Retirement Systems of Alabama Increases Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Retirement Systems of Alabama lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,274 shares of the network technology company’s stock after buying an additional 1,684 shares during the period. Retirement Systems of Alabama’s holdings in Palo Alto Networks were worth $24,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the company. Pathway Financial Advisers LLC bought a new stake in shares of Palo Alto Networks in the 1st quarter valued at approximately $25,000. Frank Rimerman Advisors LLC acquired a new position in Palo Alto Networks in the 4th quarter valued at $27,000. Financial Synergies Wealth Advisors Inc. lifted its holdings in Palo Alto Networks by 3,200.0% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 96 shares during the last quarter. Ulland Investment Advisors LLC acquired a new stake in shares of Palo Alto Networks during the first quarter worth about $30,000. Finally, Central Bank & Trust Co. increased its holdings in shares of Palo Alto Networks by 89.3% in the 1st quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock valued at $30,000 after acquiring an additional 50 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors.

Palo Alto Networks Stock Up 0.4 %

Palo Alto Networks stock traded up $1.27 during mid-day trading on Friday, reaching $350.75. 3,506,656 shares of the company’s stock were exchanged, compared to its average volume of 4,430,739. The company has a fifty day moving average of $330.16 and a 200-day moving average of $311.49. The company has a market cap of $113.57 billion, a P/E ratio of 50.98, a P/E/G ratio of 4.40 and a beta of 1.14. Palo Alto Networks, Inc. has a twelve month low of $224.64 and a twelve month high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the business posted $0.80 earnings per share. Palo Alto Networks’s revenue was up 12.1% compared to the same quarter last year. Equities research analysts expect that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 1,000 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $341.44, for a total value of $341,440.00. Following the sale, the director now directly owns 41,517 shares of the company’s stock, valued at approximately $14,175,564.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Lee Klarich sold 125,866 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $335.00, for a total transaction of $42,165,110.00. Following the sale, the executive vice president now owns 166,542 shares of the company’s stock, valued at approximately $55,791,570. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $341.44, for a total value of $341,440.00. Following the sale, the director now owns 41,517 shares of the company’s stock, valued at approximately $14,175,564.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 366,372 shares of company stock worth $118,440,693. Company insiders own 3.30% of the company’s stock.

Analysts Set New Price Targets

PANW has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $350.00 price target on shares of Palo Alto Networks in a report on Monday, August 19th. Daiwa Capital Markets initiated coverage on shares of Palo Alto Networks in a report on Wednesday, May 29th. They issued an “outperform” rating and a $350.00 price objective for the company. Needham & Company LLC upped their price target on Palo Alto Networks from $345.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday. Macquarie boosted their price objective on Palo Alto Networks from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 21st. Finally, Piper Sandler increased their target price on shares of Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research report on Tuesday. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $363.49.

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.