Linscomb Wealth Inc. Lowers Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Linscomb Wealth Inc. reduced its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,298 shares of the network technology company’s stock after selling 288 shares during the period. Linscomb Wealth Inc.’s holdings in Palo Alto Networks were worth $6,254,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Mainstream Capital Management LLC purchased a new position in Palo Alto Networks in the 3rd quarter worth approximately $1,156,000. Alpha Cubed Investments LLC grew its position in Palo Alto Networks by 16.4% in the third quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company’s stock worth $79,149,000 after acquiring an additional 32,626 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Palo Alto Networks by 3.8% in the third quarter. Handelsbanken Fonder AB now owns 196,700 shares of the network technology company’s stock valued at $67,232,000 after acquiring an additional 7,291 shares during the last quarter. Harvest Portfolios Group Inc. purchased a new stake in Palo Alto Networks during the third quarter valued at about $24,414,000. Finally, Parsons Capital Management Inc. RI boosted its holdings in shares of Palo Alto Networks by 4.5% in the 2nd quarter. Parsons Capital Management Inc. RI now owns 2,695 shares of the network technology company’s stock worth $914,000 after purchasing an additional 116 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Palo Alto Networks

In related news, Director Mary Pat Mccarthy sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the transaction, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The trade was a 24.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the sale, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This trade represents a 11.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 255,252 shares of company stock worth $89,383,077. Corporate insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on PANW shares. Wells Fargo & Company upped their price target on shares of Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. DA Davidson raised their price target on Palo Alto Networks from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Truist Financial boosted their price objective on Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Royal Bank of Canada increased their price objective on Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Finally, TD Cowen lifted their target price on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $381.56.

Palo Alto Networks Stock Down 1.9 %

PANW traded down $7.37 during midday trading on Friday, hitting $387.02. 631,572 shares of the company traded hands, compared to its average volume of 3,842,377. The company’s 50-day moving average is $358.84 and its 200 day moving average is $335.42. The firm has a market capitalization of $126.01 billion, a PE ratio of 53.77, a price-to-earnings-growth ratio of 5.84 and a beta of 1.12. Palo Alto Networks, Inc. has a 52 week low of $234.15 and a 52 week high of $408.53.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate 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 revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 earnings per share. On average, sell-side analysts predict that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

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.