Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by 1776 Wealth LLC

1776 Wealth LLC decreased its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,153 shares of the network technology company’s stock after selling 120 shares during the quarter. 1776 Wealth LLC’s holdings in Palo Alto Networks were worth $736,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Capital Advisors Ltd. LLC grew its position in shares of Palo Alto Networks by 113.9% during the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after acquiring an additional 41 shares during the last quarter. Sound Income Strategies LLC raised its position in Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after acquiring an additional 67 shares in the last quarter. Strategic Investment Solutions Inc. IL grew its position in Palo Alto Networks by 177.4% in the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after buying an additional 55 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in shares of Palo Alto Networks during the 1st quarter worth $25,000. Finally, First PREMIER Bank boosted its position in shares of Palo Alto Networks by 48.4% in the 3rd quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 31 shares during the period. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price target on shares of Palo Alto Networks from $385.00 to $440.00 and gave the company a “buy” rating in a report on Thursday. KeyCorp increased their target price on Palo Alto Networks from $400.00 to $435.00 and gave the company an “overweight” rating in a report on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on Palo Alto Networks from $340.00 to $365.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Cantor Fitzgerald raised Palo Alto Networks to a “strong-buy” rating in a research note on Friday, November 1st. Finally, Barclays increased their price target on shares of Palo Alto Networks from $410.00 to $425.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average target price of $381.56.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock traded down $7.39 on Friday, reaching $387.00. 2,204,087 shares of the company’s stock were exchanged, compared to its average volume of 3,849,976. The company has a market capitalization of $126.01 billion, a P/E ratio of 53.38, 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. The firm’s 50-day moving average is $359.86 and its two-hundred day moving average is $336.07.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the company posted $0.80 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, analysts expect that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the completion of the sale, the executive vice president now owns 159,009 shares in the company, valued at approximately $54,854,924.82. This trade represents a 27.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Nikesh Arora sold 81,586 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total value of $30,022,832.14. Following the completion of the transaction, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This 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 valued at $89,383,077. Corporate insiders own 2.50% of the company’s stock.

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.