Confluence Wealth Services Inc. Acquires 480 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

by · The Cerbat Gem

Confluence Wealth Services Inc. grew its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 36.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,803 shares of the network technology company’s stock after purchasing an additional 480 shares during the period. Confluence Wealth Services Inc.’s holdings in Palo Alto Networks were worth $303,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Transce3nd LLC bought a new position in Palo Alto Networks in the 4th quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL increased its holdings in Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock worth $26,000 after purchasing an additional 55 shares in the last quarter. Kiely Wealth Advisory Group Inc. raised its position in Palo Alto Networks by 100.0% in the fourth quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company’s stock valued at $29,000 after purchasing an additional 75 shares during the last quarter. Anchor Investment Management LLC boosted its stake in shares of Palo Alto Networks by 100.0% during the fourth quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 78 shares in the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in shares of Palo Alto Networks in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Insider Activity at Palo Alto Networks

In other news, CAO Josh D. Paul sold 800 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $201.05, for a total transaction of $160,840.00. Following the completion of the transaction, the chief accounting officer now directly owns 42,033 shares of the company’s stock, valued at $8,450,734.65. This represents a 1.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dipak Golechha sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $201.85, for a total transaction of $1,009,250.00. Following the sale, the executive vice president now owns 101,135 shares of the company’s stock, valued at approximately $20,414,099.75. The trade was a 4.71% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 795,536 shares of company stock valued at $141,007,618. 2.50% of the stock is owned by insiders.

Palo Alto Networks Price Performance

PANW opened at $200.57 on Monday. Palo Alto Networks, Inc. has a 1 year low of $142.01 and a 1 year high of $208.39. The company has a market capitalization of $133.74 billion, a price-to-earnings ratio of 114.61, a P/E/G ratio of 5.60 and a beta of 0.97. The firm’s fifty day moving average price is $190.70 and its two-hundred day moving average price is $185.23.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 earnings per share. As a group, equities analysts anticipate that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on PANW. Stephens lowered shares of Palo Alto Networks from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 1st. Rosenblatt Securities reiterated a “buy” rating and issued a $235.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 20th. Truist Financial reduced their target price on Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Hsbc Global Res upgraded shares of Palo Alto Networks from a “moderate sell” rating to a “hold” rating in a research report on Thursday, April 10th. Finally, Roth Capital assumed coverage on shares of Palo Alto Networks in a research note on Thursday, May 15th. They set a “neutral” rating and a $210.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus price target of $208.00.

Check Out Our Latest Stock Analysis on Palo Alto Networks

About Palo Alto Networks

(Free Report)

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.

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