iA Global Asset Management Inc. Has $29.83 Million Stock Position in Palo Alto Networks, Inc. $PANW

iA Global Asset Management Inc. boosted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 98.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,498 shares of the network technology company’s stock after purchasing an additional 72,650 shares during the quarter. iA Global Asset Management Inc.’s holdings in Palo Alto Networks were worth $29,830,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Darwin Wealth Management LLC acquired a new position in shares of Palo Alto Networks during the second quarter valued at about $25,000. Whipplewood Advisors LLC increased its stake in Palo Alto Networks by 6,400.0% during the second quarter. Whipplewood Advisors LLC now owns 130 shares of the network technology company’s stock valued at $27,000 after acquiring an additional 128 shares during the period. Briaud Financial Planning Inc acquired a new position in Palo Alto Networks in the 2nd quarter valued at approximately $28,000. Howard Hughes Medical Institute bought a new stake in shares of Palo Alto Networks in the 2nd quarter worth approximately $29,000. Finally, MTM Investment Management LLC bought a new stake in shares of Palo Alto Networks in the 2nd quarter worth approximately $31,000. 79.82% of the stock is owned by institutional investors.

Palo Alto Networks Stock Up 0.4%

Shares of PANW stock opened at $182.27 on Friday. The company has a market capitalization of $127.04 billion, a P/E ratio of 115.36, a P/E/G ratio of 4.32 and a beta of 0.76. Palo Alto Networks, Inc. has a 12-month low of $144.15 and a 12-month high of $223.61. The firm has a 50-day moving average price of $189.06 and a 200 day moving average price of $195.25.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data 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. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.46 billion. Palo Alto Networks had a net margin of 11.69% and a return on equity of 17.05%. The company’s revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the business posted $1.56 earnings per share. As a group, research analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insiders Place Their Bets

In other Palo Alto Networks news, Director James J. Goetz sold 12,500 shares of the business’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $195.33, for a total value of $2,441,625.00. Following the transaction, the director owned 75,184 shares of the company’s stock, valued at approximately $14,685,690.72. The trade was a 14.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $188.18, for a total value of $940,900.00. Following the completion of the sale, the executive vice president owned 155,119 shares of the company’s stock, valued at approximately $29,190,293.42. This trade represents a 3.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 382,016 shares of company stock worth $76,386,460 in the last three months. Company insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

PANW has been the topic of a number of research reports. Tigress Financial assumed coverage on Palo Alto Networks in a research report on Friday, September 26th. They set a “buy” rating and a $245.00 price objective on the stock. Wedbush reissued an “outperform” rating and issued a $225.00 price target on shares of Palo Alto Networks in a report on Thursday, November 20th. Royal Bank Of Canada raised their price objective on shares of Palo Alto Networks from $232.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, November 12th. HSBC lowered shares of Palo Alto Networks from a “hold” rating to a “reduce” rating and set a $157.00 target price on the stock. in a research report on Thursday, November 20th. Finally, DA Davidson set a $240.00 price target on shares of Palo Alto Networks in a research report on Friday, December 19th. Thirty-one analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $229.09.

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.