Main Street Financial Solutions LLC Sells 3,804 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Main Street Financial Solutions LLC cut its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 62.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,241 shares of the network technology company’s stock after selling 3,804 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Palo Alto Networks were worth $766,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Palo Alto Networks by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock valued at $8,118,190,000 after buying an additional 1,002,239 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Palo Alto Networks by 34,318.2% in the 3rd quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock worth $1,113,948,000 after purchasing an additional 3,249,594 shares during the last quarter. Legal & General Group Plc increased its stake 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 valued at $1,099,564,000 after purchasing an additional 255,060 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Palo Alto Networks by 5.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company’s stock valued at $757,321,000 after purchasing an additional 114,742 shares in the last quarter. Finally, William Blair Investment Management LLC raised its holdings in Palo Alto Networks by 8.0% in the second quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock worth $339,183,000 after buying an additional 73,922 shares during the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Price Performance

Palo Alto Networks stock opened at $402.36 on Thursday. The stock has a market capitalization of $131.01 billion, a PE ratio of 55.79, a price-to-earnings-growth ratio of 5.77 and a beta of 1.12. Palo Alto Networks, Inc. has a 12-month low of $234.15 and a 12-month high of $408.53. The firm has a 50 day simple moving average of $356.70 and a 200-day simple moving average of $334.54.

Palo Alto Networks (NASDAQ:PANW) last posted 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. 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 quarter in the previous year, the business earned $0.80 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PANW. Scotiabank increased their target price on Palo Alto Networks from $385.00 to $400.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. Royal Bank of Canada increased their price objective on Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Wedbush restated an “outperform” rating and set a $375.00 target price on shares of Palo Alto Networks in a research note on Friday, August 16th. Citigroup lifted their price target on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC raised their target price on shares of Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $378.87.

Insider Activity

In related news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the sale, the executive vice president now directly owns 159,009 shares in the company, valued at $54,854,924.82. 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 this link. In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at $54,854,924.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Mary Pat Mccarthy sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $341.44, for a total transaction of $341,440.00. Following the sale, the director now owns 41,517 shares in the company, valued at $14,175,564.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 255,252 shares of company stock worth $89,383,077. Corporate insiders own 2.50% of the company’s stock.

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.