Bank of Marin Sells 341 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Bank of Marin cut its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 19.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,424 shares of the network technology company’s stock after selling 341 shares during the period. Bank of Marin’s holdings in Palo Alto Networks were worth $487,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PANW. HBK Sorce Advisory LLC increased its stake in shares of Palo Alto Networks by 17.9% in the first quarter. HBK Sorce Advisory LLC now owns 2,143 shares of the network technology company’s stock worth $609,000 after purchasing an additional 325 shares during the period. Nwam LLC boosted its position in shares of Palo Alto Networks by 16.8% in the first quarter. Nwam LLC now owns 1,278 shares of the network technology company’s stock valued at $390,000 after acquiring an additional 184 shares during the period. Wintrust Investments LLC acquired a new stake in shares of Palo Alto Networks in the first quarter worth $1,635,000. Forge First Asset Management Inc. bought a new position in Palo Alto Networks during the first quarter worth $540,000. Finally, M&G Plc acquired a new position in Palo Alto Networks during the 1st quarter valued at $1,965,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Performance

NASDAQ:PANW traded down $7.18 during trading hours on Friday, hitting $387.21. The stock had a trading volume of 440,393 shares, compared to its average volume of 3,841,463. The business’s 50 day moving average is $358.84 and its 200-day moving average is $335.42. The company has a market cap of $126.08 billion, a price-to-earnings ratio of 53.77, a P/E/G ratio of 5.84 and a beta of 1.12. Palo Alto Networks, Inc. has a one year low of $234.15 and a one year high of $408.53.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. Palo Alto Networks’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 EPS. On average, sell-side analysts anticipate that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Insider Transactions at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at approximately $54,854,924.82. This represents a 27.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 1,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $341.44, for a total transaction of $341,440.00. Following the transaction, the director now owns 41,517 shares in the company, valued at approximately $14,175,564.48. The trade was a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 255,252 shares of company stock valued at $89,383,077 over the last three months. Company insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PANW. Robert W. Baird boosted their price objective on shares of Palo Alto Networks from $385.00 to $425.00 and gave the stock an “outperform” rating in a report on Friday. Redburn Atlantic lowered Palo Alto Networks from a “buy” rating to a “neutral” rating and lowered their price target for the company from $350.00 to $325.00 in a research note on Thursday, July 18th. UBS Group raised their price objective on Palo Alto Networks from $345.00 to $355.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Wedbush restated an “outperform” rating and set a $375.00 price objective on shares of Palo Alto Networks in a research report on Friday, August 16th. Finally, BNP Paribas began coverage on Palo Alto Networks in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $410.00 target price for the company. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $381.56.

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.