Saturna Capital Corp Has $1.49 Million Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Saturna Capital Corp increased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 136.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 8,169 shares of the network technology company’s stock after acquiring an additional 4,710 shares during the quarter. Saturna Capital Corp’s holdings in Palo Alto Networks were worth $1,486,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in Palo Alto Networks by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 7,656,968 shares of the network technology company’s stock worth $2,609,486,000 after purchasing an additional 220,900 shares during the last quarter. Jennison Associates LLC grew its position in Palo Alto Networks by 83.0% during the fourth quarter. Jennison Associates LLC now owns 5,759,689 shares of the network technology company’s stock worth $1,048,033,000 after buying an additional 2,612,474 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Palo Alto Networks by 109.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,202,926 shares of the network technology company’s stock worth $764,764,000 after buying an additional 2,197,765 shares in the last quarter. Raymond James Financial Inc. bought a new position in Palo Alto Networks during the fourth quarter valued at about $388,155,000. Finally, Nordea Investment Management AB raised its holdings in Palo Alto Networks by 199.1% in the 4th quarter. Nordea Investment Management AB now owns 1,822,336 shares of the network technology company’s stock valued at $333,925,000 after acquiring an additional 1,213,073 shares in the last quarter. Institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 235,492 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $183.32, for a total value of $43,170,393.44. Following the completion of the sale, the chief executive officer now owns 1,086,404 shares of the company’s stock, valued at approximately $199,159,581.28. This represents a 17.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 700 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $181.22, for a total transaction of $126,854.00. Following the completion of the sale, the chief accounting officer now owns 47,976 shares in the company, valued at approximately $8,694,210.72. This trade represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,122,864 shares of company stock valued at $204,315,811. 2.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PANW has been the topic of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and set a $225.00 price objective on shares of Palo Alto Networks in a report on Monday, February 10th. Hsbc Global Res lowered shares of Palo Alto Networks from a “hold” rating to a “moderate sell” rating in a report on Friday, November 22nd. Wells Fargo & Company raised their price objective on shares of Palo Alto Networks from $208.00 to $225.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Piper Sandler upped their target price on shares of Palo Alto Networks from $165.00 to $192.50 and gave the company a “neutral” rating in a research note on Thursday, November 21st. Finally, Needham & Company LLC raised their price target on shares of Palo Alto Networks from $192.50 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $205.06.

Palo Alto Networks Price Performance

PANW opened at $178.93 on Wednesday. The firm has a 50 day simple moving average of $185.78 and a 200 day simple moving average of $184.83. Palo Alto Networks, Inc. has a fifty-two week low of $132.50 and a fifty-two week high of $208.39. The company has a market cap of $118.47 billion, a price-to-earnings ratio of 100.81, a price-to-earnings-growth ratio of 5.64 and a beta of 1.04.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Thursday, February 13th. The network technology company reported $0.81 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $2.24 billion. As a group, analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

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.