Golden State Equity Partners Trims Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Golden State Equity Partners cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,227 shares of the network technology company’s stock after selling 71 shares during the period. Golden State Equity Partners’ holdings in Palo Alto Networks were worth $761,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Highline Wealth Partners LLC acquired a new position in Palo Alto Networks during the 3rd quarter worth approximately $4,913,000. WD Rutherford LLC increased its position in Palo Alto Networks by 10.6% during the 3rd quarter. WD Rutherford LLC now owns 11,317 shares of the network technology company’s stock worth $3,868,000 after purchasing an additional 1,083 shares during the period. Highview Capital Management LLC DE increased its stake in Palo Alto Networks by 3.7% in the 3rd quarter. Highview Capital Management LLC DE now owns 3,158 shares of the network technology company’s stock valued at $1,079,000 after purchasing an additional 114 shares in the last quarter. Nicholas Hoffman & Company LLC. increased its stake in Palo Alto Networks by 4.3% in the 3rd quarter. Nicholas Hoffman & Company LLC. now owns 2,525 shares of the network technology company’s stock valued at $863,000 after purchasing an additional 105 shares in the last quarter. Finally, Jacobsen Capital Management purchased a new position in Palo Alto Networks in the 3rd quarter valued at approximately $222,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

PANW has been the subject of several research analyst reports. Piper Sandler raised their price objective on Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Redburn Atlantic downgraded Palo Alto Networks from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $350.00 to $325.00 in a research note on Thursday, July 18th. Sanford C. Bernstein raised their price objective on Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. DA Davidson raised their price objective on Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Susquehanna raised their price objective on Palo Alto Networks from $340.00 to $420.00 and gave the company a “positive” rating in a research note on Thursday, September 5th. Eleven equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $376.82.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $295.93, for a total value of $17,755,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at $47,055,533.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $295.93, for a total value of $17,755,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at $47,055,533.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nikesh Arora sold 81,586 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total value of $30,022,832.14. Following the transaction, the chief executive officer now owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 315,252 shares of company stock worth $107,138,877 over the last ninety days. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Down 1.6 %

Shares of Palo Alto Networks stock opened at $359.51 on Thursday. The firm has a market cap of $117.06 billion, a P/E ratio of 49.59, a P/E/G ratio of 5.31 and a beta of 1.13. Palo Alto Networks, Inc. has a fifty-two week low of $233.81 and a fifty-two week high of $384.00. The business has a 50-day moving average price of $352.23 and a 200 day moving average price of $328.16.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share 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 analyst estimates 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 quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.80 earnings per share. As a group, equities research analysts anticipate that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current year.

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.