Legacy Capital Wealth Partners LLC Cuts Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Legacy Capital Wealth Partners LLC reduced its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 7.2% during the first quarter, HoldingsChannel reports. The fund owned 1,644 shares of the network technology company’s stock after selling 128 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Palo Alto Networks were worth $281,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PANW. Transce3nd LLC purchased a new stake in Palo Alto Networks in the 4th quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL lifted its stake in Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock valued at $26,000 after buying an additional 55 shares in the last quarter. Kiely Wealth Advisory Group Inc. increased its holdings in shares of Palo Alto Networks by 100.0% during the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company’s stock worth $29,000 after buying an additional 75 shares during the last quarter. Anchor Investment Management LLC lifted its position in shares of Palo Alto Networks by 100.0% during the fourth quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company’s stock worth $28,000 after purchasing an additional 78 shares during the last quarter. Finally, Capital A Wealth Management LLC bought a new position in Palo Alto Networks in the fourth quarter worth about $29,000. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction on Monday, May 5th. The stock was sold at an average price of $189.27, for a total transaction of $22,858,894.98. Following the completion of the sale, the executive vice president owned 293,010 shares of the company’s stock, valued at approximately $55,458,002.70. This trade represents a 29.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Josh D. Paul sold 800 shares of the company’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $201.05, for a total value of $160,840.00. Following the sale, the chief accounting officer owned 42,033 shares of the company’s stock, valued at approximately $8,450,734.65. This represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 569,248 shares of company stock valued at $111,279,829. Corporate insiders own 2.50% of the company’s stock.

Palo Alto Networks Price Performance

Shares of PANW stock opened at $196.28 on Friday. The company has a market capitalization of $130.88 billion, a PE ratio of 112.16, a price-to-earnings-growth ratio of 5.38 and a beta of 0.97. The firm’s 50-day moving average is $195.41 and its two-hundred day moving average is $185.94. Palo Alto Networks, Inc. has a 12 month low of $142.01 and a 12 month high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter last year, the company earned $0.66 earnings per share. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. Sell-side analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Rosenblatt Securities restated a “buy” rating and set a $235.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 20th. Barclays cut their target price on shares of Palo Alto Networks from $213.00 to $210.00 and set an “overweight” rating on the stock in a report on Wednesday, May 21st. Roth Capital initiated coverage on Palo Alto Networks in a report on Thursday, May 15th. They set a “neutral” rating and a $210.00 target price for the company. Northland Securities decreased their price objective on Palo Alto Networks from $210.00 to $177.00 and set a “market perform” rating for the company in a report on Wednesday, May 21st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $223.00 price objective on shares of Palo Alto Networks in a research report on Monday, May 19th. 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. According to data from MarketBeat, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $208.00.

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.