TRUE Private Wealth Advisors Sells 268 Shares of Palo Alto Networks, Inc. $PANW

TRUE Private Wealth Advisors lowered its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,191 shares of the network technology company’s stock after selling 268 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Palo Alto Networks were worth $1,472,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Primecap Management Co. CA lifted its position in Palo Alto Networks by 1.7% in the 2nd quarter. Primecap Management Co. CA now owns 1,005,840 shares of the network technology company’s stock valued at $205,835,000 after acquiring an additional 17,280 shares in the last quarter. Wealthspire Advisors LLC boosted its position in shares of Palo Alto Networks by 10.3% during the second quarter. Wealthspire Advisors LLC now owns 15,087 shares of the network technology company’s stock valued at $3,087,000 after buying an additional 1,407 shares during the last quarter. Bedell Frazier Investment Counselling LLC grew its holdings in Palo Alto Networks by 24.2% during the second quarter. Bedell Frazier Investment Counselling LLC now owns 4,317 shares of the network technology company’s stock worth $883,000 after buying an additional 841 shares in the last quarter. Portside Wealth Group LLC raised its position in Palo Alto Networks by 5.3% in the 2nd quarter. Portside Wealth Group LLC now owns 1,939 shares of the network technology company’s stock valued at $397,000 after buying an additional 98 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Palo Alto Networks by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 64,016,374 shares of the network technology company’s stock worth $13,100,311,000 after acquiring an additional 1,240,830 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

PANW has been the topic of several analyst reports. Cantor Fitzgerald boosted their price target on shares of Palo Alto Networks from $223.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday. Stephens restated an “equal weight” rating and issued a $205.00 target price on shares of Palo Alto Networks in a research note on Tuesday, August 19th. Westpark Capital reiterated a “hold” rating on shares of Palo Alto Networks in a report on Tuesday, August 19th. Scotiabank raised their target price on Palo Alto Networks from $225.00 to $228.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 19th. Finally, Guggenheim lifted their target price on Palo Alto Networks from $130.00 to $135.00 and gave the stock a “sell” rating in a research note on Tuesday, August 19th. Twenty-nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $224.14.

Palo Alto Networks Stock Down 0.2%

NASDAQ PANW opened at $200.65 on Wednesday. The firm has a market cap of $137.24 billion, a P/E ratio of 124.99, a price-to-earnings-growth ratio of 4.82 and a beta of 0.95. The company’s 50 day moving average is $209.25 and its 200-day moving average is $197.42. Palo Alto Networks, Inc. has a 12-month low of $144.15 and a 12-month high of $223.61.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Monday, August 18th. The network technology company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.89 by $0.06. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.50 billion. Palo Alto Networks had a net margin of 12.30% and a return on equity of 17.66%. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period last year, the firm earned $0.75 EPS. Equities analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Insider Transactions at Palo Alto Networks

In related news, CAO Josh D. Paul sold 700 shares of Palo Alto Networks stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $219.97, for a total value of $153,979.00. Following the transaction, the chief accounting officer owned 47,505 shares in the company, valued at $10,449,674.85. This trade represents a 1.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $191.11, for a total value of $23,081,119.14. Following the transaction, the executive vice president owned 177,954 shares in the company, valued at approximately $34,008,788.94. The trade was a 40.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,215,830 shares of company stock valued at $249,160,428. 1.40% of the stock is currently owned by corporate insiders.

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.