Primecap Management Co. CA Has $175.14 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Primecap Management Co. CA trimmed its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 512,390 shares of the network technology company’s stock after selling 3,710 shares during the period. Primecap Management Co. CA’s holdings in Palo Alto Networks were worth $175,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its position in shares of Palo Alto Networks by 34,318.2% during the 3rd quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock valued at $1,113,948,000 after acquiring an additional 3,249,594 shares during the period. Legal & General Group Plc lifted its position in shares of Palo Alto Networks by 8.5% during the 2nd quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock valued at $1,099,564,000 after acquiring an additional 255,060 shares during the period. Jennison Associates LLC lifted its position in shares of Palo Alto Networks by 50.1% during the 3rd quarter. Jennison Associates LLC now owns 3,147,215 shares of the network technology company’s stock valued at $1,075,718,000 after acquiring an additional 1,050,173 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Palo Alto Networks by 5.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company’s stock valued at $757,321,000 after acquiring an additional 114,742 shares during the period. Finally, William Blair Investment Management LLC lifted its position in shares of Palo Alto Networks by 8.0% during the 2nd quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock valued at $339,183,000 after acquiring an additional 73,922 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Price Performance

NASDAQ:PANW opened at $392.89 on Thursday. The business has a fifty day simple moving average of $362.55 and a two-hundred day simple moving average of $338.41. Palo Alto Networks, Inc. has a 1 year low of $258.17 and a 1 year high of $408.53. The company has a market capitalization of $127.92 billion, a P/E ratio of 54.19, a P/E/G ratio of 5.63 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Wednesday, November 20th. The network technology company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.08. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.63 earnings per share. As a group, analysts anticipate that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Insider Activity

In related news, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the completion of the transaction, the executive vice president now directly owns 1,115,567 shares in the company, valued at $370,926,027.50. The trade was a 3.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the transaction, the director now owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The trade was a 24.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 254,252 shares of company stock worth $89,041,637. 2.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PANW. Barclays upped their target price on Palo Alto Networks from $410.00 to $425.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Royal Bank of Canada upped their price objective on Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Northland Securities upped their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 20th. Scotiabank upped their price objective on Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 20th. Finally, Piper Sandler upped their price objective on Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-nine have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Palo Alto Networks presently has an average rating of “Moderate Buy” and a consensus price target of $391.92.

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.