Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 11.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 45,435 shares of the network technology company’s stock after selling 5,876 shares during the quarter. Advisors Asset Management Inc.’s holdings in Palo Alto Networks were worth $15,530,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new position in Palo Alto Networks during the first quarter worth about $25,000. Capital Advisors Ltd. LLC boosted its stake in shares of Palo Alto Networks by 113.9% in the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock valued at $26,000 after buying an additional 41 shares in the last quarter. Sound Income Strategies LLC grew its holdings in Palo Alto Networks by 352.6% during the third 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 during the period. Strategic Investment Solutions Inc. IL raised its position in Palo Alto Networks by 177.4% in the third 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. lifted its holdings in Palo Alto Networks by 1,111.1% in the first quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock valued at $31,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Analysts Set New Price Targets

PANW has been the subject of a number of research analyst reports. Westpark Capital reiterated a “hold” rating on shares of Palo Alto Networks in a report on Tuesday, August 20th. Truist Financial increased their target price on shares of Palo Alto Networks from $400.00 to $425.00 and gave the company a “buy” rating in a report on Monday. Morgan Stanley boosted their price target on Palo Alto Networks from $390.00 to $421.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Jefferies Financial Group lifted their price objective on Palo Alto Networks from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Scotiabank lifted their price target on Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $391.92.

Palo Alto Networks Trading Up 0.3 %

NASDAQ PANW opened at $388.06 on Wednesday. The company has a fifty day simple moving average of $361.53 and a 200 day simple moving average of $338.02. The company has a market cap of $126.35 billion, a P/E ratio of 53.53, a P/E/G ratio of 5.61 and a beta of 1.12. Palo Alto Networks, Inc. has a 1 year low of $249.56 and a 1 year high of $408.53.

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

Insider Transactions at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at $54,854,924.82. This trade represents a 27.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $227,680,932.85. This trade represents a 11.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 254,252 shares of company stock valued at $89,041,637. Company insiders own 2.50% of the company’s stock.

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.