Perigon Wealth Management LLC Increases Stake in Palo Alto Networks, Inc. $PANW

Perigon Wealth Management LLC lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 43.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,517 shares of the network technology company’s stock after acquiring an additional 8,998 shares during the quarter. Perigon Wealth Management LLC’s holdings in Palo Alto Networks were worth $6,010,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PANW. Exchange Traded Concepts LLC raised its holdings in shares of Palo Alto Networks by 29.4% in the third quarter. Exchange Traded Concepts LLC now owns 32,155 shares of the network technology company’s stock worth $6,547,000 after buying an additional 7,301 shares during the period. Strive Asset Management LLC grew its position in Palo Alto Networks by 16.6% in the 1st quarter. Strive Asset Management LLC now owns 2,099 shares of the network technology company’s stock valued at $358,000 after acquiring an additional 299 shares during the last quarter. Schroder Investment Management Group lifted its position in shares of Palo Alto Networks by 7.9% during the second quarter. Schroder Investment Management Group now owns 2,234,551 shares of the network technology company’s stock worth $457,279,000 after purchasing an additional 163,718 shares during the last quarter. Richmond Investment Services LLC boosted its stake in shares of Palo Alto Networks by 87.2% during the second quarter. Richmond Investment Services LLC now owns 3,286 shares of the network technology company’s stock valued at $672,000 after purchasing an additional 1,531 shares during the period. Finally, Panagora Asset Management Inc. grew its holdings in shares of Palo Alto Networks by 4,524.0% in the second quarter. Panagora Asset Management Inc. now owns 547,944 shares of the network technology company’s stock worth $112,131,000 after purchasing an additional 536,094 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Palo Alto Networks news, Director James J. Goetz sold 12,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 75,184 shares of the company’s stock, valued at approximately $14,685,690.72. This trade represents a 14.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lee Klarich sold 120,774 shares of the company’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 completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 376,922 shares of company stock valued at $77,963,339 over the last quarter. 1.40% of the stock is currently owned by company insiders.

Palo Alto Networks Trading Up 0.7%

NASDAQ:PANW opened at $188.45 on Monday. The company has a market capitalization of $131.35 billion, a P/E ratio of 119.27, a PEG ratio of 4.48 and a beta of 0.79. Palo Alto Networks, Inc. has a 12 month low of $144.15 and a 12 month high of $223.61. The firm has a fifty day simple moving average of $199.94 and a 200-day simple moving average of $197.03.

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PANW shares. Mizuho set a $220.00 price objective on shares of Palo Alto Networks in a report on Tuesday, December 16th. BMO Capital Markets lifted their price target on shares of Palo Alto Networks from $225.00 to $230.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Robert W. Baird increased their price objective on Palo Alto Networks from $230.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, November 14th. Northland Securities raised their price objective on Palo Alto Networks from $177.00 to $190.00 and gave the stock a “market perform” rating in a report on Thursday, November 20th. Finally, TD Cowen upped their target price on Palo Alto Networks from $230.00 to $255.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Thirty-one research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $226.20.

Palo Alto Networks 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.