Gateway Investment Advisers LLC Sells 26,926 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Gateway Investment Advisers LLC trimmed its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 38.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,294 shares of the network technology company’s stock after selling 26,926 shares during the period. Gateway Investment Advisers LLC’s holdings in Palo Alto Networks were worth $12,767,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PANW. Vanguard Group Inc. lifted its stake in shares of Palo Alto Networks by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 26,511,732 shares of the network technology company’s stock valued at $6,215,410,000 after buying an additional 304,272 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Palo Alto Networks by 69.1% during the second quarter. Geode Capital Management LLC now owns 5,709,428 shares of the network technology company’s stock worth $1,455,174,000 after acquiring an additional 2,332,827 shares in the last quarter. Norges Bank purchased a new stake in shares of Palo Alto Networks during the fourth quarter worth $751,276,000. Capital Research Global Investors boosted its holdings in shares of Palo Alto Networks by 12.4% in the second quarter. Capital Research Global Investors now owns 4,380,002 shares of the network technology company’s stock worth $1,119,116,000 after acquiring an additional 482,857 shares during the period. Finally, Northern Trust Corp grew its position in shares of Palo Alto Networks by 2.6% in the third quarter. Northern Trust Corp now owns 3,430,299 shares of the network technology company’s stock valued at $804,199,000 after purchasing an additional 86,995 shares in the last quarter. 85.69% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $282.16 on Monday. The company has a market capitalization of $91.17 billion, a price-to-earnings ratio of 44.09, a price-to-earnings-growth ratio of 3.95 and a beta of 1.21. Palo Alto Networks, Inc. has a one year low of $176.30 and a one year high of $380.84. The company’s 50-day moving average is $324.69 and its 200 day moving average is $284.12.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last posted its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. As a group, research analysts predict that Palo Alto Networks, Inc. will post 2.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PANW has been the subject of several analyst reports. KeyCorp cut their target price on Palo Alto Networks from $390.00 to $380.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Stifel Nicolaus reduced their price objective on shares of Palo Alto Networks from $410.00 to $330.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Royal Bank of Canada increased their target price on shares of Palo Alto Networks to $420.00 and gave the stock an “overweight” rating in a research note on Thursday, February 22nd. Cantor Fitzgerald reduced their price target on shares of Palo Alto Networks from $400.00 to $350.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Finally, Sanford C. Bernstein started coverage on Palo Alto Networks in a research report on Thursday, January 18th. They issued an “outperform” rating on the stock. Eleven investment analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $313.89.

Read Our Latest Stock Report on Palo Alto Networks

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $284.33, for a total transaction of $17,059,800.00. Following the sale, the executive vice president now owns 198,105 shares of the company’s stock, valued at approximately $56,327,194.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the transaction, the chief accounting officer now owns 27,247 shares of the company’s stock, valued at $7,629,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $284.33, for a total transaction of $17,059,800.00. Following the sale, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at $56,327,194.65. The disclosure for this sale can be found here. Insiders sold 143,153 shares of company stock worth $44,107,332 over the last quarter. 3.30% of the stock is currently owned by insiders.

Palo Alto Networks Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ:PANW)

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