Belpointe Asset Management LLC increased its holdings in shares of Palo Alto Networks Inc (NYSE:PANW) by 6.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,849 shares of the network technology company’s stock after acquiring an additional 179 shares during the period. Belpointe Asset Management LLC’s holdings in Palo Alto Networks were worth $659,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Resources Management Corp CT ADV bought a new stake in Palo Alto Networks during the 3rd quarter worth approximately $25,000. Howard Wealth Management LLC bought a new stake in Palo Alto Networks during the 4th quarter worth approximately $25,000. Keebeck Wealth Management LLC bought a new stake in Palo Alto Networks during the 4th quarter worth approximately $37,000. Advisory Alpha LLC grew its position in Palo Alto Networks by 1,153.8% during the 4th quarter. Advisory Alpha LLC now owns 163 shares of the network technology company’s stock worth $39,000 after acquiring an additional 150 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC grew its position in Palo Alto Networks by 74.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 187 shares of the network technology company’s stock worth $43,000 after acquiring an additional 80 shares during the last quarter. Institutional investors and hedge funds own 78.86% of the company’s stock.
PANW stock opened at $166.01 on Thursday. The business’s fifty day moving average is $198.28 and its 200-day moving average is $219.71. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 1.13. The company has a market cap of $15.90 billion, a P/E ratio of -92.23 and a beta of 1.09. Palo Alto Networks Inc has a twelve month low of $125.47 and a twelve month high of $251.10.
Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings results on Monday, February 24th. The network technology company reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.07. The company had revenue of $816.70 million for the quarter, compared to the consensus estimate of $842.13 million. Palo Alto Networks had a negative return on equity of 2.19% and a negative net margin of 5.58%. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.51 EPS. Research analysts anticipate that Palo Alto Networks Inc will post -0.69 earnings per share for the current fiscal year.
In other news, Director John Donovan acquired 8,102 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was acquired at an average price of $185.35 per share, for a total transaction of $1,501,705.70. Following the transaction, the director now directly owns 11,222 shares in the company, valued at $2,079,997.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark D. Mclaughlin sold 19,050 shares of the company’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $249.03, for a total transaction of $4,744,021.50. The disclosure for this sale can be found here. In the last three months, insiders sold 34,562 shares of company stock worth $8,415,340. 2.30% of the stock is currently owned by company insiders.
Several research analysts have issued reports on PANW shares. JPMorgan Chase & Co. downgraded Palo Alto Networks from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $284.00 to $236.00 in a report on Tuesday, February 25th. Royal Bank of Canada reaffirmed a “hold” rating and set a $175.00 price objective on shares of Palo Alto Networks in a report on Wednesday, March 18th. Credit Suisse Group reduced their price objective on Palo Alto Networks from $195.00 to $190.00 and set an “underperform” rating on the stock in a report on Tuesday, February 25th. BMO Capital Markets downgraded Palo Alto Networks from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $248.00 to $220.00 in a report on Tuesday, February 25th. Finally, Wells Fargo & Co reduced their price objective on Palo Alto Networks from $275.00 to $250.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Palo Alto Networks presently has an average rating of “Buy” and a consensus price target of $238.50.
About Palo Alto Networks
Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
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