Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Acquired by TBH Global Asset Management LLC

by · The Markets Daily

TBH Global Asset Management LLC lifted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 138.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,122 shares of the network technology company’s stock after purchasing an additional 10,525 shares during the period. Palo Alto Networks comprises 0.3% of TBH Global Asset Management LLC’s portfolio, making the stock its 28th largest position. TBH Global Asset Management LLC’s holdings in Palo Alto Networks were worth $3,092,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Uniting Wealth Partners LLC bought a new stake in shares of Palo Alto Networks in the fourth quarter worth $548,000. Rehmann Capital Advisory Group increased its stake in shares of Palo Alto Networks by 106.4% in the fourth quarter. Rehmann Capital Advisory Group now owns 2,378 shares of the network technology company’s stock worth $433,000 after buying an additional 1,226 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Palo Alto Networks by 94.3% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 11,661 shares of the network technology company’s stock worth $2,122,000 after buying an additional 5,658 shares during the last quarter. Knights of Columbus Asset Advisors LLC increased its stake in shares of Palo Alto Networks by 108.1% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 21,354 shares of the network technology company’s stock worth $3,886,000 after buying an additional 11,095 shares during the last quarter. Finally, Mosley Wealth Management increased its stake in shares of Palo Alto Networks by 116.2% in the fourth quarter. Mosley Wealth Management now owns 3,023 shares of the network technology company’s stock worth $561,000 after buying an additional 1,625 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Guggenheim reiterated a “sell” rating and set a $130.00 target price on shares of Palo Alto Networks in a research note on Wednesday, May 21st. KeyCorp reiterated an “overweight” rating and set a $220.00 target price on shares of Palo Alto Networks in a research note on Wednesday, May 21st. JPMorgan Chase & Co. lowered their target price on shares of Palo Alto Networks from $225.00 to $221.00 and set an “overweight” rating for the company in a research note on Wednesday, May 21st. 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. Finally, Stephens lowered shares of Palo Alto Networks from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $208.00.

Check Out Our Latest Research Report on Palo Alto Networks

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $200.57 on Friday. Palo Alto Networks, Inc. has a 52 week low of $142.01 and a 52 week high of $208.39. The firm 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 company has a 50 day moving average price of $190.70 and a 200 day moving average price of $185.33.

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

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 120,774 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $151.13, for a total transaction of $18,252,574.62. Following the completion of the sale, the executive vice president now owns 321,774 shares of the company’s stock, valued at approximately $48,629,704.62. This trade represents a 27.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Dipak Golechha sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $201.85, for a total transaction of $1,009,250.00. Following the completion of the transaction, the executive vice president now directly owns 101,135 shares in the company, valued at approximately $20,414,099.75. The trade was a 4.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 795,536 shares of company stock worth $141,007,618. Company insiders own 2.50% of the company’s stock.

Palo Alto Networks Company Profile

(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.

See Also

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