Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Wrapmanager Inc.

Wrapmanager Inc. cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 12.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,038 shares of the network technology company’s stock after selling 148 shares during the period. Wrapmanager Inc.’s holdings in Palo Alto Networks were worth $355,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. International Assets Investment Management LLC boosted its holdings in Palo Alto Networks by 34,318.2% during the 3rd quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock valued at $1,113,948,000 after acquiring an additional 3,249,594 shares during the period. Swedbank AB purchased a new position in shares of Palo Alto Networks in the first quarter valued at approximately $177,933,000. Altshuler Shaham Ltd grew its holdings in shares of Palo Alto Networks by 444,100.0% in the second quarter. Altshuler Shaham Ltd now owns 444,000 shares of the network technology company’s stock valued at $150,520,000 after purchasing an additional 444,100 shares in the last quarter. Congress Asset Management Co. purchased a new stake in Palo Alto Networks during the 3rd quarter worth approximately $94,875,000. Finally, Legal & General Group Plc lifted its holdings in Palo Alto Networks by 8.5% during the 2nd quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock worth $1,099,564,000 after buying an additional 255,060 shares in the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PANW has been the subject of several research reports. Wedbush restated an “outperform” rating and issued a $375.00 price target on shares of Palo Alto Networks in a research note on Friday, August 16th. Royal Bank of Canada upped their price target on Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a report on Tuesday, August 20th. Piper Sandler lifted their price objective on Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Palo Alto Networks from $330.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Finally, BTIG Research lifted their price target on shares of Palo Alto Networks from $366.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-nine have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $391.92.

Palo Alto Networks Trading Up 0.3 %

PANW stock opened at $388.06 on Wednesday. The company has a market cap of $126.35 billion, a price-to-earnings ratio of 53.53, a PEG ratio of 5.61 and a beta of 1.12. The firm has a 50 day moving average of $361.53 and a 200-day moving average of $338.02. Palo Alto Networks, Inc. has a 12-month low of $249.56 and a 12-month high of $408.53.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results 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. 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 for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the business earned $0.80 earnings per share. Palo Alto Networks’s quarterly revenue was up 12.1% compared to the same quarter last year. Sell-side analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Nikesh Arora sold 81,586 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total value of $30,022,832.14. Following the sale, the chief executive officer now owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This represents a 11.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Pat Mccarthy sold 10,000 shares of the firm’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 transaction, the director now directly owns 31,517 shares of the company’s stock, valued at $10,983,359.33. The trade was a 24.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,252 shares of company stock worth $89,041,637 in the last three months. Corporate insiders own 2.50% of the company’s stock.

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.