Procyon Advisors LLC Purchases 3,866 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Procyon Advisors LLC boosted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 49.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,692 shares of the network technology company’s stock after buying an additional 3,866 shares during the period. Procyon Advisors LLC’s holdings in Palo Alto Networks were worth $3,995,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC raised its holdings in shares of Palo Alto Networks by 352.6% during the 3rd quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after buying an additional 67 shares in the last quarter. Pathway Financial Advisers LLC purchased a new position in shares of Palo Alto Networks during the first quarter valued at approximately $25,000. First PREMIER Bank lifted its stake in Palo Alto Networks by 48.4% in the third quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock worth $32,000 after acquiring an additional 31 shares during the period. Financial Synergies Wealth Advisors Inc. boosted its holdings in Palo Alto Networks by 3,200.0% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 96 shares in the last quarter. Finally, Central Bank & Trust Co. boosted its holdings in Palo Alto Networks by 89.3% in the first quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock valued at $30,000 after acquiring an additional 50 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Up 0.7 %

Palo Alto Networks stock opened at $375.98 on Monday. The company’s 50 day moving average is $342.20 and its two-hundred day moving average is $320.00. The firm has a market cap of $121.74 billion, a PE ratio of 54.24, a price-to-earnings-growth ratio of 5.26 and a beta of 1.13. Palo Alto Networks, Inc. has a 52-week low of $233.81 and a 52-week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.10. The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.80 EPS. On average, equities research analysts anticipate that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 10,000 shares of Palo Alto Networks stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the completion of the transaction, the director now directly owns 31,517 shares in the company, valued at $10,983,359.33. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Mary Pat Mccarthy sold 10,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the transaction, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the transaction, the executive vice president now owns 1,187,567 shares in the company, valued at $377,373,165.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 269,866 shares of company stock valued at $88,620,447. Company insiders own 3.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PANW shares. Rosenblatt Securities lifted their target price on shares of Palo Alto Networks from $300.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Barclays increased their price target on shares of Palo Alto Networks from $350.00 to $370.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Northland Securities raised their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the company a “market perform” rating in a research report on Tuesday, August 20th. Evercore ISI lifted their price target on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Palo Alto Networks from $330.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Eleven equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $372.28.

About Palo Alto Networks

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.