Summit Trail Advisors LLC Trims Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Summit Trail Advisors LLC cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 20.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,213 shares of the network technology company’s stock after selling 571 shares during the period. Summit Trail Advisors LLC’s holdings in Palo Alto Networks were worth $653,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. GSG Advisors LLC raised its holdings in Palo Alto Networks by 1.0% during the fourth quarter. GSG Advisors LLC now owns 5,160 shares of the network technology company’s stock valued at $1,478,000 after acquiring an additional 51 shares during the period. Spirit of America Management Corp NY grew its holdings in Palo Alto Networks by 50.0% during the 4th quarter. Spirit of America Management Corp NY now owns 300 shares of the network technology company’s stock valued at $88,000 after buying an additional 100 shares in the last quarter. Oliver Lagore Vanvalin Investment Group raised its position in shares of Palo Alto Networks by 46.4% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 4,178 shares of the network technology company’s stock valued at $1,232,000 after buying an additional 1,325 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Palo Alto Networks by 148.9% in the third quarter. Truist Financial Corp now owns 189,801 shares of the network technology company’s stock worth $44,497,000 after buying an additional 113,534 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in shares of Palo Alto Networks by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 137,104 shares of the network technology company’s stock worth $32,143,000 after acquiring an additional 735 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Insider Transactions at Palo Alto Networks

In other news, President William D. Jenkins, Jr. sold 1,867 shares of the firm’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 of the company’s stock, valued at approximately $7,230,715.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $280.00, for a total transaction of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President William D. Jenkins, Jr. sold 1,867 shares of the 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 sale, the president now directly 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 quarter, insiders sold 158,917 shares of company stock worth $44,335,843. Company insiders own 3.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PANW. Needham & Company LLC restated a “buy” rating and set a $345.00 target price on shares of Palo Alto Networks in a research report on Wednesday, February 21st. BMO Capital Markets dropped their target price on Palo Alto Networks from $378.00 to $327.00 and set an “outperform” rating for the company in a report on Wednesday, February 21st. Scotiabank decreased their price target on Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating on the stock in a report on Wednesday, February 21st. Oppenheimer lifted their price objective on shares of Palo Alto Networks from $305.00 to $330.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. Finally, Susquehanna reduced their target price on shares of Palo Alto Networks from $400.00 to $325.00 and set a “positive” rating on the stock in a research note on Monday, February 26th. 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, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus target price of $314.82.

Palo Alto Networks Price Performance

PANW stock traded up $4.39 during trading on Tuesday, hitting $304.96. The stock had a trading volume of 1,237,694 shares, compared to its average volume of 5,217,004. Palo Alto Networks, Inc. has a twelve month low of $186.75 and a twelve month high of $380.84. The stock has a market capitalization of $98.53 billion, a P/E ratio of 46.96, a PEG ratio of 4.03 and a beta of 1.18. The company’s 50-day moving average price is $285.94 and its two-hundred day moving average price is $294.03.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.22. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 2.77 EPS for the current fiscal year.

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.