Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC cut its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 39.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 103,100 shares of the network technology company’s stock after selling 68,144 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Palo Alto Networks were worth $35,240,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Sigma Planning Corp boosted its holdings in shares of Palo Alto Networks by 2.2% in the third quarter. Sigma Planning Corp now owns 11,133 shares of the network technology company’s stock valued at $3,805,000 after acquiring an additional 239 shares during the period. Arrow Financial Corp raised its position in Palo Alto Networks by 4.8% in the 3rd quarter. Arrow Financial Corp now owns 6,241 shares of the network technology company’s stock valued at $2,133,000 after purchasing an additional 285 shares during the last quarter. Mesirow Financial Investment Management Inc. raised its position in Palo Alto Networks by 15.8% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 815 shares of the network technology company’s stock valued at $279,000 after purchasing an additional 111 shares during the last quarter. XML Financial LLC boosted its stake in Palo Alto Networks by 15.2% during the 3rd quarter. XML Financial LLC now owns 681 shares of the network technology company’s stock worth $233,000 after purchasing an additional 90 shares during the period. Finally, Sustainable Insight Capital Management LLC grew its position in Palo Alto Networks by 1.8% during the 3rd quarter. Sustainable Insight Capital Management LLC now owns 44,800 shares of the network technology company’s stock worth $15,313,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Trading Up 1.1 %

Palo Alto Networks stock opened at $391.40 on Friday. The stock has a 50 day moving average of $355.13 and a 200-day moving average of $332.47. The stock has a market cap of $127.44 billion, a P/E ratio of 53.99, a price-to-earnings-growth ratio of 5.59 and a beta of 1.12. Palo Alto Networks, Inc. has a 52 week low of $234.15 and a 52 week high of $393.21.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the business earned $0.80 EPS. As a group, equities analysts predict that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PANW shares. The Goldman Sachs Group increased their target price on shares of Palo Alto Networks from $376.00 to $425.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. OTR Global reiterated a “negative” rating on shares of Palo Alto Networks in a research note on Thursday. Citigroup upped their price target on Palo Alto Networks from $385.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Truist Financial lifted 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. Finally, Wedbush restated an “outperform” rating and set a $375.00 price objective on shares of Palo Alto Networks in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $378.49.

Insider Activity at Palo Alto Networks

In related news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the sale, the executive vice president now owns 1,115,567 shares in the company, valued at $370,926,027.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction on 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 sale, the executive vice president now directly owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the transaction, the executive vice president now owns 159,009 shares of the company’s stock, valued at $54,854,924.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 255,252 shares of company stock valued at $89,383,077. Corporate insiders own 3.30% of the company’s stock.

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.