Adell Harriman & Carpenter Inc. Has $31.83 Million Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Adell Harriman & Carpenter Inc. lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 107,935 shares of the network technology company’s stock after purchasing an additional 630 shares during the quarter. Palo Alto Networks accounts for approximately 2.9% of Adell Harriman & Carpenter Inc.’s holdings, making the stock its 6th biggest holding. Adell Harriman & Carpenter Inc.’s holdings in Palo Alto Networks were worth $31,828,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PANW. MV Capital Management Inc. increased its stake in Palo Alto Networks by 37.2% in the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 29 shares in the last quarter. Quent Capital LLC increased its position in shares of Palo Alto Networks by 15.9% in the 4th quarter. Quent Capital LLC now owns 233 shares of the network technology company’s stock valued at $69,000 after buying an additional 32 shares in the last quarter. Parisi Gray Wealth Management raised its stake in Palo Alto Networks by 2.2% during the 4th quarter. Parisi Gray Wealth Management now owns 1,519 shares of the network technology company’s stock worth $448,000 after buying an additional 33 shares during the period. Argonautica Private Wealth Management Inc. grew its stake in Palo Alto Networks by 2.3% in the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,527 shares of the network technology company’s stock valued at $450,000 after acquiring an additional 34 shares during the period. Finally, Howard Financial Services LTD. increased its holdings in shares of Palo Alto Networks by 3.4% in the fourth quarter. Howard Financial Services LTD. now owns 1,061 shares of the network technology company’s stock worth $313,000 after acquiring an additional 35 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Trading Up 0.7 %

NASDAQ PANW traded up $1.99 during mid-day trading on Monday, hitting $293.41. The company’s stock had a trading volume of 2,980,698 shares, compared to its average volume of 5,393,513. The company’s 50 day simple moving average is $287.61 and its 200 day simple moving average is $292.58. The firm has a market capitalization of $94.80 billion, a price-to-earnings ratio of 45.97, a PEG ratio of 3.96 and a beta of 1.19. Palo Alto Networks, Inc. has a twelve month low of $176.30 and a twelve month high of $380.84.

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

Analysts Set New Price Targets

PANW has been the subject of several research analyst reports. Redburn Atlantic boosted their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Westpark Capital reiterated a “hold” rating on shares of Palo Alto Networks in a report on Monday, January 29th. KeyCorp dropped their price objective on shares of Palo Alto Networks from $380.00 to $355.00 and set an “overweight” rating on the stock in a report on Thursday, April 18th. Wedbush upped their target price on Palo Alto Networks from $350.00 to $425.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 price objective on shares of Palo Alto Networks in a report on Wednesday, February 21st. Eleven research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus price target of $314.82.

Insider Buying and Selling

In other news, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the sale, the chief accounting officer now owns 27,247 shares in the company, valued at $7,629,160. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Josh D. Paul sold 1,050 shares of Palo Alto Networks stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total transaction of $294,000.00. Following the sale, the chief accounting officer now directly owns 27,247 shares in the company, valued at $7,629,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President William D. Jenkins, Jr. sold 1,867 shares of the business’s stock in a transaction 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 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 90 days, insiders sold 122,917 shares of company stock worth $33,959,203. 3.30% of the stock is owned by corporate insiders.

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.