Palo Alto Networks (NASDAQ:PANW) Trading Down 2.9% Following Insider Selling

Palo Alto Networks, Inc. (NASDAQ:PANW)’s stock price traded down 2.9% on Tuesday after an insider sold shares in the company. The stock traded as low as $173.18 and last traded at $174.35. 2,537,696 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 4,464,570 shares. The stock had previously closed at $179.50.

Specifically, EVP Lee Klarich sold 120,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $179.70, for a total transaction of $21,564,000.00. Following the sale, the executive vice president now directly owns 365,856 shares in the company, valued at approximately $65,744,323.20. This trade represents a 24.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Nikesh Arora sold 176,242 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $180.04, for a total value of $31,730,609.68. Following the completion of the transaction, the chief executive officer now owns 1,086,404 shares of the company’s stock, valued at approximately $195,596,176.16. This represents a 13.96 % decrease in their position. The disclosure for this sale can be found here. In other news, CEO Nikesh Arora sold 235,492 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $183.32, for a total transaction of $43,170,393.44. Following the transaction, the chief executive officer now directly owns 1,086,404 shares of the company’s stock, valued at approximately $199,159,581.28. The trade was a 17.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

PANW has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Palo Alto Networks from $195.00 to $210.50 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Northland Securities reiterated a “market perform” rating and issued a $185.00 price target (up previously from $175.00) on shares of Palo Alto Networks in a research note on Thursday, November 21st. Guggenheim downgraded Palo Alto Networks from a “neutral” rating to a “sell” rating and set a $130.00 price target for the company. in a report on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $222.50 price objective on shares of Palo Alto Networks in a report on Thursday, November 21st. Finally, Bank of America increased their target price on Palo Alto Networks from $200.00 to $215.00 and gave the company a “neutral” rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a sell rating, ten have given a hold rating, thirty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus price target of $199.72.

Palo Alto Networks Trading Down 2.2 %

The stock has a market cap of $115.17 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 5.75 and a beta of 1.14. The stock’s 50-day moving average is $191.63 and its 200-day moving average is $178.30.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Wednesday, November 20th. The network technology company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.04. Palo Alto Networks had a net margin of 32.99% and a return on equity of 23.36%. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.12 billion. During the same period last year, the firm posted $0.32 earnings per share. The business’s revenue was up 13.9% on a year-over-year basis. On average, equities analysts forecast that Palo Alto Networks, Inc. will post 3.49 EPS for the current year.

Hedge Funds Weigh In On Palo Alto Networks

Hedge funds have recently modified their holdings of the company. Mainstream Capital Management LLC acquired a new position in Palo Alto Networks during the third quarter worth about $1,156,000. Alpha Cubed Investments LLC grew its stake in shares of Palo Alto Networks by 16.4% in the 3rd quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company’s stock worth $79,149,000 after purchasing an additional 32,626 shares during the last quarter. Harvest Portfolios Group Inc. bought a new stake in shares of Palo Alto Networks in the 3rd quarter worth approximately $24,414,000. Handelsbanken Fonder AB lifted its stake in Palo Alto Networks by 3.8% during the third quarter. Handelsbanken Fonder AB now owns 196,700 shares of the network technology company’s stock valued at $67,232,000 after purchasing an additional 7,291 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in Palo Alto Networks by 50.1% during the third quarter. Jennison Associates LLC now owns 3,147,215 shares of the network technology company’s stock worth $1,075,718,000 after buying an additional 1,050,173 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

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.