Sheaff Brock Investment Advisors LLC Reduces Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Sheaff Brock Investment Advisors LLC cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 14.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,275 shares of the network technology company’s stock after selling 543 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Palo Alto Networks were worth $1,119,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Pathway Financial Advisers LLC acquired a new position in shares of Palo Alto Networks in the 1st quarter worth approximately $25,000. Capital Advisors Ltd. LLC grew its position in shares of Palo Alto Networks by 113.9% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after acquiring an additional 41 shares in the last quarter. Sound Income Strategies LLC grew its position in shares of Palo Alto Networks by 352.6% in 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 in the last quarter. Strategic Investment Solutions Inc. IL grew its position in shares of 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 acquiring an additional 55 shares in the last quarter. Finally, Cape Investment Advisory Inc. grew its position in shares of Palo Alto Networks by 1,111.1% in the 1st quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock worth $31,000 after acquiring an additional 100 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the completion of the sale, the executive vice president now owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. This represents a 3.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Nikesh Arora sold 81,586 shares of the company’s stock in a transaction dated 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 trade represents a 11.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 255,252 shares of company stock worth $89,383,077 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks Trading Down 1.9 %

NASDAQ:PANW opened at $387.00 on Friday. The firm has a market capitalization of $126.01 billion, a price-to-earnings ratio of 53.38, a PEG ratio of 5.84 and a beta of 1.12. Palo Alto Networks, Inc. has a 1-year low of $234.15 and a 1-year high of $408.53. The business’s fifty day moving average price is $359.86 and its 200 day moving average price is $336.07.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating 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 firm 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 company posted $0.80 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on PANW shares. JPMorgan Chase & Co. lifted their target price on Palo Alto Networks from $340.00 to $365.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Truist Financial boosted their price objective on Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Royal Bank of Canada boosted 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. BNP Paribas began coverage on Palo Alto Networks in a research report on Tuesday, October 8th. They set an “outperform” rating and a $410.00 price objective for the company. Finally, Westpark Capital restated a “hold” rating on shares of Palo Alto Networks in a research report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $381.56.

About Palo Alto Networks

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.