Palo Alto Networks, Inc. (NYSE:PANW) Shares Bought by Modus Advisors LLC

Modus Advisors LLC raised its stake in Palo Alto Networks, Inc. (NYSE:PANW) by 7.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 5,955 shares of the network technology company’s stock after purchasing an additional 424 shares during the period. Modus Advisors LLC’s holdings in Palo Alto Networks were worth $1,918,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Clearbridge Investments LLC boosted its stake in Palo Alto Networks by 8.1% in the fourth quarter. Clearbridge Investments LLC now owns 2,784,934 shares of the network technology company’s stock valued at $989,738,000 after acquiring an additional 208,986 shares in the last quarter. Viking Global Investors LP acquired a new position in Palo Alto Networks in the fourth quarter valued at $670,667,000. Norges Bank acquired a new position in Palo Alto Networks in the fourth quarter valued at $358,841,000. Duquesne Family Office LLC boosted its stake in Palo Alto Networks by 457.8% in the fourth quarter. Duquesne Family Office LLC now owns 459,060 shares of the network technology company’s stock valued at $163,145,000 after acquiring an additional 376,760 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in Palo Alto Networks by 30.2% in the fourth quarter. Nuveen Asset Management LLC now owns 393,166 shares of the network technology company’s stock valued at $139,728,000 after acquiring an additional 91,285 shares in the last quarter. Institutional investors own 80.76% of the company’s stock.

In related news, EVP Lee Klarich sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, January 12th. The shares were sold at an average price of $366.91, for a total transaction of $1,284,185.00. Following the sale, the executive vice president now owns 307,047 shares in the company, valued at $112,658,614.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, February 1st. The stock was sold at an average price of $361.90, for a total transaction of $4,342,800.00. Following the sale, the executive vice president now owns 882,856 shares in the company, valued at approximately $319,505,586.40. The disclosure for this sale can be found here. Insiders sold 89,917 shares of company stock worth $32,113,001 over the last quarter. Company insiders own 2.30% of the company’s stock.

PANW has been the subject of several recent research reports. Raymond James reiterated a “hold” rating on shares of Palo Alto Networks in a research note on Wednesday, February 24th. BTIG Research increased their target price on shares of Palo Alto Networks from $419.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday, February 8th. Piper Sandler increased their target price on shares of Palo Alto Networks from $400.00 to $425.00 and gave the stock an “overweight” rating in a research note on Monday, March 1st. KeyCorp increased their target price on shares of Palo Alto Networks from $391.00 to $420.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 20th. Finally, BMO Capital Markets raised shares of Palo Alto Networks from a “market perform” rating to an “outperform” rating and set a $455.00 price target for the company in a report on Monday, March 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-eight have given a buy rating to the company. Palo Alto Networks currently has a consensus rating of “Buy” and an average price target of $377.06.

Shares of PANW stock traded up $4.07 during trading hours on Thursday, hitting $342.64. The company’s stock had a trading volume of 8,664 shares, compared to its average volume of 1,190,399. The business has a fifty day moving average of $344.07 and a 200-day moving average of $315.26. The stock has a market cap of $33.32 billion, a price-to-earnings ratio of -109.22 and a beta of 1.50. Palo Alto Networks, Inc. has a twelve month low of $172.36 and a twelve month high of $403.00. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 4.18.

Palo Alto Networks (NYSE:PANW) last released its quarterly earnings results on Sunday, February 21st. The network technology company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.43 by $0.12. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $985.90 million. Palo Alto Networks had a negative net margin of 8.36% and a negative return on equity of 8.66%. The company’s quarterly revenue was up 24.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.19 earnings per share. On average, equities analysts expect that Palo Alto Networks, Inc. will post -1.69 EPS for the current fiscal year.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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