Balboa Wealth Partners Has $969,000 Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Balboa Wealth Partners reduced its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 47.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,835 shares of the network technology company’s stock after selling 2,516 shares during the period. Balboa Wealth Partners’ holdings in Palo Alto Networks were worth $969,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Advisors Ltd. LLC boosted its position in shares of Palo Alto Networks by 113.9% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after purchasing an additional 41 shares in the last quarter. Sound Income Strategies LLC lifted its holdings in shares of Palo Alto Networks by 352.6% during the 3rd quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after acquiring an additional 67 shares during the last quarter. Strategic Investment Solutions Inc. IL raised its position in Palo Alto Networks by 177.4% in the 3rd 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 period. Pathway Financial Advisers LLC purchased a new position in shares of Palo Alto Networks in the first quarter valued at about $25,000. Finally, First PREMIER Bank increased its position in shares of Palo Alto Networks by 48.4% in the third quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock valued at $32,000 after acquiring an additional 31 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Insider Buying and Selling at Palo Alto Networks

In related news, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction that occurred 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 owns 1,115,567 shares in the company, valued at $370,926,027.50. This represents a 3.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Nikesh Arora sold 66,666 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 639,994 shares of the company’s stock, valued at $219,505,142.12. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,252 shares of company stock worth $89,383,077 in the last quarter. 2.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PANW shares. Barclays increased their price objective on shares of Palo Alto Networks from $410.00 to $425.00 and gave the company an “overweight” rating in a research report on Monday. Susquehanna boosted their price target on shares of Palo Alto Networks from $340.00 to $420.00 and gave the company a “positive” rating in a report on Thursday, September 5th. UBS Group lifted their price objective on shares of Palo Alto Networks from $345.00 to $355.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Evercore ISI upped their price objective on shares of Palo Alto Networks from $385.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Finally, KeyCorp upped their price objective on shares of Palo Alto Networks from $400.00 to $435.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have given a buy rating and two have 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 a consensus price target of $380.28.

Palo Alto Networks Stock Performance

PANW opened at $394.39 on Friday. Palo Alto Networks, Inc. has a twelve month low of $234.15 and a twelve month high of $408.53. The firm’s 50-day simple moving average is $357.82 and its 200-day simple moving average is $335.01. The firm has a market cap of $128.41 billion, a price-to-earnings ratio of 54.40, a PEG ratio of 5.84 and a beta of 1.12.

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

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.