Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Wealth Alliance

Wealth Alliance trimmed its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 11.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,673 shares of the network technology company’s stock after selling 614 shares during the period. Wealth Alliance’s holdings in Palo Alto Networks were worth $1,584,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. increased 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 valued at $478,000 after buying an additional 802 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Palo Alto Networks by 7.6% in the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after purchasing an additional 198,078 shares in the last quarter. Brookstone Capital Management lifted its position in Palo Alto Networks by 48.4% during the 1st quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock worth $7,502,000 after acquiring an additional 8,611 shares in the last quarter. Wealthspire Advisors LLC lifted its position in Palo Alto Networks by 1.7% during the 1st quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock worth $1,244,000 after acquiring an additional 75 shares in the last quarter. Finally, Connectus Wealth LLC lifted its position in 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 worth $12,920,000 after acquiring an additional 8,132 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 66,666 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 639,994 shares of the company’s stock, valued at approximately $219,505,142.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Palo Alto Networks news, CEO Nikesh Arora sold 66,666 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 639,994 shares of the company’s stock, valued at approximately $219,505,142.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the completion of the sale, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $54,854,924.82. The disclosure for this sale can be found here. Insiders have sold 464,075 shares of company stock valued at $154,029,567 in the last 90 days. 3.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PANW shares. Bank of America boosted their price target on Palo Alto Networks from $370.00 to $400.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Rosenblatt Securities boosted their price target on Palo Alto Networks from $300.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Truist Financial upped their price objective on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Barclays upped their price objective on Palo Alto Networks from $350.00 to $370.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Finally, Redburn Atlantic downgraded Palo Alto Networks from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $350.00 to $325.00 in a research note on Thursday, July 18th. 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. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average price target of $366.08.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $337.93 on Wednesday. The stock’s 50 day simple moving average is $336.41 and its 200 day simple moving average is $312.63. Palo Alto Networks, Inc. has a twelve month low of $224.64 and a twelve month high of $380.84. The company has a market capitalization of $110.03 billion, a price-to-earnings ratio of 49.12, a PEG ratio of 5.03 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the business earned $0.80 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, analysts forecast that Palo Alto Networks, Inc. will post 3.55 EPS for the current fiscal year.

Palo Alto Networks 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.