Broadway Wealth Solutions Inc. Makes New Investment in Palo Alto Networks, Inc. (NASDAQ:PANW)

Broadway Wealth Solutions Inc. acquired a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,855 shares of the network technology company’s stock, valued at approximately $519,000. Palo Alto Networks makes up approximately 0.4% of Broadway Wealth Solutions Inc.’s investment portfolio, making the stock its 25th largest position.

Other hedge funds also recently bought and sold shares of the company. Howard Capital Management Group LLC raised its position in shares of Palo Alto Networks by 1.5% in the 3rd quarter. Howard Capital Management Group LLC now owns 106,248 shares of the network technology company’s stock worth $36,316,000 after buying an additional 1,619 shares during the period. United Bank boosted its position in Palo Alto Networks by 1.3% during the 3rd quarter. United Bank now owns 6,835 shares of the network technology company’s stock worth $2,336,000 after purchasing an additional 90 shares during the period. Fisher Asset Management LLC increased its holdings in Palo Alto Networks by 35.4% in the 3rd quarter. Fisher Asset Management LLC now owns 2,592 shares of the network technology company’s stock valued at $886,000 after purchasing an additional 677 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its position in Palo Alto Networks by 22.9% in the third quarter. Dynamic Technology Lab Private Ltd now owns 2,582 shares of the network technology company’s stock valued at $882,000 after purchasing an additional 481 shares during the period. Finally, Townsquare Capital LLC lifted its position in Palo Alto Networks by 9.2% during the 3rd quarter. Townsquare Capital LLC now owns 35,766 shares of the network technology company’s stock worth $12,225,000 after acquiring an additional 3,023 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Down 5.7 %

Shares of Palo Alto Networks stock opened at $174.44 on Friday. Palo Alto Networks, Inc. has a 12-month low of $132.50 and a 12-month high of $208.39. The business’s 50 day moving average is $187.47 and its 200-day moving average is $185.31. The stock has a market cap of $115.50 billion, a P/E ratio of 98.28, a P/E/G ratio of 5.64 and a beta of 1.04.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.06. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.24 billion. On average, sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on PANW. Loop Capital dropped their price objective on Palo Alto Networks from $385.00 to $180.00 and set a “hold” rating on the stock in a report on Tuesday, January 14th. Guggenheim lowered Palo Alto Networks from a “neutral” rating to a “sell” rating and set a $130.00 price objective for the company. in a report on Monday, January 6th. StockNews.com cut Palo Alto Networks from a “buy” rating to a “hold” rating in a report on Tuesday, December 24th. Evercore ISI dropped their target price on shares of Palo Alto Networks from $455.00 to $230.00 and set an “outperform” rating on the stock in a report on Tuesday, December 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $223.00 price target on shares of Palo Alto Networks in a research report on Wednesday, February 12th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $205.06.

Insider Activity

In other news, EVP Lee Klarich sold 99,707 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $182.45, for a total transaction of $18,191,542.15. Following the completion of the sale, the executive vice president now owns 358,197 shares in the company, valued at $65,353,042.65. The trade was a 21.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Nikesh Arora sold 490,723 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $182.45, for a total value of $89,532,411.35. Following the transaction, the chief executive officer now owns 1,086,404 shares in the company, valued at approximately $198,214,409.80. This trade represents a 31.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,122,864 shares of company stock valued at $204,315,811 over the last three months. Insiders own 2.50% of the company’s stock.

Palo Alto Networks Profile

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.