Chapin Davis Inc. Sells 1,222 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Chapin Davis Inc. lowered its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 39.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,873 shares of the network technology company’s stock after selling 1,222 shares during the period. Chapin Davis Inc.’s holdings in Palo Alto Networks were worth $532,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Palo Alto Networks in the 4th quarter worth $1,563,020,000. International Assets Investment Management LLC raised its stake in Palo Alto Networks by 29,086.9% in the 4th quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock worth $606,854,000 after acquiring an additional 2,050,917 shares during the last quarter. Jennison Associates LLC raised its stake in Palo Alto Networks by 83.1% in the 4th quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock worth $771,643,000 after acquiring an additional 1,187,915 shares during the last quarter. Vanguard Group Inc. raised its stake in Palo Alto Networks by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock worth $8,129,800,000 after acquiring an additional 1,058,127 shares during the last quarter. Finally, Axiom Investors LLC DE raised its stake in Palo Alto Networks by 359.3% in the 4th quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock worth $282,406,000 after acquiring an additional 749,199 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling

In related news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the sale, the executive vice president now directly owns 174,075 shares of the company’s stock, valued at $46,659,063. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Aparna Bawa sold 322 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total value of $99,820.00. Following the completion of the sale, the director now directly owns 3,767 shares of the company’s stock, valued at $1,167,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the sale, the executive vice president now directly owns 174,075 shares of the company’s stock, valued at $46,659,063. The disclosure for this sale can be found here. Over the last quarter, insiders sold 258,182 shares of company stock worth $74,850,597. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Up 0.6 %

NASDAQ:PANW opened at $340.90 on Tuesday. The company has a fifty day simple moving average of $307.06 and a two-hundred day simple moving average of $307.11. The company has a market cap of $110.38 billion, a price-to-earnings ratio of 49.55, a price-to-earnings-growth ratio of 5.19 and a beta of 1.14. Palo Alto Networks, Inc. has a 52 week low of $201.17 and a 52 week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The company’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 earnings per share. On average, analysts expect that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PANW shares. Macquarie increased their price target on Palo Alto Networks from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 21st. Sanford C. Bernstein raised their target price on Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a research report on Tuesday, May 21st. DA Davidson started coverage on Palo Alto Networks in a research report on Friday, June 21st. They set a “buy” rating and a $380.00 target price on the stock. Needham & Company LLC restated a “buy” rating and set a $345.00 target price on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $360.00 price target on shares of Palo Alto Networks in a research note on Wednesday, June 12th. Twelve research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.29.

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.