Western Pacific Wealth Management LP Cuts Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Western Pacific Wealth Management LP decreased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,764 shares of the network technology company’s stock after selling 38 shares during the quarter. Palo Alto Networks comprises about 0.4% of Western Pacific Wealth Management LP’s investment portfolio, making the stock its 19th largest position. Western Pacific Wealth Management LP’s holdings in Palo Alto Networks were worth $603,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Kathmere Capital Management LLC raised its holdings in Palo Alto Networks by 3.4% during the 2nd quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock valued at $312,000 after buying an additional 30 shares during the period. FLC Capital Advisors lifted its holdings in shares of Palo Alto Networks by 0.7% in the 3rd quarter. FLC Capital Advisors now owns 4,035 shares of the network technology company’s stock worth $1,379,000 after acquiring an additional 30 shares during the last quarter. Cromwell Holdings LLC boosted its stake in shares of Palo Alto Networks by 3.0% during the 3rd quarter. Cromwell Holdings LLC now owns 1,044 shares of the network technology company’s stock worth $357,000 after purchasing an additional 30 shares during the period. Rosenberg Matthew Hamilton grew its holdings in Palo Alto Networks by 9.4% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 348 shares of the network technology company’s stock valued at $119,000 after purchasing an additional 30 shares during the last quarter. Finally, Geneva Partners LLC raised its position in Palo Alto Networks by 0.3% in the 3rd quarter. Geneva Partners LLC now owns 10,945 shares of the network technology company’s stock worth $3,741,000 after purchasing an additional 30 shares during the period. Institutional investors own 79.82% of the company’s stock.

Analysts Set New Price Targets

PANW has been the topic of several recent analyst reports. Morgan Stanley increased their price target on Palo Alto Networks from $390.00 to $421.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Wedbush reiterated an “outperform” rating and issued a $375.00 target price on shares of Palo Alto Networks in a research note on Friday, August 16th. Bank of America boosted their target price on shares of Palo Alto Networks from $370.00 to $400.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Barclays lifted their price objective on shares of Palo Alto Networks from $370.00 to $410.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Royal Bank of Canada upped their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” 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-eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $378.49.

Palo Alto Networks Trading Up 0.5 %

NASDAQ:PANW opened at $387.00 on Friday. The company has a market capitalization of $126.01 billion, a P/E ratio of 53.38, a PEG ratio of 5.23 and a beta of 1.12. Palo Alto Networks, Inc. has a 12 month low of $234.15 and a 12 month high of $387.21. The firm has a fifty day simple moving average of $353.98 and a 200-day simple moving average of $331.32.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly 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 during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the previous year, the firm posted $0.80 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. Equities analysts forecast that Palo Alto Networks, Inc. will post 3.57 EPS for the current year.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at $370,926,027.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 1,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $341.44, for a total transaction of $341,440.00. Following the transaction, the director now owns 41,517 shares in the company, valued at approximately $14,175,564.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total value of $11,970,000.00. Following the completion of the sale, the executive vice president now owns 1,115,567 shares of the company’s stock, valued at $370,926,027.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 255,252 shares of company stock valued at $89,383,077. 2.50% of the stock is owned by insiders.

Palo Alto Networks 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.