Whittier Trust Co. Increases Stake in Palo Alto Networks

Whittier Trust Co. of Nevada Inc. has significantly increased its investment in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 94.3% during the fourth quarter, according to the latest 13F filing submitted to the SEC. The institutional investor now holds 11,661 shares of this network technology company’s stock, having purchased an additional 5,658 shares during that quarter. As of the most recent filing, Whittier Trust Co. of Nevada Inc.'s total holdings in Palo Alto Networks are valued at approximately $2,122,000.

Many other institutional investors have also adjusted their positions in Palo Alto Networks. For instance, the National Pension Service increased its stake by 82.1% in the fourth quarter, now owning 1,345,740 shares worth $244,871,000 after acquiring an additional 606,778 shares. Similarly, Blue Trust Inc. raised its investment by 31.7%, resulting in ownership of 3,883 shares valued at $707,000 after purchasing 934 shares.

New York Life Investment Management LLC also raised its stake by an impressive 103.0%, now holding 97,351 shares worth $17,714,000 following an increase of 49,391 shares. Schaper Benz & Wise Investment Counsel Inc. WI raised its position by 96.8%, gaining 3,070 shares worth $559,000 after buying an additional 1,510 shares. Finally, Trinity Legacy Partners LLC boosted its stake by 107.5%, now owning 26,672 shares valued at $4,853,000 after acquiring an additional 13,819 shares. Overall, institutional investors now own 79.82% of the company's stock.

Insider Sales

In recent insider activity, CEO Nikesh Arora sold 490,723 shares of Palo Alto Networks in a transaction dated February 3rd. The average price of the stock at this time was $182.45, bringing the total sale amount to $89,532,411.35. After this sale, the CEO retained ownership of 1,086,404 shares, which are valued at around $198,214,409.80. This transaction marked a 31.11% decrease in his position. Additionally, Executive Vice President Lee Klarich sold 120,000 shares on January 6th for an average price of $179.70, totaling $21,564,000. After this sale, Klarich now holds 365,856 shares worth approximately $65,744,323.20, reflecting a 24.70% decrease in position. In total, insiders sold 1,122,864 shares valued at $204,315,811 during the last quarter, while insiders currently own 2.50% of the company’s stock.

Analysts' Predictions

Wall Street analysts have provided a range of ratings and price targets for Palo Alto Networks shares. For example, Susquehanna raised its price target from $217.50 to $230.00 while maintaining a “positive” rating. Cantor Fitzgerald also reaffirmed an “overweight” rating, setting a price target of $223.00. JMP Securities lifted their price target from $208.00 to $212.00, indicating a “market outperform” rating. Conversely, HSBC Global Research downgraded Palo Alto Networks from a “hold” to a “moderate sell” rating. In another update, UBS Group increased its price target from $190.00 to $200.00 while assigning a “neutral” rating. In terms of overall recommendations, three analysts rate the stock as a sell, eleven give it a hold rating, twenty-eight developers consider it a buy, and one analyst has given it a strong buy. The consensus rating remains at “Moderate Buy” with an average target price set at $205.06.

Palo Alto Networks Stock Performance

On Friday, shares of NASDAQ:PANW opened at $182.32. The stock has seen a 12-month low of $132.50 and a high of $208.39. The stock's average price over the past 50 days is $186.59, while its 200-day moving average price stands at $185.00. Currently, Palo Alto Networks holds a market cap of about $120.71 billion, a price-to-earnings ratio of 102.72, and a price-to-earnings-growth ratio of 5.64 with a beta of 1.04. Recently, the company reported its earnings on February 13th, showing an earnings per share (EPS) of $0.81, which was above analysts' consensus expectations of $0.75. The company generated a revenue of $2.26 billion, slightly exceeding analyst predictions of $2.24 billion. Analysts forecast an EPS of 1.76 for the current year.

Palo Alto Networks Overview

Palo Alto Networks, Inc. is recognized for providing comprehensive cybersecurity solutions globally. The company offers various products such as firewall appliances and software, alongside a security management solution called Panorama. This solution is designed for managing network security either virtually or physically. The company also provides an array of subscription services that include threat prevention, malware protection, DNS security, and more.

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