Evolutionary Tree Capital Management LLC Sells 3,552 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Evolutionary Tree Capital Management LLC reduced its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 42.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,880 shares of the network technology company’s stock after selling 3,552 shares during the period. Palo Alto Networks makes up about 1.7% of Evolutionary Tree Capital Management LLC’s investment portfolio, making the stock its 23rd biggest position. Evolutionary Tree Capital Management LLC’s holdings in Palo Alto Networks were worth $1,654,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Cascade Investment Group Inc. raised its position in Palo Alto Networks by 2.9% in the second quarter. Cascade Investment Group Inc. now owns 1,110 shares of the network technology company’s stock worth $376,000 after acquiring an additional 31 shares during the period. Sepio Capital LP raised its holdings in Palo Alto Networks by 3.7% in the 4th quarter. Sepio Capital LP now owns 944 shares of the network technology company’s stock worth $278,000 after purchasing an additional 34 shares during the period. Sheets Smith Wealth Management lifted its position in Palo Alto Networks by 2.4% during the first quarter. Sheets Smith Wealth Management now owns 1,479 shares of the network technology company’s stock valued at $420,000 after purchasing an additional 34 shares in the last quarter. Pin Oak Investment Advisors Inc. grew its holdings in Palo Alto Networks by 41.2% during the fourth quarter. Pin Oak Investment Advisors Inc. now owns 120 shares of the network technology company’s stock valued at $35,000 after purchasing an additional 35 shares during the period. Finally, First County Bank CT increased its position in Palo Alto Networks by 1.0% in the fourth quarter. First County Bank CT now owns 3,537 shares of the network technology company’s stock worth $1,043,000 after buying an additional 35 shares in the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, President William D. Jenkins, Jr. sold 1,475 shares of Palo Alto Networks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $339.12, for a total transaction of $500,202.00. Following the completion of the sale, the president now owns 19,026 shares in the company, valued at approximately $6,452,097.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $339.16, for a total transaction of $12,209,760.00. Following the transaction, the executive vice president now owns 1,223,567 shares of the company’s stock, valued at approximately $414,984,983.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President William D. Jenkins, Jr. sold 1,475 shares of Palo Alto Networks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $339.12, for a total value of $500,202.00. Following the completion of the sale, the president now owns 19,026 shares of the company’s stock, valued at $6,452,097.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 464,075 shares of company stock valued at $154,029,567. 3.30% of the stock is currently owned by company insiders.

Palo Alto Networks Price Performance

Palo Alto Networks stock opened at $340.12 on Friday. The firm has a market capitalization of $110.13 billion, a P/E ratio of 49.44, a price-to-earnings-growth ratio of 5.04 and a beta of 1.13. Palo Alto Networks, Inc. has a 1-year low of $224.64 and a 1-year high of $380.84. The company’s 50-day moving average is $336.39 and its 200 day moving average is $313.33.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. The firm 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%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.80 earnings per share. Research analysts anticipate that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Robert W. Baird boosted their price objective on Palo Alto Networks from $360.00 to $375.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Citigroup upped their price target on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. TD Cowen raised their price objective on shares of Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Daiwa Capital Markets initiated coverage on shares of Palo Alto Networks in a report on Wednesday, May 29th. They issued an “outperform” rating and a $350.00 target price for the company. Finally, Stifel Nicolaus raised their price target on Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $366.08.

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.