Keudell Morrison Wealth Management Sells 86 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Keudell Morrison Wealth Management lowered its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 7.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,119 shares of the network technology company’s stock after selling 86 shares during the quarter. Keudell Morrison Wealth Management’s holdings in Palo Alto Networks were worth $382,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PANW. Kathmere Capital Management LLC raised its holdings in Palo Alto Networks by 3.4% in the second quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock worth $312,000 after purchasing an additional 30 shares in the last quarter. FLC Capital Advisors grew its position in shares of Palo Alto Networks by 0.7% in the 3rd quarter. FLC Capital Advisors now owns 4,035 shares of the network technology company’s stock worth $1,379,000 after buying an additional 30 shares during the last quarter. Cromwell Holdings LLC raised its stake in shares of Palo Alto Networks by 3.0% during the 3rd quarter. Cromwell Holdings LLC now owns 1,044 shares of the network technology company’s stock worth $357,000 after acquiring an additional 30 shares in the last quarter. Rosenberg Matthew Hamilton raised its stake in shares of Palo Alto Networks by 9.4% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 348 shares of the network technology company’s stock worth $119,000 after acquiring an additional 30 shares in the last quarter. Finally, Geneva Partners LLC lifted its position in Palo Alto Networks by 0.3% during the third quarter. Geneva Partners LLC now owns 10,945 shares of the network technology company’s stock valued at $3,741,000 after acquiring an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PANW. Truist Financial upped their price target on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Northland Securities raised their price target on Palo Alto Networks from $275.00 to $350.00 and gave the stock a “market perform” rating in a report on Tuesday, August 20th. DA Davidson raised their price target on Palo Alto Networks from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. TD Cowen upped their price objective 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. Finally, Royal Bank of Canada boosted their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $378.49.

Palo Alto Networks Stock Performance

Shares of NASDAQ PANW traded down $6.50 during mid-day trading on Thursday, reaching $378.68. 434,521 shares of the company’s stock were exchanged, compared to its average volume of 3,891,850. The company’s 50-day moving average is $353.98 and its 200-day moving average is $331.32. The firm has a market capitalization of $123.30 billion, a price-to-earnings ratio of 53.13, a PEG ratio of 5.23 and a beta of 1.12. Palo Alto Networks, Inc. has a 52-week low of $234.15 and a 52-week high of $386.20.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period last year, the business earned $0.80 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities analysts predict that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the sale, the director now directly owns 31,517 shares in the company, valued at $10,983,359.33. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Nikesh Arora sold 81,586 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the transaction, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at $227,680,932.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 255,252 shares of company stock worth $89,383,077 over the last ninety days. Corporate insiders own 2.50% of the company’s stock.

Palo Alto Networks 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.