Steel Grove Capital Advisors LLC Sells 326 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Steel Grove Capital Advisors LLC reduced its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 33.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 651 shares of the network technology company’s stock after selling 326 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Palo Alto Networks were worth $221,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Sunbelt Securities Inc. grew its holdings in Palo Alto Networks by 91.0% during the 1st quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock valued at $478,000 after buying an additional 802 shares in the last quarter. Jennison Associates LLC grew its stake in Palo Alto Networks by 7.6% during the first 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 in the last quarter. Brookstone Capital Management increased its holdings in Palo Alto Networks by 48.4% during the 1st quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock worth $7,502,000 after acquiring an additional 8,611 shares during the period. Wealthspire Advisors LLC lifted its stake in Palo Alto Networks by 1.7% in 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 in the last quarter. Finally, Connectus Wealth LLC boosted its holdings in Palo Alto Networks by 22.8% in the 4th quarter. Connectus Wealth LLC now owns 43,813 shares of the network technology company’s stock valued at $12,920,000 after purchasing an additional 8,132 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Up 1.2 %

Shares of NASDAQ:PANW opened at $344.17 on Tuesday. The stock has a market capitalization of $111.44 billion, a PE ratio of 50.02, a price-to-earnings-growth ratio of 5.04 and a beta of 1.13. The firm’s 50 day moving average price is $336.46 and its 200-day moving average price is $313.98. Palo Alto Networks, Inc. has a twelve month low of $224.64 and a twelve month high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released 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. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the firm earned $0.80 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. Analysts expect that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $338.00, for a total transaction of $67,600.00. Following the transaction, the chief accounting officer now directly owns 24,982 shares of the company’s stock, valued at approximately $8,443,916. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $338.00, for a total transaction of $67,600.00. Following the sale, the chief accounting officer now directly owns 24,982 shares in the company, valued at approximately $8,443,916. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Pat Mccarthy sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the completion of the transaction, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The disclosure for this sale can be found here. Insiders sold a total of 464,075 shares of company stock worth $154,029,567 over the last quarter. 3.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PANW has been the topic of several recent analyst reports. Morgan Stanley raised their price target on Palo Alto Networks from $360.00 to $390.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Oppenheimer boosted their target price 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $350.00 target price on shares of Palo Alto Networks in a research note on Monday, August 19th. Citigroup boosted their price objective on shares of Palo Alto Networks from $385.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, Argus increased their target price on shares of Palo Alto Networks from $336.00 to $348.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Thirteen 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.