1776 Wealth LLC Sells 120 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

1776 Wealth LLC cut its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,153 shares of the network technology company’s stock after selling 120 shares during the quarter. 1776 Wealth LLC’s holdings in Palo Alto Networks were worth $736,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC increased its stake in Palo Alto Networks by 34,318.2% during the 3rd quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock valued at $1,113,948,000 after purchasing an additional 3,249,594 shares in the last quarter. Swedbank AB purchased a new position in Palo Alto Networks in the 1st quarter worth $177,933,000. Altshuler Shaham Ltd lifted its position in Palo Alto Networks by 444,100.0% during the 2nd quarter. Altshuler Shaham Ltd now owns 444,000 shares of the network technology company’s stock worth $150,520,000 after acquiring an additional 444,100 shares during the period. Congress Asset Management Co. acquired a new position in shares of Palo Alto Networks in the third quarter valued at about $94,875,000. Finally, Legal & General Group Plc lifted its holdings in shares of Palo Alto Networks by 8.5% during the second quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock worth $1,099,564,000 after purchasing an additional 255,060 shares during the period. 79.82% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Performance

NASDAQ:PANW traded down $7.39 during mid-day trading on Friday, hitting $387.00. 2,204,087 shares of the company’s stock traded hands, compared to its average volume of 3,849,976. Palo Alto Networks, Inc. has a 1 year low of $234.15 and a 1 year high of $408.53. The company has a market cap of $126.01 billion, a PE ratio of 53.38, a price-to-earnings-growth ratio of 5.84 and a beta of 1.12. The firm’s 50 day simple moving average is $359.86 and its 200 day simple moving average is $336.07.

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

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the transaction, the executive vice president now owns 159,009 shares of the company’s stock, valued at approximately $54,854,924.82. This trade represents a 27.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total value of $30,022,832.14. Following the completion of the sale, the chief executive officer now owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This represents a 11.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 255,252 shares of company stock worth $89,383,077 over the last quarter. 2.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have commented on PANW shares. KeyCorp lifted their price objective on shares of Palo Alto Networks from $400.00 to $435.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Sanford C. Bernstein lifted their price objective on Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. BMO Capital Markets boosted their price objective on Palo Alto Networks from $334.00 to $390.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Wedbush reaffirmed an “outperform” rating and set a $375.00 target price on shares of Palo Alto Networks in a report on Friday, August 16th. Finally, BNP Paribas assumed coverage on Palo Alto Networks in a report on Tuesday, October 8th. They issued an “outperform” rating and a $410.00 price target for the company. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $381.56.

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.