Centaurus Financial Inc. Takes Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Centaurus Financial Inc. purchased a new stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) in the 3rd quarter, Holdings Channel reports. The fund purchased 4,518 shares of the network technology company’s stock, valued at approximately $740,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PANW. Vanguard Group Inc. increased its position in shares of Palo Alto Networks by 150.3% during the 3rd 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 during the last quarter. First Trust Advisors LP grew its stake in shares of Palo Alto Networks by 171.2% during the 3rd quarter. First Trust Advisors LP now owns 2,434,431 shares of the network technology company’s stock valued at $398,735,000 after acquiring an additional 1,536,744 shares during the period. Jennison Associates LLC grew its stake in shares of Palo Alto Networks by 239.8% during the 3rd quarter. Jennison Associates LLC now owns 2,171,621 shares of the network technology company’s stock valued at $355,690,000 after acquiring an additional 1,532,582 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Palo Alto Networks by 199.5% during the 3rd 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 acquiring an additional 1,463,568 shares during the period. Finally, Two Sigma Advisers LP grew its stake in shares of Palo Alto Networks by 408.6% during the 3rd quarter. Two Sigma Advisers LP now owns 1,813,506 shares of the network technology company’s stock valued at $297,034,000 after acquiring an additional 1,456,904 shares during the period. Hedge funds and other institutional investors own 81.82% of the company’s stock.

Palo Alto Networks Stock Down 0.3 %

PANW stock opened at $189.12 on Friday. The firm has a market cap of $57.23 billion, a price-to-earnings ratio of 2,701.71, a PEG ratio of 4.90 and a beta of 1.16. Palo Alto Networks, Inc. has a twelve month low of $132.22 and a twelve month high of $213.63. The business’s fifty day simple moving average is $166.80 and its two-hundred day simple moving average is $162.55.

Analysts Set New Price Targets

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A number of brokerages recently issued reports on PANW. UBS Group boosted their price objective on Palo Alto Networks from $155.00 to $200.00 and gave the company a “neutral” rating in a research note on Wednesday, February 22nd. Cowen reiterated a “buy” rating and set a $207.00 price objective on shares of Palo Alto Networks in a research note on Friday, November 18th. The Goldman Sachs Group upped their price target on Palo Alto Networks from $205.00 to $213.00 and gave the stock a “buy” rating in a research note on Wednesday, February 22nd. Robert W. Baird upped their price target on Palo Alto Networks from $220.00 to $230.00 and gave the stock 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 stock an “overweight” rating in a research note on Wednesday, February 22nd. Five investment analysts have rated the stock with a hold rating and thirty-four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $234.77.

Insider Activity

In other news, EVP Nir Zuk sold 26,625 shares of the firm’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $138.46, for a total transaction of $3,686,497.50. Following the transaction, the executive vice president now owns 1,882,898 shares in the company, valued at $260,706,057.08. The sale was disclosed in a legal filing with the SEC, which is accessible 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 transaction of $2,125,027.32. Following the sale, the executive vice president now owns 619,266 shares of the company’s stock, valued at $84,145,864.08. The sale was disclosed in a filing with the SEC, which is available 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 shares were sold at an average price of $138.46, for a total value of $3,686,497.50. Following the sale, the executive vice president now directly owns 1,882,898 shares in the company, valued at approximately $260,706,057.08. The disclosure for this sale can be found here. Over the last 90 days, 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.