Allstate Corp Has $343,000 Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Allstate Corp trimmed its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,162 shares of the network technology company’s stock after selling 43 shares during the period. Allstate Corp’s holdings in Palo Alto Networks were worth $343,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PANW. Webster Bank N. A. increased its position in Palo Alto Networks by 607.1% during the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock worth $29,000 after acquiring an additional 85 shares during the period. Cedar Mountain Advisors LLC increased its stake in Palo Alto Networks by 87.0% during the fourth quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after acquiring an additional 47 shares during the period. MV Capital Management Inc. raised its holdings in Palo Alto Networks by 37.2% in the 4th quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock valued at $32,000 after acquiring an additional 29 shares in the last quarter. First United Bank & Trust acquired a new position in shares of Palo Alto Networks in the fourth quarter valued at $35,000. Finally, Alaska Permanent Fund Corp bought a new position in Palo Alto Networks in the fourth quarter worth $42,000. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Palo Alto Networks 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 transaction, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other 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 completion of the sale, the chief accounting officer now owns 27,247 shares of the company’s stock, valued at $7,629,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $284.33, for a total transaction of $17,059,800.00. Following the completion of the transaction, the executive vice president now owns 198,105 shares in the company, valued at $56,327,194.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 278,326 shares of company stock valued at $80,147,130. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Price Performance

NASDAQ PANW traded up $9.67 during trading on Friday, reaching $321.11. 1,713,874 shares of the company’s stock were exchanged, compared to its average volume of 5,130,004. The business has a 50 day moving average price of $289.58 and a 200-day moving average price of $299.15. The stock has a market capitalization of $103.98 billion, a P/E ratio of 46.42, a PEG ratio of 4.99 and a beta of 1.18. Palo Alto Networks, Inc. has a fifty-two week low of $201.17 and a fifty-two week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the business earned $0.38 EPS. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, analysts forecast that Palo Alto Networks, Inc. will post 2.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

PANW has been the topic of several analyst reports. Stifel Nicolaus reissued a “buy” rating and issued a $330.00 price target on shares of Palo Alto Networks in a report on Wednesday, March 13th. Wedbush restated an “outperform” rating and issued a $375.00 target price on shares of Palo Alto Networks in a research note on Tuesday. JMP Securities reiterated a “market outperform” rating and set a $380.00 target price on shares of Palo Alto Networks in a research report on Tuesday. BMO Capital Markets boosted their target price on Palo Alto Networks from $327.00 to $334.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Piper Sandler lowered Palo Alto Networks from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $350.00 to $300.00 in a research note on Wednesday, February 21st. Twelve equities research analysts have rated the stock with a hold rating and twenty-nine have issued 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 $317.45.

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.