Savoie Capital LLC Reduces Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

VaselineSeptember 24, 2024

0 4 minutes read

Savoie Capital LLC reduced its position in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 26.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 9,929 shares of the network technology company’s stock after selling 3,500 shares during the quarter. Savoie Capital LLC’s holdings in Palo Alto Networks were worth $3,366,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Sunbelt Securities Inc. grew its position in shares of Palo Alto Networks by 91.0% in the first quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock worth $478,000 after acquiring an additional 802 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after buying an additional 198,078 shares in the last quarter. Brookstone Capital Management boosted its holdings in Palo Alto Networks by 48.4% in the first quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock worth $7,502,000 after purchasing an additional 8,611 shares during the last quarter. Wealthspire Advisors LLC raised its position in shares of Palo Alto Networks by 1.7% in the first quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock valued at $1,244,000 after purchasing an additional 75 shares during the last quarter. Finally, Connectus Wealth LLC boosted its holdings in shares of Palo Alto Networks by 22.8% during the 4th quarter. Connectus Wealth LLC now owns 43,813 shares of the network technology company’s stock, valued at $12,920,000. after buying an additional 8,132 shares in the last quarter. 79.82% of shares are owned by institutional investors and hedge funds.

Palo Alto Networks stock performance

Shares of PANW stock opened at $344.17 on Tuesday. The stock has a market cap of $111.44 billion, a PE ratio of 50.02, a price-to-earnings-growth ratio of 5.04 and a beta of 1.13. The company’s fifty day moving average is $336.46 and its 200 day moving average is $313.98. Palo Alto Networks, Inc. has a 1 year low of $224.64 and a 1 year high of $380.84.

Want more great investment ideas?

Palo Alto Networks (NASDAQ:PANW – Get Free Report ) last posted its quarterly earnings results on Monday, August 19th. The networking technology company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion during 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%. Palo Alto Networks’ revenue was up 12.1% year over year. During the same period in the previous year, the company earned $0.80 EPS. Equities research analysts predict that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current year.

Insider buying and selling

In other news, Chairman William D. Jenkins, Jr. sold 1,475 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $339.12, for a total transaction of $500,202.00. Following the completion of the sale, the chairman now owns 19,026 shares in the company, valued at approximately $6,452,097.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. In other news, Chairman William D. Jenkins, Jr. sold 1,475 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $339.12, for a total transaction of $500,202.00. Following the sale, the chairman now owns 19,026 shares in the company, valued at $6,452,097.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $339.16, for a total transaction of $12,209,760.00. Following the sale, the executive vice president now directly owns 1,223,567 shares in the company, valued at $414,984,983.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 464,075 shares of company stock worth $154,029,567. Corporate insiders own 3.30% of the company’s shares.

Analysts set new price targets

Several research firms recently issued reports on PANW. DA Davidson boosted their target price on shares of Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Wells Fargo & Company upped their target price on shares of Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. BTIG Research upped their target price on shares of Palo Alto Networks from $366.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Barclays boosted their price objective on Palo Alto Networks from $350.00 to $370.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, TD Cowen lifted their price target on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average target price of $366.08, according to data from MarketBeat.

Check out the latest stock analysis on PANW

About Palo Alto Networks

(Free Report)

Palo Alto Networks, Inc. provides cybersecurity solutions worldwide. The company provides firewall devices and software; and Panorama, a security management solution for global control of the network security platform as a virtual or physical appliance. It also offers subscription services covering the areas of threat prevention, malware and persistent threats, URL filtering, laptop and mobile protection, DNS security, Internet of Things security, API SaaS security and inline SaaS security, as well as threat intelligence and data loss prevention.