Palo Alto Networks, Inc. (NASDAQ:PANW) Stock Position Lowered by 1900 Wealth Management LLC

1900 Wealth Management LLC lessened its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 13.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,674 shares of the network technology company’s stock after selling 261 shares during the quarter. 1900 Wealth Management LLC’s holdings in Palo Alto Networks were worth $494,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. First Pacific Financial raised its stake in shares of Palo Alto Networks by 421.7% in the 3rd quarter. First Pacific Financial now owns 120 shares of the network technology company’s stock worth $28,000 after buying an additional 97 shares in the last quarter. Webster Bank N. A. raised its position in Palo Alto Networks by 607.1% during the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock valued at $29,000 after buying an additional 85 shares during the period. Cedar Mountain Advisors LLC raised its position in Palo Alto Networks by 87.0% during the fourth quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after buying an additional 47 shares during the period. Byrne Asset Management LLC raised its position in Palo Alto Networks by 277.8% during the third quarter. Byrne Asset Management LLC now owns 136 shares of the network technology company’s stock valued at $32,000 after buying an additional 100 shares during the period. Finally, MV Capital Management Inc. raised its position in Palo Alto Networks by 37.2% during the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock valued at $32,000 after buying an additional 29 shares during the period. Institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Trading Up 4.2 %

Shares of NASDAQ:PANW traded up $11.78 during trading on Tuesday, reaching $293.46. 1,583,836 shares of the stock were exchanged, compared to its average volume of 5,496,867. Palo Alto Networks, Inc. has a 12 month low of $176.30 and a 12 month high of $380.84. The stock has a 50-day moving average price of $293.65 and a 200-day moving average price of $291.51. The firm has a market cap of $94.82 billion, a PE ratio of 45.47, a PEG ratio of 3.79 and a beta of 1.19.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. On average, sell-side analysts expect that Palo Alto Networks, Inc. will post 2.76 earnings per share for the current fiscal year.

Insider Activity

In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,867 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $280.13, for a total transaction of $523,002.71. Following the completion of the transaction, the president now directly owns 25,812 shares in the company, valued at $7,230,715.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, 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 completion of the transaction, the executive vice president now directly owns 198,105 shares in the company, valued at $56,327,194.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President William D. Jenkins, Jr. sold 1,867 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total transaction of $523,002.71. Following the transaction, the president now owns 25,812 shares of the company’s stock, valued at $7,230,715.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 167,917 shares of company stock worth $49,395,553. Corporate insiders own 3.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PANW shares. Sanford C. Bernstein started coverage on Palo Alto Networks in a research note on Thursday, January 18th. They set an “outperform” rating for the company. Mizuho cut their price objective on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Evercore ISI boosted their price objective on Palo Alto Networks from $315.00 to $405.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Oppenheimer boosted their price objective on Palo Alto Networks from $305.00 to $330.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $350.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, April 17th. Eleven analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $314.82.

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.