Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Bought by Cornerstone Enterprises LLC

by · The Markets Daily

Cornerstone Enterprises LLC boosted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 10.3% in the first quarter, Holdings Channel reports. The fund owned 12,881 shares of the network technology company’s stock after purchasing an additional 1,207 shares during the period. Palo Alto Networks accounts for about 1.3% of Cornerstone Enterprises LLC’s portfolio, making the stock its 15th biggest position. Cornerstone Enterprises LLC’s holdings in Palo Alto Networks were worth $2,198,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL increased its position in shares of Palo Alto Networks by 64.0% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock worth $26,000 after acquiring an additional 55 shares in the last quarter. JDM Financial Group LLC grew its stake in shares of Palo Alto Networks by 22.4% during the fourth quarter. JDM Financial Group LLC now owns 322 shares of the network technology company’s stock valued at $59,000 after acquiring an additional 59 shares in the last quarter. Penobscot Investment Management Company Inc. grew its stake in shares of Palo Alto Networks by 0.3% during the first quarter. Penobscot Investment Management Company Inc. now owns 18,983 shares of the network technology company’s stock valued at $3,239,000 after acquiring an additional 63 shares in the last quarter. Adero Partners LLC grew its stake in shares of Palo Alto Networks by 4.3% during the first quarter. Adero Partners LLC now owns 1,556 shares of the network technology company’s stock valued at $266,000 after acquiring an additional 64 shares in the last quarter. Finally, Snider Financial Group grew its stake in Palo Alto Networks by 0.4% during the 1st quarter. Snider Financial Group now owns 17,729 shares of the network technology company’s stock valued at $3,025,000 after purchasing an additional 65 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Trading Down 1.0%

Shares of NASDAQ:PANW opened at $202.34 on Friday. Palo Alto Networks, Inc. has a 1 year low of $142.01 and a 1 year high of $208.39. The business has a fifty day simple moving average of $190.04 and a 200 day simple moving average of $185.39. The firm has a market cap of $134.92 billion, a price-to-earnings ratio of 115.62, a P/E/G ratio of 5.70 and a beta of 0.97.

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

Analyst Ratings Changes

PANW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective on 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. Wells Fargo & Company lifted their price objective on shares of Palo Alto Networks from $225.00 to $235.00 and gave the stock an “overweight” rating in a report on Wednesday, May 21st. Barclays lowered their price objective on Palo Alto Networks from $213.00 to $210.00 and set an “overweight” rating for the company in a research note on Wednesday, May 21st. Roth Capital started coverage on Palo Alto Networks in a research note on Thursday, May 15th. They set a “neutral” rating and a $210.00 price objective for the company. Finally, Truist Financial reduced their price target on shares of Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating for the company in a report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $208.00.

Read Our Latest Research Report on PANW

Insider Activity

In related news, 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 value of $1,009,250.00. Following the transaction, the executive vice president now directly owns 101,135 shares of the company’s stock, valued at approximately $20,414,099.75. This trade represents a 4.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nikesh Arora sold 227,414 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $172.73, for a total value of $39,281,220.22. Following the completion of the transaction, the chief executive officer now directly owns 317,571 shares in the company, valued at $54,854,038.83. The trade was a 41.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 795,536 shares of company stock worth $141,007,618. 2.50% of the stock is owned by corporate insiders.

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.

See Also

Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report).