5T Wealth LLC lowered its position in  Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 13.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,079 shares of the network technology company’s stock after selling 474 shares during the period. 5T Wealth LLC’s holdings in Palo Alto Networks were worth $630,000 at the end of the most recent reporting period. 
A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Palo Alto Networks by 2.5% in the first quarter. Vanguard Group Inc. now owns 62,775,544 shares of the network technology company’s stock valued at $10,712,019,000 after acquiring an additional 1,541,637 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Palo Alto Networks by 41.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,235,406 shares of the network technology company’s stock worth $1,234,650,000 after purchasing an additional 2,134,735 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Palo Alto Networks by 16.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,902,048 shares of the network technology company’s stock worth $1,177,765,000 after purchasing an additional 950,765 shares during the last quarter. Nuveen LLC bought a new position in Palo Alto Networks in the 1st quarter worth approximately $810,047,000. Finally, Charles Schwab Investment Management Inc. raised its position in Palo Alto Networks by 5.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,422,037 shares of the network technology company’s stock worth $754,576,000 after purchasing an additional 219,111 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.
Palo Alto Networks Stock Performance
Shares of Palo Alto Networks stock opened at $220.24 on Friday. The firm has a fifty day moving average of $204.51 and a two-hundred day moving average of $194.30. The stock has a market capitalization of $147.32 billion, a price-to-earnings ratio of 137.22, a PEG ratio of 5.24 and a beta of 0.98. Palo Alto Networks, Inc. has a 52 week low of $144.15 and a 52 week high of $223.61.
Insider Activity
In related news, CAO Josh D. Paul sold 700 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $202.16, for a total value of $141,512.00. Following the completion of the sale, the chief accounting officer owned 32,474 shares in the company, valued at $6,564,943.84. This represents a 2.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Nikesh Arora sold 846,408 shares of the company’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $204.06, for a total transaction of $172,718,016.48. Following the completion of the sale, the chief executive officer owned 275,013 shares of the company’s stock, valued at approximately $56,119,152.78. This represents a 75.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,215,130 shares of company stock worth $243,407,367 in the last 90 days. Corporate insiders own 2.50% of the company’s stock.
Analysts Set New Price Targets
Several research firms recently weighed in on PANW. Cantor Fitzgerald restated an “overweight” rating and issued a $223.00 price objective on shares of Palo Alto Networks in a research report on Friday, August 15th. Truist Financial set a $220.00 price objective on shares of Palo Alto Networks and gave the stock a “buy” rating in a research report on Tuesday, August 19th. Bank of America boosted their price objective on shares of Palo Alto Networks from $215.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Weiss Ratings restated a “hold (c+)” rating on shares of Palo Alto Networks in a research report on Wednesday, October 8th. Finally, Scotiabank boosted their price objective on shares of Palo Alto Networks from $225.00 to $228.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 19th. Thirty investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus price target of $218.17.
Read Our Latest Report on PANW
Palo Alto Networks 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.
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