Palo Alto Networks, Inc. (NASDAQ:PANW) Stock Position Cut by Reliant Investment Management LLC

Reliant Investment Management LLC trimmed its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,635 shares of the network technology company’s stock after selling 685 shares during the quarter. Palo Alto Networks comprises 3.0% of Reliant Investment Management LLC’s holdings, making the stock its 19th biggest position. Reliant Investment Management LLC’s holdings in Palo Alto Networks were worth $5,739,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. AAFMAA Wealth Management & Trust LLC increased its stake in shares of Palo Alto Networks by 15.2% during the first quarter. AAFMAA Wealth Management & Trust LLC now owns 8,754 shares of the network technology company’s stock valued at $1,494,000 after acquiring an additional 1,154 shares during the period. Congress Asset Management Co. lifted its position in Palo Alto Networks by 1.5% in the first quarter. Congress Asset Management Co. now owns 568,046 shares of the network technology company’s stock worth $96,931,000 after purchasing an additional 8,501 shares during the period. Impact Capital Partners LLC boosted its stake in Palo Alto Networks by 25.4% during the 1st quarter. Impact Capital Partners LLC now owns 1,441 shares of the network technology company’s stock valued at $246,000 after purchasing an additional 292 shares in the last quarter. Elk River Wealth Management LLC increased its position in shares of Palo Alto Networks by 0.9% during the 1st quarter. Elk River Wealth Management LLC now owns 52,959 shares of the network technology company’s stock valued at $9,037,000 after purchasing an additional 466 shares during the period. Finally, Verum Partners LLC raised its stake in shares of Palo Alto Networks by 4.0% in the 1st quarter. Verum Partners LLC now owns 2,565 shares of the network technology company’s stock worth $438,000 after buying an additional 98 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Nir Zuk sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $165.41, for a total value of $16,541,000.00. Following the completion of the sale, the executive vice president now directly owns 3,543,516 shares in the company, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Lee Klarich sold 120,774 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $195.14, for a total value of $23,567,838.36. Following the sale, the executive vice president now directly owns 264,246 shares of the company’s stock, valued at $51,564,964.44. The trade was a 31.37% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 789,736 shares of company stock worth $139,837,528. Corporate insiders own 2.50% of the company’s stock.

Palo Alto Networks Stock Performance

NASDAQ:PANW opened at $199.60 on Friday. The company has a market capitalization of $133.09 billion, a P/E ratio of 112.45, a P/E/G ratio of 5.64 and a beta of 0.97. The stock’s 50 day moving average price is $180.48 and its 200 day moving average price is $185.09. Palo Alto Networks, Inc. has a 52 week low of $142.01 and a 52 week high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the previous year, the firm posted $0.66 earnings per share. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on PANW shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $235.00 target price on shares of Palo Alto Networks in a research note on Tuesday, May 20th. Citigroup upped their price target on shares of Palo Alto Networks from $205.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Truist Financial lowered their price objective on shares of Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Susquehanna increased their target price on shares of Palo Alto Networks from $217.50 to $230.00 and gave the company a “positive” rating in a research note on Tuesday, February 18th. Finally, Roth Capital started coverage on shares of Palo Alto Networks in a report on Thursday, May 15th. They set a “neutral” rating and a $210.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $208.00.

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.