Coastal Bridge Advisors LLC Has $5.94 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Coastal Bridge Advisors LLC cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,513 shares of the network technology company’s stock after selling 72 shares during the period. Palo Alto Networks comprises approximately 1.5% of Coastal Bridge Advisors LLC’s investment portfolio, making the stock its 17th biggest position. Coastal Bridge Advisors LLC’s holdings in Palo Alto Networks were worth $5,937,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PANW. Vanguard Group Inc. grew its holdings in shares of Palo Alto Networks by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock valued at $8,118,190,000 after purchasing an additional 1,002,239 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Palo Alto Networks by 8.5% during the second quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock worth $1,099,564,000 after buying an additional 255,060 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Palo Alto Networks by 7.6% during the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock worth $799,792,000 after buying an additional 198,078 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Palo Alto Networks by 5.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company’s stock valued at $757,321,000 after acquiring an additional 114,742 shares in the last quarter. Finally, William Blair Investment Management LLC grew its position in Palo Alto Networks by 8.0% during the 2nd quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock worth $339,183,000 after acquiring an additional 73,922 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on PANW shares. Wells Fargo & Company increased their target price on Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Piper Sandler lifted their target price on shares of Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. UBS Group raised their price target on shares of Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Sanford C. Bernstein boosted their price objective on shares of Palo Alto Networks from $364.00 to $399.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $350.00 target price on shares of Palo Alto Networks in a research report on Monday, August 19th. Thirteen analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $366.08.

Palo Alto Networks Stock Down 0.9 %

PANW stock opened at $335.75 on Friday. The stock’s 50 day moving average is $337.12 and its 200-day moving average is $315.35. Palo Alto Networks, Inc. has a twelve month low of $230.09 and a twelve month high of $380.84. The firm has a market capitalization of $109.32 billion, a PE ratio of 48.80, a P/E/G ratio of 4.98 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $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 Transactions at Palo Alto Networks

In other news, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total value of $22,865,104.68. Following the completion of the transaction, the chief executive officer now owns 639,994 shares in the company, valued at $219,505,142.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total value of $20,698,800.00. Following the sale, the executive vice president now owns 159,009 shares in the company, valued at $54,854,924.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Nikesh Arora sold 66,666 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total value of $22,865,104.68. Following the completion of the transaction, the chief executive officer now owns 639,994 shares in the company, valued at $219,505,142.12. The disclosure for this sale can be found here. Insiders have sold 464,075 shares of company stock worth $154,029,567 in the last ninety days. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Company 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.