AE Wealth Management LLC cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 28.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,096 shares of the network technology company’s stock after selling 6,308 shares during the quarter. AE Wealth Management LLC’s holdings in Palo Alto Networks were worth $3,215,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Covestor Ltd boosted its position in Palo Alto Networks by 61.8% during the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock worth $35,000 after acquiring an additional 21 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Palo Alto Networks by 0.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,961 shares of the network technology company’s stock valued at $1,843,000 after purchasing an additional 23 shares during the last quarter. Brighton Jones LLC boosted its holdings in Palo Alto Networks by 6.5% in the 1st quarter. Brighton Jones LLC now owns 425 shares of the network technology company’s stock valued at $265,000 after purchasing an additional 26 shares during the last quarter. Penserra Capital Management LLC boosted its holdings in Palo Alto Networks by 6.4% in the 1st quarter. Penserra Capital Management LLC now owns 452 shares of the network technology company’s stock valued at $281,000 after purchasing an additional 27 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its holdings in Palo Alto Networks by 0.9% in the 1st quarter. Wealthfront Advisers LLC now owns 4,797 shares of the network technology company’s stock valued at $2,986,000 after purchasing an additional 41 shares during the last quarter. 89.84% of the stock is currently owned by institutional investors and hedge funds.
Palo Alto Networks Stock Performance
PANW stock opened at $255.51 on Friday. Palo Alto Networks, Inc. has a one year low of $132.22 and a one year high of $256.83. The stock has a market capitalization of $78.15 billion, a PE ratio of 405.58, a price-to-earnings-growth ratio of 5.59 and a beta of 1.16. The company has a fifty day moving average of $213.06 and a 200-day moving average of $194.64.
Wall Street Analysts Forecast Growth
PANW has been the topic of several recent analyst reports. Credit Suisse Group boosted their target price on shares of Palo Alto Networks from $235.00 to $260.00 and gave the company an “outperform” rating in a report on Wednesday, May 24th. UBS Group upped their price objective on shares of Palo Alto Networks from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Wednesday, May 24th. Robert W. Baird upped their price objective on shares of Palo Alto Networks from $230.00 to $235.00 and gave the stock an “outperform” rating in a report on Wednesday, May 24th. StockNews.com initiated coverage on shares of Palo Alto Networks in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Palo Alto Networks from $225.00 to $251.00 and gave the stock an “overweight” rating in a report on Wednesday, May 24th. Five analysts have rated the stock with a hold rating and thirty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus price target of $236.37.
Insider Transactions at Palo Alto Networks
In other news, Director Aparna Bawa sold 544 shares of the stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $233.46, for a total value of $127,002.24. Following the completion of the transaction, the director now owns 3,965 shares in the company, valued at approximately $925,668.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Aparna Bawa sold 544 shares of the stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $233.46, for a total value of $127,002.24. Following the completion of the transaction, the director now owns 3,965 shares in the company, valued at approximately $925,668.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Klarich sold 45,000 shares of the stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $193.99, for a total transaction of $8,729,550.00. Following the completion of the transaction, the executive vice president now owns 612,745 shares of the company’s stock, valued at approximately $118,866,402.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 254,558 shares of company stock worth $51,371,576. Company insiders own 3.90% of the company’s stock.
Palo Alto Networks Company Profile
Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on a customer's network, as well as their instances in public or private cloud environments, as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
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