Palo Alto Networks, Inc. $PANW is Adell Harriman & Carpenter Inc.’s 7th Largest Position

Adell Harriman & Carpenter Inc. increased its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 223,159 shares of the network technology company’s stock after purchasing an additional 8,220 shares during the period. Palo Alto Networks makes up approximately 2.8% of Adell Harriman & Carpenter Inc.’s holdings, making the stock its 7th biggest position. Adell Harriman & Carpenter Inc.’s holdings in Palo Alto Networks were worth $45,440,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC lifted its stake in shares of Palo Alto Networks by 147.7% in the fourth quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company’s stock worth $1,230,000 after buying an additional 4,031 shares in the last quarter. Bison Wealth LLC lifted its position in Palo Alto Networks by 169.1% in the 4th quarter. Bison Wealth LLC now owns 5,212 shares of the network technology company’s stock valued at $948,000 after acquiring an additional 3,275 shares in the last quarter. Sivia Capital Partners LLC lifted its position in Palo Alto Networks by 66.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,484 shares of the network technology company’s stock valued at $713,000 after acquiring an additional 1,389 shares in the last quarter. Canopy Partners LLC boosted its stake in Palo Alto Networks by 31.1% during the 2nd quarter. Canopy Partners LLC now owns 2,194 shares of the network technology company’s stock valued at $449,000 after purchasing an additional 520 shares during the last quarter. Finally, Simplicity Wealth LLC increased its holdings in shares of Palo Alto Networks by 96.0% in the 2nd quarter. Simplicity Wealth LLC now owns 2,572 shares of the network technology company’s stock worth $526,000 after purchasing an additional 1,260 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PANW shares. BTIG Research reaffirmed a “buy” rating on shares of Palo Alto Networks in a report on Wednesday, December 17th. TD Cowen upped their target price on shares of Palo Alto Networks from $230.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Hsbc Global Res lowered shares of Palo Alto Networks from a “hold” rating to a “moderate sell” rating in a research note on Thursday, November 20th. Cantor Fitzgerald reissued an “overweight” rating on shares of Palo Alto Networks in a report on Monday, November 24th. Finally, Oppenheimer restated an “outperform” rating and issued a $245.00 target price on shares of Palo Alto Networks in a report on Thursday, November 20th. Thirty-one investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $229.09.

Palo Alto Networks Stock Performance

NASDAQ:PANW opened at $166.24 on Wednesday. The stock has a 50-day simple moving average of $186.65 and a two-hundred day simple moving average of $194.25. The firm has a market capitalization of $115.87 billion, a PE ratio of 105.22, a P/E/G ratio of 4.18 and a beta of 0.75. Palo Alto Networks, Inc. has a 52-week low of $144.15 and a 52-week high of $223.61.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Thursday, November 20th. The network technology company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.89 by $0.04. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.46 billion. Palo Alto Networks had a return on equity of 17.05% and a net margin of 11.69%.The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.56 earnings per share. Equities analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Lee Klarich sold 120,774 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $191.91, for a total transaction of $23,177,738.34. Following the sale, the executive vice president directly owned 327,645 shares in the company, valued at $62,878,351.95. This trade represents a 26.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James J. Goetz sold 12,500 shares of Palo Alto Networks stock in a transaction on Monday, December 8th. The shares were sold at an average price of $195.33, for a total transaction of $2,441,625.00. Following the transaction, the director owned 75,184 shares in the company, valued at approximately $14,685,690.72. This trade represents a 14.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 260,542 shares of company stock worth $49,910,995 over the last ninety days. Company insiders own 1.40% of the company’s stock.

Palo Alto Networks Company Profile

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.