Newbridge Financial Services Group Inc. Sells 995 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Newbridge Financial Services Group Inc. lowered its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 21.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,577 shares of the network technology company’s stock after selling 995 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Palo Alto Networks were worth $1,213,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Palo Alto Networks by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock valued at $8,118,190,000 after acquiring an additional 1,002,239 shares in the last quarter. Legal & General Group Plc raised its stake in Palo Alto Networks by 8.5% in the second quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock valued at $1,099,564,000 after purchasing an additional 255,060 shares in the last quarter. Jennison Associates LLC lifted its position in Palo Alto Networks by 7.6% during the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after purchasing an additional 198,078 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in Palo Alto Networks by 5.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company’s stock worth $757,321,000 after buying an additional 114,742 shares in the last quarter. Finally, William Blair Investment Management LLC increased its holdings in shares of Palo Alto Networks by 8.0% in the 2nd quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock worth $339,183,000 after buying an additional 73,922 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Activity

In related news, EVP Lee Klarich sold 125,866 shares of Palo Alto Networks stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $335.00, for a total value of $42,165,110.00. Following the completion of the sale, the executive vice president now directly owns 166,542 shares in the company, valued at approximately $55,791,570. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the completion of the sale, the executive vice president now directly owns 1,187,567 shares in the company, valued at approximately $377,373,165.59. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lee Klarich sold 125,866 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $335.00, for a total value of $42,165,110.00. Following the transaction, the executive vice president now directly owns 166,542 shares in the company, valued at $55,791,570. The disclosure for this sale can be found here. Insiders have sold a total of 359,732 shares of company stock valued at $118,815,557 over the last ninety days. 3.30% of the stock is currently owned by corporate insiders.

Palo Alto Networks Price Performance

Shares of Palo Alto Networks stock opened at $329.29 on Wednesday. Palo Alto Networks, Inc. has a 1 year low of $230.09 and a 1 year high of $380.84. The firm’s 50-day moving average is $337.16 and its 200 day moving average is $316.24. The stock has a market cap of $106.62 billion, a price-to-earnings ratio of 47.86, a PEG ratio of 4.98 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the firm posted $0.80 earnings per share. The business’s revenue was up 12.1% on a year-over-year basis. On average, equities analysts expect that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PANW has been the topic of a number of research analyst reports. Citigroup increased their target price on Palo Alto Networks from $385.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. KeyCorp raised their price objective on Palo Alto Networks from $380.00 to $400.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Barclays upped their target price on Palo Alto Networks from $350.00 to $370.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Royal Bank of Canada lifted their price target on shares of Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Finally, Stifel Nicolaus upped their price objective on shares of Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Twelve analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $369.26.

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.