StoneCrest Wealth Management Inc. Trims Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

StoneCrest Wealth Management Inc. lessened its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,208 shares of the network technology company’s stock after selling 49 shares during the quarter. Palo Alto Networks accounts for 1.8% of StoneCrest Wealth Management Inc.’s portfolio, making the stock its 20th largest position. StoneCrest Wealth Management Inc.’s holdings in Palo Alto Networks were worth $2,464,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Pathway Financial Advisers LLC purchased a new stake in Palo Alto Networks in the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of Palo Alto Networks by 3,200.0% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 96 shares during the last quarter. Central Bank & Trust Co. increased its stake in shares of Palo Alto Networks by 89.3% in the first quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock worth $30,000 after acquiring an additional 50 shares during the period. Cape Investment Advisory Inc. raised its holdings in shares of Palo Alto Networks by 1,111.1% during the first quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock worth $31,000 after purchasing an additional 100 shares during the last quarter. Finally, New England Capital Financial Advisors LLC raised its holdings in shares of Palo Alto Networks by 833.3% during the first quarter. New England Capital Financial Advisors LLC now owns 112 shares of the network technology company’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total value of $64,682.00. Following the completion of the transaction, the chief accounting officer now owns 24,782 shares of the company’s stock, valued at $8,014,746.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Nikesh Arora sold 66,666 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the sale, the chief executive officer now directly owns 639,994 shares in the company, valued at approximately $219,505,142.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 24,782 shares in the company, valued at approximately $8,014,746.62. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 269,866 shares of company stock valued at $88,620,447 in the last ninety days. Company insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Northland Securities boosted their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the company a “market perform” rating in a report on Tuesday, August 20th. DA Davidson boosted their price target on Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Redburn Atlantic cut shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $350.00 to $325.00 in a research note on Thursday, July 18th. Rosenblatt Securities lifted their target price on shares of Palo Alto Networks from $300.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Finally, The Goldman Sachs Group increased their price target on shares of Palo Alto Networks from $376.00 to $425.00 and gave the stock a “buy” rating in a report on Tuesday. Eleven analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $371.50.

Palo Alto Networks Stock Up 5.1 %

PANW opened at $355.13 on Wednesday. Palo Alto Networks, Inc. has a 52 week low of $233.81 and a 52 week high of $380.84. The business has a fifty day simple moving average of $338.26 and a 200-day simple moving average of $317.74. The firm has a market cap of $114.99 billion, a P/E ratio of 51.62, a P/E/G ratio of 4.82 and a beta of 1.13.

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

About Palo Alto Networks

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.