Axxcess Wealth Management LLC Sells 4,173 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Axxcess Wealth Management LLC decreased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 61.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 2,615 shares of the network technology company’s stock after selling 4,173 shares during the period. Axxcess Wealth Management LLC’s holdings in Palo Alto Networks were worth $887,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PANW. Vanguard Group Inc. raised its stake in Palo Alto Networks by 3.6% in the first quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock worth $8,118,190,000 after buying an additional 1,002,239 shares in the last quarter. Jennison Associates LLC boosted its position 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 purchasing an additional 198,078 shares in the last quarter. William Blair Investment Management LLC grew its stake in Palo Alto Networks by 8.0% in the second quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock valued at $339,183,000 after purchasing an additional 73,922 shares during the last quarter. Axiom Investors LLC DE grew its stake in Palo Alto Networks by 359.3% in the fourth quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock valued at $282,406,000 after purchasing an additional 749,199 shares during the last quarter. Finally, Mirova US LLC lifted its position in shares of Palo Alto Networks by 2.1% during the second quarter. Mirova US LLC now owns 843,447 shares of the network technology company’s stock valued at $285,937,000 after buying an additional 17,060 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the completion of the sale, the executive vice president now owns 159,009 shares in the company, valued at $47,055,533.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at $47,055,533.37. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $338.00, for a total transaction of $67,600.00. Following the completion of the sale, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at approximately $8,443,916. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 464,075 shares of company stock worth $154,029,567. 3.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PANW has been the subject of several recent analyst reports. BMO Capital Markets boosted their price objective on shares of Palo Alto Networks from $334.00 to $390.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Robert W. Baird upped their price target on Palo Alto Networks from $360.00 to $375.00 and gave the stock an “outperform” rating in a research report on Friday, August 16th. Oppenheimer raised their price objective on Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Daiwa America upgraded Palo Alto Networks to a “strong-buy” rating in a research note on Wednesday, May 29th. Finally, Barclays increased their price target on Palo Alto Networks from $350.00 to $370.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Thirteen equities 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. Based on data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $366.08.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $333.60 on Friday. The company has a market capitalization of $108.62 billion, a P/E ratio of 48.49, a PEG ratio of 5.03 and a beta of 1.13. Palo Alto Networks, Inc. has a fifty-two week low of $224.64 and a fifty-two week high of $380.84. The stock has a 50-day simple moving average of $336.32 and a 200-day simple moving average of $312.89.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. Palo Alto Networks’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 EPS. As a group, analysts forecast that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current 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.