Axxcess Wealth Management LLC Increases Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Axxcess Wealth Management LLC boosted its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 16.6% in the fourth quarter, HoldingsChannel reports. The firm owned 6,748 shares of the network technology company’s stock after purchasing an additional 961 shares during the period. Axxcess Wealth Management LLC’s holdings in Palo Alto Networks were worth $1,990,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its stake in shares of Palo Alto Networks by 29,086.9% during the 4th quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after buying an additional 2,050,917 shares during the last quarter. Jennison Associates LLC grew its holdings in Palo Alto Networks by 83.1% during the 4th quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock worth $771,643,000 after acquiring an additional 1,187,915 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Palo Alto Networks by 6,453.6% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 437,910 shares of the network technology company’s stock worth $102,670,000 after acquiring an additional 431,228 shares in the last quarter. Mirova US LLC bought a new stake in shares of Palo Alto Networks in the 4th quarter worth about $106,638,000. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Palo Alto Networks in the 3rd quarter valued at about $81,918,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Oppenheimer lifted their price target on Palo Alto Networks from $305.00 to $330.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. Westpark Capital reissued a “hold” rating on shares of Palo Alto Networks in a research report on Monday, January 29th. Mizuho decreased their price objective on shares of Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. Piper Sandler cut shares of Palo Alto Networks from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $350.00 to $300.00 in a report on Wednesday, February 21st. Finally, The Goldman Sachs Group upped their target price on Palo Alto Networks from $274.00 to $310.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. Based on data from MarketBeat.com, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average price target of $314.82.

Insider Activity

In other news, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $288.24, for a total transaction of $10,376,640.00. Following the completion of the transaction, the executive vice president now directly owns 1,295,567 shares in the company, valued at approximately $373,434,232.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $284.33, for a total transaction of $17,059,800.00. Following the completion of the transaction, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at $56,327,194.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $288.24, for a total value of $10,376,640.00. Following the sale, the executive vice president now owns 1,295,567 shares of the company’s stock, valued at $373,434,232.08. The disclosure for this sale can be found here. Insiders have sold a total of 158,917 shares of company stock valued at $44,335,843 in the last 90 days. 3.30% of the stock is owned by company insiders.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW traded up $0.89 during midday trading on Friday, reaching $296.21. The company’s stock had a trading volume of 3,438,974 shares, compared to its average volume of 3,429,938. The business’s fifty day simple moving average is $285.98 and its 200-day simple moving average is $293.25. The company has a market capitalization of $95.71 billion, a P/E ratio of 46.28, a P/E/G ratio of 4.03 and a beta of 1.18. Palo Alto Networks, Inc. has a fifty-two week low of $177.09 and a fifty-two week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. On average, analysts forecast that Palo Alto Networks, Inc. will post 2.77 earnings per share for the current fiscal year.

Palo Alto Networks 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.