Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Harbor Investment Advisory LLC

Harbor Investment Advisory LLC cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 6.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,866 shares of the network technology company’s stock after selling 198 shares during the period. Harbor Investment Advisory LLC’s holdings in Palo Alto Networks were worth $980,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kathmere Capital Management LLC lifted its position in shares of Palo Alto Networks by 3.4% in the 2nd quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock valued at $312,000 after acquiring an additional 30 shares in the last quarter. Cascade Investment Group Inc. lifted its position in shares of Palo Alto Networks by 2.9% in the 2nd quarter. Cascade Investment Group Inc. now owns 1,110 shares of the network technology company’s stock valued at $376,000 after acquiring an additional 31 shares in the last quarter. Sheets Smith Wealth Management lifted its position in shares of Palo Alto Networks by 2.4% in the 1st quarter. Sheets Smith Wealth Management now owns 1,479 shares of the network technology company’s stock valued at $420,000 after acquiring an additional 34 shares in the last quarter. Pin Oak Investment Advisors Inc. lifted its position in shares of Palo Alto Networks by 41.2% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 120 shares of the network technology company’s stock valued at $35,000 after acquiring an additional 35 shares in the last quarter. Finally, First County Bank CT lifted its position in shares of Palo Alto Networks by 1.0% in the 4th quarter. First County Bank CT now owns 3,537 shares of the network technology company’s stock valued at $1,043,000 after acquiring an additional 35 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PANW shares. Needham & Company LLC increased their target price on shares of Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Palo Alto Networks from $330.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Piper Sandler lifted their target price on shares of Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Wedbush reissued an “outperform” rating and set a $375.00 target price on shares of Palo Alto Networks in a research note on Friday, August 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Palo Alto Networks from $330.00 to $376.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Eleven 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 stock currently has an average rating of “Moderate Buy” and an average target price of $369.26.

Insider Activity

In other news, EVP Lee Klarich sold 125,866 shares of Palo Alto Networks stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $335.00, for a total transaction of $42,165,110.00. Following the sale, the executive vice president now directly owns 166,542 shares in the company, valued at approximately $55,791,570. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Lee Klarich sold 125,866 shares of Palo Alto Networks stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $335.00, for a total transaction of $42,165,110.00. Following the sale, the executive vice president now directly owns 166,542 shares in the company, valued at approximately $55,791,570. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 200 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $323.41, for a total transaction of $64,682.00. Following the completion of the transaction, the chief accounting officer now owns 24,782 shares in the company, valued at approximately $8,014,746.62. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 395,732 shares of company stock worth $130,785,557. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Price Performance

NASDAQ PANW opened at $342.36 on Friday. The firm has a market capitalization of $110.86 billion, a price-to-earnings ratio of 49.76, a P/E/G ratio of 4.87 and a beta of 1.13. The company’s fifty day moving average is $337.94 and its two-hundred day moving average is $317.14. Palo Alto Networks, Inc. has a 52-week low of $233.81 and a 52-week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

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.