at $1,532,902,000 after purchasing an additional 36,511 shares during the period. First Trust Advisors LP increased its position in Palo Alto Networks by 11.5% during the 3rd quarter. First Trust Advisors LP now owns 5,906,963 shares of the network technology company’s stock valued at $1,202,776,000 after purchasing an additional 611,375 shares during the period. Finally, Franklin Resources Inc. increased its position in Palo Alto Networks by 0.4% during the 3rd quarter. Franklin Resources Inc. now owns 4,037,320 shares of the network technology company’s stock valued at $822,079,000 after purchasing an additional 17,394 shares during the period. 79.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PANW shares. Guggenheim reissued a “neutral” rating on shares of Palo Alto Networks in a research report on Wednesday, February 18th. UBS Group set a $183.00 target price on shares of Palo Alto Networks in a research report on Thursday, February 19th. The Goldman Sachs Group reduced their target price on shares of Palo Alto Networks from $240.00 to $224.00 and set a “buy” rating on the stock in a research report on Wednesday, February 18th. Susquehanna reduced their target price on shares of Palo Alto Networks from $230.00 to $200.00 and set a “positive” rating on the stock in a research report on Wednesday, February 18th. Finally, Barclays set a $200.00 target price on shares of Palo Alto Networks and gave the stock an “overweight” rating in a research report on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $209.95.

Insider Buying and Selling

In related news, Director James J. Goetz sold 22,684 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were 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 $8,631,525. The trade was a 30.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $160.42, for a total transaction of $802,100.00. Following the completion of the transaction, the executive vice president owned 150,250 shares in the company, valued at approximately $24,103,105. The trade was a 3.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 149,552 shares of company stock worth $27,779,427 over the last quarter. 1.40% of the stock is owned by insiders.

Palo Alto Networks Price Performance

NASDAQ:PANW opened at $169.87 on Wednesday. The company has a market capitalization of $138.61 billion, a PE ratio of 93.85, a P/E/G ratio of 5.89 and a beta of 0.77. The firm’s 50-day moving average price is $161.41 and its 200-day moving average price is $185.31. Palo Alto Networks, Inc. has a 1-year low of $139.57 and a 1-year high of $223.61.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.09. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Palo Alto Networks had a net margin of 12.96% and a return on equity of 17.60%. Palo Alto Networks’s revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 EPS. Equities analysts anticipate that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

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.