CoreCap Advisors LLC Raises Position in Palo Alto Networks, Inc. $PANW

CoreCap Advisors LLC raised its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 44.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,694 shares of the network technology company’s stock after buying an additional 2,987 shares during the quarter. CoreCap Advisors LLC’s holdings in Palo Alto Networks were worth $1,974,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Darwin Wealth Management LLC purchased a new position in shares of Palo Alto Networks during the second quarter worth about $25,000. Whipplewood Advisors LLC lifted its position in Palo Alto Networks by 6,400.0% during the second quarter. Whipplewood Advisors LLC now owns 130 shares of the network technology company’s stock valued at $27,000 after purchasing an additional 128 shares during the last quarter. Briaud Financial Planning Inc bought a new stake in Palo Alto Networks during the second quarter valued at approximately $28,000. Howard Hughes Medical Institute purchased a new position in Palo Alto Networks in the 2nd quarter worth approximately $29,000. Finally, MTM Investment Management LLC bought a new position in shares of Palo Alto Networks in the 2nd quarter worth $31,000. 79.82% of the stock is currently owned by institutional investors.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock opened at $190.80 on Friday. Palo Alto Networks, Inc. has a 52-week low of $144.15 and a 52-week high of $223.61. The company’s 50 day moving average price is $194.46 and its 200-day moving average price is $196.25. The stock has a market capitalization of $132.99 billion, a price-to-earnings ratio of 120.76, a P/E/G ratio of 4.62 and a beta of 0.76.

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

Insiders Place Their Bets

In related news, EVP Dipak Golechha sold 5,000 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $188.18, for a total transaction of $940,900.00. Following the transaction, the executive vice president owned 155,119 shares in the company, valued at $29,190,293.42. The trade was a 3.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Josh D. Paul sold 800 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $184.81, for a total value of $147,848.00. Following the transaction, the chief accounting officer directly owned 46,005 shares of the company’s stock, valued at $8,502,184.05. The trade was a 1.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 261,248 shares of company stock valued at $53,316,149 over the last three months. Company insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PANW shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Palo Alto Networks in a report on Monday, December 29th. Westpark Capital reaffirmed a “hold” rating on shares of Palo Alto Networks in a research note on Thursday, November 20th. Barclays upped their price objective on Palo Alto Networks from $215.00 to $230.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Piper Sandler reissued an “overweight” rating and set a $265.00 price objective (up from $230.00) on shares of Palo Alto Networks in a report on Monday. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $250.00 target price (up previously from $235.00) on shares of Palo Alto Networks in a research note on Tuesday, November 11th. Thirty-one equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $227.99.

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.