ZRC Wealth Management LLC Sells 400 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

ZRC Wealth Management LLC lessened its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 18.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,783 shares of the network technology company’s stock after selling 400 shares during the quarter. ZRC Wealth Management LLC’s holdings in Palo Alto Networks were worth $507,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Qube Research & Technologies Ltd bought a new position in Palo Alto Networks in the third quarter valued at $3,394,000. AQR Capital Management LLC grew its holdings in shares of Palo Alto Networks by 203.7% in the 3rd quarter. AQR Capital Management LLC now owns 59,363 shares of the network technology company’s stock valued at $13,917,000 after acquiring an additional 39,817 shares in the last quarter. Glenmede Trust Co. NA increased its position in shares of Palo Alto Networks by 22.8% in the third quarter. Glenmede Trust Co. NA now owns 5,338 shares of the network technology company’s stock valued at $1,251,000 after acquiring an additional 991 shares during the last quarter. Axxcess Wealth Management LLC raised its holdings in Palo Alto Networks by 40.1% during the third quarter. Axxcess Wealth Management LLC now owns 5,787 shares of the network technology company’s stock worth $1,357,000 after acquiring an additional 1,655 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its position in Palo Alto Networks by 25.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 347,100 shares of the network technology company’s stock valued at $81,374,000 after purchasing an additional 70,600 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Analysts Set New Price Targets

PANW has been the topic of a number of analyst reports. Evercore ISI dropped their price objective on Palo Alto Networks from $405.00 to $385.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. DA Davidson assumed coverage on shares of Palo Alto Networks in a research report on Friday, June 21st. They set a “buy” rating and a $380.00 price target on the stock. Sanford C. Bernstein lifted their price objective on shares of Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a research report on Tuesday, May 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 target price on shares of Palo Alto Networks in a report on Tuesday, May 21st. Finally, Daiwa America upgraded shares of Palo Alto Networks to a “strong-buy” rating in a research note on Wednesday, May 29th. Twelve analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Palo Alto Networks presently has an average rating of “Moderate Buy” and a consensus target price of $326.29.

Palo Alto Networks Price Performance

PANW traded up $0.76 during trading on Thursday, hitting $341.20. 1,022,648 shares of the stock traded hands, compared to its average volume of 2,980,896. The business has a 50 day moving average price of $310.13 and a 200 day moving average price of $307.86. Palo Alto Networks, Inc. has a twelve month low of $201.17 and a twelve month high of $380.84. The company has a market cap of $110.48 billion, a price-to-earnings ratio of 49.59, a PEG ratio of 5.21 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 EPS. On average, equities research analysts predict that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current year.

Insider Activity

In other news, EVP Lee Klarich sold 121,276 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $299.60, for a total value of $36,334,289.60. Following the transaction, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at approximately $49,895,983.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $339.16, for a total transaction of $12,209,760.00. Following the transaction, the executive vice president now directly owns 1,223,567 shares of the company’s stock, valued at approximately $414,984,983.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Lee Klarich sold 121,276 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the completion of the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at approximately $49,895,983.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 362,525 shares of company stock valued at $110,064,607. 3.30% of the stock is currently owned by insiders.

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.