Wolff Wiese Magana LLC Lowers Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Wolff Wiese Magana LLC reduced its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 87.6% in the 1st quarter, Holdings Channel reports. The fund owned 187 shares of the network technology company’s stock after selling 1,316 shares during the period. Wolff Wiese Magana LLC’s holdings in Palo Alto Networks were worth $53,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Palo Alto Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock valued at $8,129,800,000 after buying an additional 1,058,127 shares during the period. Norges Bank purchased a new stake in shares of Palo Alto Networks during the 4th quarter valued at $1,563,020,000. Clearbridge Investments LLC grew its stake in shares of Palo Alto Networks by 1.0% during the 4th quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock valued at $924,905,000 after buying an additional 30,013 shares during the period. Jennison Associates LLC grew its stake in shares of Palo Alto Networks by 83.1% during the 4th quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock valued at $771,643,000 after buying an additional 1,187,915 shares during the period. Finally, International Assets Investment Management LLC grew its stake in shares of Palo Alto Networks by 29,086.9% during the 4th quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after buying an additional 2,050,917 shares during the period. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Palo Alto Networks

In other news, Director Aparna Bawa sold 322 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total value of $99,820.00. Following the completion of the sale, the director now directly owns 3,767 shares of the company’s stock, valued at approximately $1,167,770. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Lee Klarich sold 121,276 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the completion of the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at approximately $49,895,983.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Aparna Bawa sold 322 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total transaction of $99,820.00. Following the sale, the director now directly owns 3,767 shares of the company’s stock, valued at $1,167,770. The disclosure for this sale can be found here. In the last three months, insiders sold 258,182 shares of company stock valued at $74,850,597. Company insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Stifel Nicolaus restated a “buy” rating and set a $330.00 target price on shares of Palo Alto Networks in a report on Wednesday, March 13th. Argus lifted their target price on shares of Palo Alto Networks from $336.00 to $348.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Needham & Company LLC restated a “buy” rating and set a $345.00 target price on shares of Palo Alto Networks in a report on Tuesday, May 21st. Wedbush restated an “outperform” rating and set a $375.00 target price on shares of Palo Alto Networks in a report on Tuesday, May 21st. Finally, DA Davidson started coverage on shares of Palo Alto Networks in a report on Friday, June 21st. They issued a “buy” rating and a $380.00 price objective on the stock. Twelve analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.29.

Palo Alto Networks Stock Up 0.5 %

NASDAQ PANW traded up $1.79 on Monday, hitting $340.80. The stock had a trading volume of 1,217,962 shares, compared to its average volume of 4,816,569. Palo Alto Networks, Inc. has a one year low of $201.17 and a one year high of $380.84. The stock has a market cap of $110.35 billion, a price-to-earnings ratio of 49.64, a P/E/G ratio of 5.19 and a beta of 1.14. The company’s 50-day moving average is $307.06 and its two-hundred day moving average is $307.11.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. Palo Alto Networks’s quarterly revenue was up 15.3% on a year-over-year basis. On average, sell-side analysts anticipate that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current year.

About Palo Alto Networks

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.