HBK Sorce Advisory LLC Purchases 7,111 Shares of Palo Alto Networks, Inc. $PANW

HBK Sorce Advisory LLC lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 135.5% in the 3rd quarter, Holdings Channel reports. The fund owned 12,359 shares of the network technology company’s stock after acquiring an additional 7,111 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Palo Alto Networks were worth $2,692,000 as of its most recent SEC filing.

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

Insider Transactions at Palo Alto Networks

In related news, CAO Josh D. Paul sold 700 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $189.39, for a total value of $132,573.00. Following the transaction, the chief accounting officer owned 46,805 shares of the company’s stock, valued at approximately $8,864,398.95. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lee Klarich sold 120,774 shares of the company’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $211.92, for a total transaction of $25,594,426.08. Following the sale, the executive vice president directly owned 149,190 shares of the company’s stock, valued at approximately $31,616,344.80. This represents a 44.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 376,922 shares of company stock worth $77,963,339 in the last quarter. Company insiders own 1.40% of the company’s stock.

Palo Alto Networks Trading Down 0.7%

Shares of PANW opened at $188.12 on Wednesday. The firm has a fifty day simple moving average of $201.09 and a two-hundred day simple moving average of $197.20. The firm has a market cap of $131.12 billion, a PE ratio of 119.06, a P/E/G ratio of 4.50 and a beta of 0.79. Palo Alto Networks, Inc. has a 1-year low of $144.15 and a 1-year high of $223.61.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Thursday, November 20th. The network technology company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.89 by $0.04. Palo Alto Networks had a return on equity of 17.05% and a net margin of 11.69%.The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the previous year, the company posted $1.56 earnings per share. Palo Alto Networks’s revenue was up 15.7% compared to the same quarter last year. As a group, research analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PANW has been the subject of a number of analyst reports. Northland Securities raised their price objective on Palo Alto Networks from $177.00 to $190.00 and gave the company a “market perform” rating in a research report on Thursday, November 20th. Bank of America upped their price target on shares of Palo Alto Networks from $215.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. The Goldman Sachs Group reissued a “buy” rating and set a $240.00 price objective (up from $236.00) on shares of Palo Alto Networks in a research report on Thursday, November 20th. Hsbc Global Res downgraded shares of Palo Alto Networks from a “hold” rating to a “moderate sell” rating in a research note on Thursday, November 20th. Finally, TD Cowen increased their price target on shares of Palo Alto Networks from $230.00 to $255.00 and gave the company a “buy” rating in a report on Thursday, November 13th. Thirty-one analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $226.20.

Palo Alto Networks Company 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.