Rhumbline Advisers Reduces Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Rhumbline Advisers trimmed its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 594,987 shares of the network technology company’s stock after selling 1,052 shares during the period. Rhumbline Advisers’ holdings in Palo Alto Networks were worth $201,706,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pathway Financial Advisers LLC purchased a new stake in shares of Palo Alto Networks in the first quarter worth about $25,000. Frank Rimerman Advisors LLC purchased a new position in Palo Alto Networks during the fourth quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its holdings in Palo Alto Networks by 3,200.0% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock worth $28,000 after acquiring an additional 96 shares during the period. Ulland Investment Advisors LLC purchased a new stake in Palo Alto Networks in the 1st quarter worth approximately $30,000. Finally, ICA Group Wealth Management LLC bought a new position in Palo Alto Networks in the 4th quarter valued at $31,000. Institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling at Palo Alto Networks

In related news, CAO Josh D. Paul sold 200 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $338.00, for a total transaction of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at $8,443,916. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the completion of the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at approximately $8,443,916. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the completion of the sale, the director now directly owns 31,517 shares in the company, valued at $10,983,359.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 340,372 shares of company stock valued at $111,366,433. 3.30% of the stock is currently owned by company insiders.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW opened at $362.72 on Tuesday. The stock’s 50-day moving average is $334.76 and its 200 day moving average is $310.29. The company has a market cap of $117.45 billion, a PE ratio of 52.72, a P/E/G ratio of 4.82 and a beta of 1.14. Palo Alto Networks, Inc. has a 1 year low of $224.64 and a 1 year high of $380.84.

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, topping analysts’ consensus estimates of $1.41 by $0.10. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company earned $0.80 EPS. Analysts expect that Palo Alto Networks, Inc. will post 3.55 EPS for the current fiscal year.

Analysts Set New Price Targets

PANW has been the topic of several research analyst reports. Argus upped their price target on shares of Palo Alto Networks from $336.00 to $348.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Scotiabank upped their target price on Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 20th. Citigroup lifted their price target on Palo Alto Networks from $385.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Redburn Atlantic cut shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $350.00 to $325.00 in a research report on Thursday, July 18th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $375.00 target price on shares of Palo Alto Networks in a research note on Friday, August 16th. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average price target of $364.08.

Palo Alto Networks Company 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.