Mutual of America Capital Management LLC Lowers Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Mutual of America Capital Management LLC cut its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,067 shares of the network technology company’s stock after selling 943 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Palo Alto Networks were worth $14,379,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PANW. Pathway Financial Advisers LLC bought a new stake in shares of Palo Alto Networks in the 1st quarter valued at about $25,000. Capital Advisors Ltd. LLC lifted its position in Palo Alto Networks by 113.9% during the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock valued at $26,000 after acquiring an additional 41 shares during the last quarter. Sound Income Strategies LLC boosted its stake in Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after acquiring an additional 67 shares in the last quarter. Strategic Investment Solutions Inc. IL grew its holdings in Palo Alto Networks by 177.4% in the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after purchasing an additional 55 shares during the last quarter. Finally, Cape Investment Advisory Inc. increased its position in shares of Palo Alto Networks by 1,111.1% during the first quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock worth $31,000 after purchasing an additional 100 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Price Performance

PANW stock opened at $387.00 on Friday. Palo Alto Networks, Inc. has a 1 year low of $234.15 and a 1 year high of $408.53. The firm has a market capitalization of $126.01 billion, a PE ratio of 53.38, a price-to-earnings-growth ratio of 5.61 and a beta of 1.12. The business has a 50 day simple moving average of $359.86 and a 200-day simple moving average of $336.39.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the prior year, the business earned $0.80 EPS. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities research analysts expect that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

Insiders Place Their Bets

In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total value of $11,970,000.00. Following the completion of the transaction, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at $370,926,027.50. The trade was a 3.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the completion of the transaction, the chief executive officer now owns 639,994 shares of the company’s stock, valued at $219,505,142.12. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 255,252 shares of company stock valued at $89,383,077 over the last 90 days. 2.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Piper Sandler raised their price objective on Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Robert W. Baird boosted their price target on Palo Alto Networks from $385.00 to $425.00 and gave the stock an “outperform” rating in a research note on Friday. TD Cowen increased their price objective on shares of Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Northland Securities boosted their target price on shares of Palo Alto Networks from $275.00 to $350.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. upped their price target on shares of Palo Alto Networks from $340.00 to $365.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $384.76.

About Palo Alto Networks

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.