Palo Alto Networks (NASDAQ:PANW) Trading Down 0.5% Following Insider Selling

Palo Alto Networks, Inc. (NASDAQ:PANWGet Free Report) shares fell 0.5% on Wednesday following insider selling activity. The company traded as low as $304.40 and last traded at $306.60. 810,516 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 5,114,013 shares. The stock had previously closed at $308.01.

Specifically, President William D. Jenkins, Jr. sold 1,621 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total value of $497,517.32. Following the sale, the president now directly owns 20,501 shares of the company’s stock, valued at $6,292,166.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, President William D. Jenkins, Jr. sold 1,621 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total value of $497,517.32. Following the sale, the president now owns 20,501 shares in the company, valued at $6,292,166.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president now 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 a total of 279,947 shares of company stock valued at $80,644,647 in the last quarter. Insiders own 3.30% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PANW shares. Argus boosted their price target on Palo Alto Networks from $336.00 to $348.00 and gave the company a “buy” rating in a research note on Wednesday. KeyCorp upped their target price on Palo Alto Networks from $355.00 to $384.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Royal Bank of Canada decreased their price target on shares of Palo Alto Networks from $365.00 to $360.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 21st. JPMorgan Chase & Co. increased their price objective on shares of Palo Alto Networks from $330.00 to $340.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Finally, Barclays decreased their target price on shares of Palo Alto Networks from $400.00 to $345.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 21st. Twelve analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $322.78.

View Our Latest Stock Report on PANW

Palo Alto Networks Price Performance

The business has a 50 day moving average of $292.25 and a 200 day moving average of $301.48. The firm has a market capitalization of $94.93 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 4.98 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last announced its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. Palo Alto Networks’s revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 EPS. As a group, equities analysts predict that Palo Alto Networks, Inc. will post 2.79 EPS for the current year.

Hedge Funds Weigh In On Palo Alto Networks

Several institutional investors and hedge funds have recently made changes to their positions in the company. Horizon Family Wealth Inc. increased its holdings in shares of Palo Alto Networks by 1.1% in the fourth quarter. Horizon Family Wealth Inc. now owns 2,463 shares of the network technology company’s stock worth $726,000 after acquiring an additional 28 shares in the last quarter. MV Capital Management Inc. increased its stake in Palo Alto Networks by 37.2% during the 4th quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock worth $32,000 after purchasing an additional 29 shares in the last quarter. Manchester Capital Management LLC raised its holdings in Palo Alto Networks by 17.2% during the 4th quarter. Manchester Capital Management LLC now owns 204 shares of the network technology company’s stock worth $60,000 after buying an additional 30 shares during the period. Quent Capital LLC lifted its stake in Palo Alto Networks by 15.9% in the fourth quarter. Quent Capital LLC now owns 233 shares of the network technology company’s stock valued at $69,000 after buying an additional 32 shares in the last quarter. Finally, Parisi Gray Wealth Management boosted its holdings in shares of Palo Alto Networks by 2.2% in the fourth quarter. Parisi Gray Wealth Management now owns 1,519 shares of the network technology company’s stock valued at $448,000 after buying an additional 33 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Company Profile

(Get 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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