Hohimer Wealth Management LLC Acquires 840 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Hohimer Wealth Management LLC grew its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 26.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,985 shares of the network technology company’s stock after purchasing an additional 840 shares during the quarter. Hohimer Wealth Management LLC’s holdings in Palo Alto Networks were worth $1,351,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fisher Asset Management LLC increased its stake in shares of Palo Alto Networks by 12.6% in the 4th quarter. Fisher Asset Management LLC now owns 1,897 shares of the network technology company’s stock valued at $559,000 after acquiring an additional 212 shares during the last quarter. Aveo Capital Partners LLC bought a new stake in Palo Alto Networks in the fourth quarter valued at approximately $212,000. Wealthcare Advisory Partners LLC boosted its position in shares of Palo Alto Networks by 6.6% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 2,882 shares of the network technology company’s stock worth $850,000 after purchasing an additional 178 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Palo Alto Networks by 8.5% in the 4th quarter. Private Advisor Group LLC now owns 25,073 shares of the network technology company’s stock valued at $7,393,000 after buying an additional 1,974 shares during the period. Finally, Gryphon Financial Partners LLC bought a new stake in shares of Palo Alto Networks in the 4th quarter valued at $336,000. 79.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on PANW shares. Deutsche Bank Aktiengesellschaft boosted their target price on Palo Alto Networks from $330.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. BTIG Research increased their target price on Palo Alto Networks from $366.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. BMO Capital Markets lifted their price target on shares of Palo Alto Networks from $334.00 to $390.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. UBS Group increased their price objective on shares of Palo Alto Networks from $345.00 to $355.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, Scotiabank raised their price objective on shares of Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 20th. Thirteen 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 company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $366.08.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, Director John P. Key sold 2,163 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $305.41, for a total value of $660,601.83. Following the transaction, the director now owns 12,639 shares in the company, valued at $3,860,076.99. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the completion of the sale, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Key sold 2,163 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $305.41, for a total value of $660,601.83. Following the completion of the transaction, the director now owns 12,639 shares in the company, valued at approximately $3,860,076.99. The disclosure for this sale can be found here. Insiders sold 339,572 shares of company stock valued at $111,126,265 in the last three months. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of PANW traded down $5.21 during mid-day trading on Thursday, reaching $340.94. The company had a trading volume of 421,950 shares, compared to its average volume of 4,332,406. The company has a market capitalization of $110.40 billion, a price-to-earnings ratio of 49.71, a P/E/G ratio of 5.29 and a beta of 1.13. Palo Alto Networks, Inc. has a 1-year low of $224.64 and a 1-year high of $380.84. The company’s 50 day simple moving average is $335.82 and its 200 day simple moving average is $310.46.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter last year, the firm posted $0.80 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. As a group, equities analysts forecast that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current fiscal 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.