Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by 1620 Investment Advisors Inc.

1620 Investment Advisors Inc. decreased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 21.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,313 shares of the network technology company’s stock after selling 361 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in Palo Alto Networks were worth $449,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PANW. Kathmere Capital Management LLC increased its stake in Palo Alto Networks by 3.4% during the 2nd quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock worth $312,000 after buying an additional 30 shares during the period. FLC Capital Advisors grew its position in shares of Palo Alto Networks by 0.7% during the third 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 in the last quarter. Cromwell Holdings LLC raised its holdings in Palo Alto Networks by 3.0% in the third quarter. Cromwell Holdings LLC now owns 1,044 shares of the network technology company’s stock valued at $357,000 after acquiring an additional 30 shares in the last quarter. Cascade Investment Group Inc. lifted its stake in Palo Alto Networks by 2.9% in the second 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 during the last quarter. Finally, Herbst Group LLC increased its position 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 valued at $3,313,000 after purchasing an additional 31 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Palo Alto Networks Trading Down 1.6 %

Shares of PANW opened at $359.51 on Thursday. The firm’s 50-day moving average is $352.23 and its two-hundred day moving average is $328.16. Palo Alto Networks, Inc. has a twelve month low of $233.81 and a twelve month high of $384.00. The firm has a market capitalization of $117.06 billion, a P/E ratio of 49.59, a PEG ratio of 5.31 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data 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. The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. Analysts predict that Palo Alto Networks, Inc. will post 3.57 EPS for the current year.

Insider Buying and Selling

In related news, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, October 10th. The stock was 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 in the company, valued at $227,680,932.85. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the transaction, the executive vice president now owns 159,009 shares of the company’s stock, valued at $47,055,533.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Nikesh Arora sold 81,586 shares of the 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 transaction, the chief executive officer now directly owns 618,715 shares in the company, valued at $227,680,932.85. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 315,252 shares of company stock worth $107,138,877 in the last three months. Corporate insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

PANW has been the subject of a number of analyst reports. Stifel Nicolaus boosted their target price on shares of Palo Alto Networks from $360.00 to $385.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Truist Financial increased their price objective on Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. DA Davidson upped their price target on Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Wells Fargo & Company raised their price objective on shares of Palo Alto Networks from $385.00 to $416.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Finally, Piper Sandler upped their target price on shares of Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Eleven investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $376.82.

Palo Alto Networks Company 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.