Toroso Investments LLC Has $927,000 Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Posted March 19, 2023

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Toroso Investments LLC grew its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) by 204.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,663 shares of the network technology company’s stock after buying an additional 3,805 shares during the quarter. Toroso Investments LLC’s holdings in Palo Alto Networks were worth $927,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PANW. Vanguard Group Inc. lifted its position in shares of Palo Alto Networks by 150.3% during the third quarter. Vanguard Group Inc. now owns 19,223,780 shares of the network technology company’s stock valued at $3,148,664,000 after purchasing an additional 11,544,319 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Palo Alto Networks by 171.2% during the third quarter. First Trust Advisors LP now owns 2,434,431 shares of the network technology company’s stock valued at $398,735,000 after purchasing an additional 1,536,744 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Palo Alto Networks by 199.5% during the third quarter. Canada Pension Plan Investment Board now owns 2,197,356 shares of the network technology company’s stock valued at $359,905,000 after purchasing an additional 1,463,568 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Palo Alto Networks by 239.8% during the third quarter. Jennison Associates LLC now owns 2,171,621 shares of the network technology company’s stock valued at $355,690,000 after purchasing an additional 1,532,582 shares in the last quarter. Finally, Pictet Asset Management SA lifted its position in shares of Palo Alto Networks by 148.1% during the third quarter. Pictet Asset Management SA now owns 1,992,079 shares of the network technology company’s stock valued at $326,282,000 after purchasing an additional 1,189,208 shares in the last quarter. 81.82% of the stock is currently owned by institutional investors and hedge funds.

Palo Alto Networks Trading Down 0.3 %

PANW opened at $189.12 on Friday. The company has a market cap of $57.23 billion, a P/E ratio of 2,579.03, a P/E/G ratio of 4.89 and a beta of 1.16. The business’s 50-day moving average price is $166.80 and its 200-day moving average price is $162.54. Palo Alto Networks, Inc. has a 12 month low of $132.22 and a 12 month high of $213.63.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. KeyCorp lifted their price objective on shares of Palo Alto Networks from $210.00 to $230.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 22nd. Deutsche Bank Aktiengesellschaft upped their price objective on Palo Alto Networks from $165.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, February 22nd. The Goldman Sachs Group raised their target price on Palo Alto Networks from $205.00 to $213.00 and gave the stock a “buy” rating in a research report on Wednesday, February 22nd. Royal Bank of Canada boosted their target price on Palo Alto Networks from $200.00 to $216.00 and gave the company an “outperform” rating in a research note on Wednesday, February 22nd. Finally, Barclays upped their price target on Palo Alto Networks from $215.00 to $227.00 and gave the company an “overweight” rating in a research report on Wednesday, February 22nd. Five investment analysts have rated the stock with a hold rating and thirty-four have assigned a buy rating to the company. Based on data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and an average target price of $234.77.

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 15,639 shares of Palo Alto Networks stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $135.88, for a total value of $2,125,027.32. Following the transaction, the executive vice president now owns 619,266 shares in the company, valued at $84,145,864.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Lee Klarich sold 15,639 shares of the firm’s stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $135.88, for a total value of $2,125,027.32. Following the sale, the executive vice president now directly owns 619,266 shares of the company’s stock, valued at $84,145,864.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 26,625 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $138.46, for a total value of $3,686,497.50. Following the completion of the sale, the executive vice president now directly owns 1,882,898 shares in the company, valued at $260,706,057.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 157,644 shares of company stock worth $27,482,009. Company insiders own 3.90% of the company’s stock.

Palo Alto Networks Company Profile

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Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.