Concord Wealth Partners Has $530,000 Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Concord Wealth Partners grew its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 41.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,799 shares of the network technology company’s stock after purchasing an additional 523 shares during the quarter. Concord Wealth Partners’ holdings in Palo Alto Networks were worth $530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Webster Bank N. A. increased its position in Palo Alto Networks by 607.1% in the 4th quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock valued at $29,000 after buying an additional 85 shares in the last quarter. Cedar Mountain Advisors LLC increased its position in Palo Alto Networks by 87.0% in the 4th quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after buying an additional 47 shares in the last quarter. Byrne Asset Management LLC increased its position in Palo Alto Networks by 277.8% in the 3rd quarter. Byrne Asset Management LLC now owns 136 shares of the network technology company’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. MV Capital Management Inc. increased its position in Palo Alto Networks by 37.2% in the 4th quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock valued at $32,000 after buying an additional 29 shares in the last quarter. Finally, Alaska Permanent Fund Corp bought a new stake in Palo Alto Networks in the 4th quarter valued at about $42,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Down 1.2 %

PANW opened at $287.34 on Thursday. The business’s fifty day simple moving average is $285.15 and its 200 day simple moving average is $293.00. Palo Alto Networks, Inc. has a 52 week low of $176.30 and a 52 week high of $380.84. The stock has a market cap of $92.84 billion, a PE ratio of 44.90, a P/E/G ratio of 3.96 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. As a group, equities analysts anticipate that Palo Alto Networks, Inc. will post 2.77 earnings per share for the current year.

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the sale, the executive vice president now directly owns 174,075 shares in the company, valued at $46,659,063. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,867 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $280.13, for a total value of $523,002.71. Following the completion of the sale, the president now directly owns 25,812 shares in the company, valued at $7,230,715.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the sale, the executive vice president now owns 174,075 shares of the company’s stock, valued at $46,659,063. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 122,917 shares of company stock worth $33,959,203. Company insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Piper Sandler lowered Palo Alto Networks from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $350.00 to $300.00 in a report on Wednesday, February 21st. Westpark Capital reaffirmed a “hold” rating on shares of Palo Alto Networks in a report on Monday, January 29th. Mizuho reduced their target price on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $330.00 target price on shares of Palo Alto Networks in a report on Wednesday, March 13th. Finally, Redburn Atlantic upped their target price on Palo Alto Networks from $275.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Eleven research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. According to data from MarketBeat.com, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.82.

Palo Alto Networks Company Profile

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.