Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by MAI Capital Management

MAI Capital Management cut its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 79,670 shares of the network technology company’s stock after selling 4,282 shares during the period. MAI Capital Management’s holdings in Palo Alto Networks were worth $27,231,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Kathmere Capital Management LLC increased its holdings in Palo Alto Networks by 3.4% in the 2nd quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock worth $312,000 after buying an additional 30 shares during the period. FLC Capital Advisors increased its stake in shares of Palo Alto Networks by 0.7% in the third 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 period. Cromwell Holdings LLC raised its holdings in shares of Palo Alto Networks by 3.0% during the third 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 last quarter. Rosenberg Matthew Hamilton lifted its position in Palo Alto Networks by 9.4% during the third 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 period. Finally, Geneva Partners LLC lifted its position in Palo Alto Networks by 0.3% during the third quarter. Geneva Partners LLC now owns 10,945 shares of the network technology company’s stock valued at $3,741,000 after purchasing an additional 30 shares during the period. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Trading Down 1.9 %

Shares of PANW opened at $387.00 on Monday. Palo Alto Networks, Inc. has a 12-month low of $234.15 and a 12-month high of $408.53. The firm has a market capitalization of $126.01 billion, a P/E ratio of 53.38, a P/E/G ratio of 5.61 and a beta of 1.12. The firm has a 50-day moving average price of $359.86 and a 200 day moving average price of $336.73.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 EPS. Equities research analysts predict that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Mary Pat Mccarthy sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total value of $3,484,900.00. Following the sale, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The trade was a 24.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nikesh Arora sold 66,666 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the transaction, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at $219,505,142.12. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 254,252 shares of company stock worth $89,041,637. Company insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

PANW has been the subject of a number of recent research reports. Evercore ISI lifted their price objective on Palo Alto Networks from $385.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Scotiabank lifted their price target on Palo Alto Networks from $385.00 to $400.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 20th. Wedbush restated an “outperform” rating and issued a $375.00 price objective on shares of Palo Alto Networks in a research report on Friday, August 16th. KeyCorp raised their price objective on shares of Palo Alto Networks from $400.00 to $435.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Finally, The Goldman Sachs Group boosted their target price on shares of Palo Alto Networks from $376.00 to $425.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and an average target price of $384.76.

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.