Steinberganna Wealth Management has made a significant investment in Palo Alto Networks, Inc. (NASDAQ:PANW) by acquiring 17,118 shares valued at approximately $3.5 million. This purchase occurred during the third quarter of 2023, as reported by Holdings Channel. The shares represent about 1.6% of Steinberganna’s total portfolio, positioning Palo Alto Networks as the firm’s 13th largest investment.
Several other institutional investors also adjusted their positions in Palo Alto Networks recently. In the second quarter, Darwin Wealth Management LLC acquired a new stake valued at around $25,000. Whipplewood Advisors LLC saw a dramatic increase, growing its holdings by 6,400%, resulting in ownership of 130 shares worth $27,000 after purchasing an additional 128 shares. Other notable transactions include Briaud Financial Planning Inc. with a new position valued at approximately $28,000, and Howard Hughes Medical Institute, which acquired shares worth about $29,000. MTM Investment Management LLC also entered the market, purchasing shares valued at around $31,000. Currently, institutional investors own 79.82% of Palo Alto Networks stock.
In related news, insider trading activity has been notable. Dipak Golechha, Executive Vice President, sold 5,000 shares on December 23, 2023, at an average price of $188.18, totaling $940,900. Post-transaction, Golechha retains 155,119 shares, valued at approximately $29.2 million, marking a 3.12% decrease in ownership. Similarly, Josh D. Paul, Chief Accounting Officer, sold 800 shares on January 2, 2024, for $147,848, reducing his stake by 1.71% to 46,005 shares, valued at about $8.5 million. Over the last ninety days, insiders have sold 261,248 shares worth $53.3 million, with corporate insiders holding 1.4% of the stock.
Palo Alto Networks, which opened at $190.80 on the Nasdaq on Friday, has experienced fluctuations in its stock price. The company’s shares have a 12-month low of $144.15 and a high of $223.61. With a market capitalization of $132.99 billion, the firm has a price-to-earnings ratio of 120.76 and a beta of 0.76. Its 50-day moving average stands at $194.46, while the 200-day moving average is at $196.25.
Palo Alto Networks announced its quarterly earnings on November 20, 2023, reporting an earnings per share (EPS) of $0.93, exceeding analysts’ estimates of $0.89 by $0.04. The company generated $2.47 billion in revenue, slightly above the expected $2.46 billion. Year-over-year, revenue increased by 15.7%, with a return on equity of 17.05% and a net margin of 11.69%. Analysts forecast an EPS of $1.76 for the current fiscal year.
Founded in 2005 and headquartered in Santa Clara, California, Palo Alto Networks specializes in cybersecurity, offering a broad suite of products and services aimed at preventing cyberattacks. The company focuses on threat prevention, detection, response, and governance across various environments, including hybrid and multi-cloud systems. Its product range includes next-generation firewalls and cloud-delivered security services.
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