Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Lake Street Private Wealth LLC

Lake Street Private Wealth LLC trimmed its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,308 shares of the network technology company’s stock after selling 275 shares during the period. Lake Street Private Wealth LLC’s holdings in Palo Alto Networks were worth $2,271,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL raised its position in shares of Palo Alto Networks by 64.0% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock worth $26,000 after purchasing an additional 55 shares during the period. JDM Financial Group LLC grew its holdings in Palo Alto Networks by 22.4% in the 4th quarter. JDM Financial Group LLC now owns 322 shares of the network technology company’s stock worth $59,000 after buying an additional 59 shares in the last quarter. Rakuten Securities Inc. grew its holdings in Palo Alto Networks by 8.4% in the 4th quarter. Rakuten Securities Inc. now owns 906 shares of the network technology company’s stock worth $165,000 after buying an additional 70 shares in the last quarter. Quarry LP grew its holdings in Palo Alto Networks by 16.9% in the 4th quarter. Quarry LP now owns 511 shares of the network technology company’s stock worth $93,000 after buying an additional 74 shares in the last quarter. Finally, Kiely Wealth Advisory Group Inc. grew its holdings in Palo Alto Networks by 100.0% in the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company’s stock worth $29,000 after buying an additional 75 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Guggenheim reissued a “sell” rating and issued a $130.00 price objective on shares of Palo Alto Networks in a report on Wednesday, May 21st. Northland Securities decreased their price objective on Palo Alto Networks from $210.00 to $177.00 and set a “market perform” rating for the company in a report on Wednesday, May 21st. Hsbc Global Res raised Palo Alto Networks from a “moderate sell” rating to a “hold” rating in a report on Thursday, April 10th. JMP Securities increased their price objective on Palo Alto Networks from $208.00 to $212.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Finally, Roth Capital assumed coverage on Palo Alto Networks in a report on Thursday, May 15th. They issued a “neutral” rating and a $210.00 price objective for the company. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $208.00.

Insider Buying and Selling

In other news, EVP Nir Zuk sold 100,000 shares of the firm’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $165.41, for a total value of $16,541,000.00. Following the sale, the executive vice president now directly owns 3,543,516 shares of the company’s stock, valued at approximately $586,132,981.56. This trade represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Lee Klarich sold 120,774 shares of the firm’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $151.13, for a total value of $18,252,574.62. Following the completion of the sale, the executive vice president now directly owns 321,774 shares in the company, valued at approximately $48,629,704.62. This represents a 27.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 668,962 shares of company stock worth $116,269,690. Corporate insiders own 2.50% of the company’s stock.

Palo Alto Networks Stock Down 1.5%

PANW opened at $194.07 on Thursday. The stock has a fifty day moving average of $179.38 and a 200-day moving average of $185.03. The firm has a market capitalization of $129.41 billion, a P/E ratio of 109.34, a PEG ratio of 5.64 and a beta of 1.02. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the prior year, the company earned $0.66 earnings per share. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share 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.