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

Wrapmanager Inc. cut its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 10.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,822 shares of the network technology company’s stock after selling 216 shares during the quarter. Wrapmanager Inc.’s holdings in Palo Alto Networks were worth $537,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its position in Palo Alto Networks by 29,086.9% in the fourth quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after buying an additional 2,050,917 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Palo Alto Networks by 83.1% in the fourth quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock worth $771,643,000 after acquiring an additional 1,187,915 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Palo Alto Networks by 6,453.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 437,910 shares of the network technology company’s stock worth $102,670,000 after purchasing an additional 431,228 shares during the last quarter. Mirova US LLC acquired a new position in Palo Alto Networks during the fourth quarter valued at $106,638,000. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in Palo Alto Networks during the third quarter valued at $81,918,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analyst Weigh In

PANW has been the subject of several recent analyst reports. Mizuho cut their price target on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Scotiabank dropped their price target on Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating for the company in a research report on Wednesday, February 21st. The Goldman Sachs Group upped their price objective on shares of Palo Alto Networks from $274.00 to $310.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Oppenheimer raised their target price on shares of Palo Alto Networks from $305.00 to $330.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. Finally, Piper Sandler cut Palo Alto Networks from an “overweight” rating to a “neutral” rating and cut their price target for the company from $350.00 to $300.00 in a report on Wednesday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average price target of $314.82.

Insider Buying and Selling at Palo Alto Networks

In related news, EVP Lee Klarich sold 121,276 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $299.60, for a total transaction of $36,334,289.60. Following the completion of the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at $49,895,983.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Lee Klarich sold 121,276 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the completion of the sale, the executive vice president now owns 166,542 shares in the company, valued at $49,895,983.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Josh D. Paul sold 1,050 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the transaction, the chief accounting officer now owns 27,247 shares in the company, valued at approximately $7,629,160. The disclosure for this sale can be found here. Insiders sold a total of 280,193 shares of company stock valued at $80,670,132 in the last ninety days. Insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

NASDAQ PANW traded down $7.34 on Thursday, reaching $295.67. The stock had a trading volume of 3,001,742 shares, compared to its average volume of 5,209,249. The stock has a market cap of $95.53 billion, a P/E ratio of 46.20, a price-to-earnings-growth ratio of 4.03 and a beta of 1.18. The business’s 50-day moving average price is $285.49 and its 200 day moving average price is $294.53. Palo Alto Networks, Inc. has a 12-month low of $186.75 and a 12-month high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. On average, sell-side analysts predict that Palo Alto Networks, Inc. will post 2.77 earnings per share for the current 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.