Gradient Investments LLC Lowers Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Gradient Investments LLC trimmed its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 7.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 70,847 shares of the network technology company’s stock after selling 5,873 shares during the period. Gradient Investments LLC’s holdings in Palo Alto Networks were worth $18,102,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Castle Rock Wealth Management LLC lifted its holdings in shares of Palo Alto Networks by 6.6% during the second quarter. Castle Rock Wealth Management LLC now owns 5,592 shares of the network technology company’s stock valued at $1,442,000 after purchasing an additional 348 shares during the last quarter. Mechanics Bank Trust Department purchased a new position in Palo Alto Networks in the 2nd quarter worth approximately $743,000. Sarasin & Partners LLP raised its holdings in Palo Alto Networks by 24.3% in the 2nd quarter. Sarasin & Partners LLP now owns 967,082 shares of the network technology company’s stock worth $247,099,000 after acquiring an additional 189,022 shares during the last quarter. Czech National Bank purchased a new position in Palo Alto Networks in the 2nd quarter worth approximately $9,150,000. Finally, Level Four Advisory Services LLC raised its holdings in Palo Alto Networks by 3.0% in the 2nd quarter. Level Four Advisory Services LLC now owns 11,886 shares of the network technology company’s stock worth $3,037,000 after acquiring an additional 342 shares during the last quarter. 85.69% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Down 2.3 %

Shares of PANW stock opened at $240.20 on Friday. The stock has a market cap of $74.13 billion, a P/E ratio of 190.64, a PEG ratio of 3.52 and a beta of 1.19. Palo Alto Networks, Inc. has a 52 week low of $132.22 and a 52 week high of $258.88. The company’s fifty day simple moving average is $236.34 and its two-hundred day simple moving average is $217.46.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Friday, August 18th. The network technology company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.15. The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.96 billion. Palo Alto Networks had a net margin of 6.38% and a return on equity of 51.13%. The business’s revenue was up 26.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 EPS. On average, analysts anticipate that Palo Alto Networks, Inc. will post 2.51 EPS for the current fiscal year.

Insider Activity

In other news, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $254.01, for a total transaction of $9,144,360.00. Following the sale, the executive vice president now directly owns 1,630,898 shares in the company, valued at approximately $414,264,400.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $254.01, for a total value of $9,144,360.00. Following the sale, the executive vice president now directly owns 1,630,898 shares of the company’s stock, valued at approximately $414,264,400.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Aparna Bawa sold 721 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $236.75, for a total transaction of $170,696.75. Following the completion of the sale, the director now directly owns 3,244 shares in the company, valued at $768,017. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,140 shares of company stock worth $40,276,328. 3.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PANW shares. TD Cowen boosted their price objective on shares of Palo Alto Networks from $260.00 to $295.00 and gave the stock an “outperform” rating in a report on Monday, August 21st. Robert W. Baird boosted their price objective on shares of Palo Alto Networks from $235.00 to $273.00 and gave the stock an “outperform” rating in a report on Monday, August 21st. BMO Capital Markets boosted their price objective on shares of Palo Alto Networks from $235.00 to $275.00 and gave the stock an “outperform” rating in a report on Monday, August 21st. Mizuho boosted their target price on shares of Palo Alto Networks from $230.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, August 21st. Finally, Wolfe Research boosted their target price on shares of Palo Alto Networks from $210.00 to $225.00 and gave the company an “outperform” rating in a research note on Wednesday, May 24th. Four research analysts have rated the stock with a hold rating and thirty-nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $264.71.

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.