Norden Group LLC Purchases Shares of 929 Palo Alto Networks, Inc. (NASDAQ:PANW)

Norden Group LLC acquired a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 929 shares of the network technology company’s stock, valued at approximately $274,000.

A number of other hedge funds have also made changes to their positions in the business. Penobscot Investment Management Company Inc. grew its position in shares of Palo Alto Networks by 69.4% in the 4th quarter. Penobscot Investment Management Company Inc. now owns 3,185 shares of the network technology company’s stock valued at $939,000 after buying an additional 1,305 shares during the last quarter. Cozad Asset Management Inc. grew its holdings in shares of Palo Alto Networks by 8.5% during the fourth quarter. Cozad Asset Management Inc. now owns 5,483 shares of the network technology company’s stock worth $1,617,000 after purchasing an additional 431 shares during the last quarter. Field & Main Bank increased its position in shares of Palo Alto Networks by 1.1% during the fourth quarter. Field & Main Bank now owns 8,703 shares of the network technology company’s stock worth $2,566,000 after purchasing an additional 95 shares in the last quarter. Kestra Private Wealth Services LLC boosted its position in shares of Palo Alto Networks by 20.9% in the 4th quarter. Kestra Private Wealth Services LLC now owns 18,462 shares of the network technology company’s stock valued at $5,444,000 after purchasing an additional 3,194 shares during the period. Finally, Crew Capital Management Ltd. purchased a new position in Palo Alto Networks during the 4th quarter worth approximately $1,083,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PANW. Loop Capital downgraded shares of Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 price objective on the stock. in a research report on Wednesday, February 21st. BMO Capital Markets dropped their price target on Palo Alto Networks from $378.00 to $327.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 21st. Mizuho decreased their price objective on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Scotiabank lowered their target price on Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, February 21st. Finally, The Goldman Sachs Group upped their price target on Palo Alto Networks from $274.00 to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $314.82.

Insider Buying and Selling at Palo Alto Networks

In related news, President William D. Jenkins, Jr. sold 1,867 shares of the business’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 transaction of $523,002.71. Following the transaction, the president now directly owns 25,812 shares of the company’s stock, valued at approximately $7,230,715.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,867 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were 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 approximately $7,230,715.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the transaction, the executive vice president now directly owns 174,075 shares of the company’s stock, valued at $46,659,063. The disclosure for this sale can be found here. Insiders have sold 122,917 shares of company stock valued at $33,959,203 over the last three months. 3.30% of the stock is owned by company insiders.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $287.34 on Thursday. The firm has a market capitalization of $92.84 billion, a price-to-earnings ratio of 44.90, a price-to-earnings-growth ratio of 3.96 and a beta of 1.18. Palo Alto Networks, Inc. has a one year low of $176.30 and a one year high of $380.84. The company has a 50 day moving average price of $285.15 and a 200 day moving average price of $293.00.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations 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, equities analysts forecast that Palo Alto Networks, Inc. will post 2.77 EPS for the current fiscal year.

About Palo Alto Networks

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.