Fonville Wealth Management LLC Invests $684,000 in Palo Alto Networks, Inc. (NASDAQ:PANW)

Fonville Wealth Management LLC bought a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,320 shares of the network technology company’s stock, valued at approximately $684,000.

Several other hedge funds also recently modified their holdings of PANW. Norges Bank acquired a new stake in shares of Palo Alto Networks during the 4th quarter valued at $751,276,000. International Assets Investment Management LLC boosted its holdings 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 acquiring an additional 2,050,917 shares in the last quarter. Moneta Group Investment Advisors LLC acquired a new stake in shares of Palo Alto Networks during the 4th quarter valued at $204,728,000. T. Rowe Price Investment Management Inc. acquired a new position in Palo Alto Networks during the 4th quarter worth about $85,025,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted 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 buying an additional 431,228 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analyst Weigh In

PANW has been the topic of several recent research reports. Evercore ISI lifted their target price on Palo Alto Networks from $315.00 to $405.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. Loop Capital lowered Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 price objective for the company. in a research report on Wednesday, February 21st. Piper Sandler lowered Palo Alto Networks from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $350.00 to $300.00 in a research report on Wednesday, February 21st. JMP Securities reissued a “market outperform” rating and issued a $380.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, February 21st. Finally, Redburn Atlantic lifted their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Eleven investment analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $314.82.

Insider Activity at Palo Alto Networks

In related news, President William D. Jenkins, Jr. sold 1,867 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the transaction, the president now owns 25,812 shares in the company, valued at $7,230,715.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $268.04, for a total value of $16,082,400.00. Following the transaction, the executive vice president now owns 174,075 shares of the company’s stock, valued at $46,659,063. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President William D. Jenkins, Jr. sold 1,867 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total transaction of $523,002.71. Following the completion of the transaction, the president now directly owns 25,812 shares in the company, valued at approximately $7,230,715.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 167,917 shares of company stock worth $49,395,553. Insiders own 3.30% of the company’s stock.

Palo Alto Networks Price Performance

Shares of NASDAQ PANW traded up $3.81 during midday trading on Thursday, reaching $281.14. The company’s stock had a trading volume of 3,853,848 shares, compared to its average volume of 5,596,438. Palo Alto Networks, Inc. has a 12-month low of $176.30 and a 12-month high of $380.84. The firm has a 50 day moving average price of $299.16 and a 200-day moving average price of $290.18. The stock has a market capitalization of $90.84 billion, a P/E ratio of 43.93, a PEG ratio of 3.75 and a beta of 1.19.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.97 billion. On average, equities analysts predict that Palo Alto Networks, Inc. will post 2.76 EPS for the current year.

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.