Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Octavia Wealth Advisors LLC

Octavia Wealth Advisors LLC reduced its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 9.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 841 shares of the network technology company’s stock after selling 87 shares during the period. Octavia Wealth Advisors LLC’s holdings in Palo Alto Networks were worth $287,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Kathmere Capital Management LLC increased its holdings in shares of 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 valued at $312,000 after purchasing an additional 30 shares in the last quarter. Cascade Investment Group Inc. boosted its stake in shares of Palo Alto Networks by 2.9% during the 2nd quarter. Cascade Investment Group Inc. now owns 1,110 shares of the network technology company’s stock worth $376,000 after acquiring an additional 31 shares in the last quarter. Herbst Group LLC grew its holdings in shares of Palo Alto Networks by 0.3% in the 3rd quarter. Herbst Group LLC now owns 9,692 shares of the network technology company’s stock worth $3,313,000 after acquiring an additional 31 shares during the period. First PREMIER Bank increased its stake in Palo Alto Networks by 48.4% in the 3rd quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 31 shares in the last quarter. Finally, Sheets Smith Wealth Management raised its holdings in Palo Alto Networks by 2.4% during the first quarter. Sheets Smith Wealth Management now owns 1,479 shares of the network technology company’s stock worth $420,000 after purchasing an additional 34 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Price Performance

PANW stock opened at $373.20 on Friday. The firm has a 50-day moving average of $342.20 and a 200 day moving average of $319.73. The company has a market cap of $120.84 billion, a P/E ratio of 54.24, a PEG ratio of 5.26 and a beta of 1.13. Palo Alto Networks, Inc. has a 1 year low of $233.81 and a 1 year high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released 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. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the company posted $0.80 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. On average, equities research analysts expect that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $295.93, for a total value of $17,755,800.00. Following the sale, the executive vice president now owns 159,009 shares in the company, valued at $47,055,533.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at $47,055,533.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nikesh Arora sold 66,666 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 639,994 shares in the company, valued at approximately $219,505,142.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 269,866 shares of company stock valued at $88,620,447. Corporate insiders own 3.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PANW. Royal Bank of Canada lifted their price target on Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. TD Cowen upped their price target on shares of Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Redburn Atlantic downgraded Palo Alto Networks from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $350.00 to $325.00 in a research report on Thursday, July 18th. Westpark Capital reiterated a “hold” rating on shares of Palo Alto Networks in a report on Tuesday, August 20th. Finally, Wells Fargo & Company boosted their price target on Palo Alto Networks from $385.00 to $416.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Eleven equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $372.28.

About Palo Alto Networks

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.