Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Elite Wealth Management Inc.

Elite Wealth Management Inc. reduced its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 95.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 789 shares of the network technology company’s stock after selling 16,706 shares during the period. Elite Wealth Management Inc.’s holdings in Palo Alto Networks were worth $267,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sunbelt Securities Inc. boosted its stake in Palo Alto Networks by 91.0% in the first quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock valued at $478,000 after acquiring an additional 802 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Palo Alto Networks by 7.6% in the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after acquiring an additional 198,078 shares during the period. Brookstone Capital Management raised its position in Palo Alto Networks by 48.4% in the 1st quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock valued at $7,502,000 after purchasing an additional 8,611 shares during the last quarter. Wealthspire Advisors LLC grew its position in Palo Alto Networks by 1.7% during the 1st quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock worth $1,244,000 after purchasing an additional 75 shares during the last quarter. Finally, Connectus Wealth LLC raised its holdings in shares of Palo Alto Networks by 22.8% in the fourth quarter. Connectus Wealth LLC now owns 43,813 shares of the network technology company’s stock valued at $12,920,000 after buying an additional 8,132 shares during the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PANW has been the subject of a number of recent research reports. Wedbush reaffirmed an “outperform” rating and set a $375.00 price objective on shares of Palo Alto Networks in a research report on Friday, August 16th. Evercore ISI boosted their price objective on shares of Palo Alto Networks from $385.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Sanford C. Bernstein lifted their target price on shares of Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Cantor Fitzgerald reissued an “overweight” rating and set a $350.00 price target on shares of Palo Alto Networks in a report on Monday, August 19th. Finally, DA Davidson lifted their price objective on Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $366.08.

Insider Activity at Palo Alto Networks

In other news, CAO Josh D. Paul sold 200 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $338.00, for a total transaction of $67,600.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,982 shares of the company’s stock, valued at $8,443,916. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Josh D. Paul sold 200 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the sale, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at approximately $8,443,916. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lee Klarich sold 125,866 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $335.00, for a total value of $42,165,110.00. Following the transaction, the executive vice president now owns 166,542 shares of the company’s stock, valued at $55,791,570. The disclosure for this sale can be found here. Insiders sold a total of 464,075 shares of company stock valued at $154,029,567 in the last quarter. Insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Up 1.2 %

NASDAQ:PANW opened at $333.60 on Friday. The company has a market cap of $108.62 billion, a PE ratio of 48.49, a P/E/G ratio of 5.03 and a beta of 1.13. The business’s 50 day moving average is $336.32 and its two-hundred day moving average is $312.89. Palo Alto Networks, Inc. has a 52 week low of $224.64 and a 52 week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.80 earnings per share. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 3.55 EPS for the current fiscal year.

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.