Palo Alto Networks, Inc. (NASDAQ:PANW) Stock Position Trimmed by Fortis Group Advisors LLC

Fortis Group Advisors LLC decreased its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 37.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,392 shares of the network technology company’s stock after selling 829 shares during the period. Fortis Group Advisors LLC’s holdings in Palo Alto Networks were worth $476,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Pathway Financial Advisers LLC bought a new stake in Palo Alto Networks during the 1st quarter valued at $25,000. Sound Income Strategies LLC raised its stake in shares of Palo Alto Networks by 352.6% during the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after purchasing an additional 67 shares in the last quarter. Cape Investment Advisory Inc. lifted its holdings in Palo Alto Networks by 1,111.1% in 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 period. New England Capital Financial Advisors LLC grew its position in Palo Alto Networks by 833.3% in the 1st quarter. New England Capital Financial Advisors LLC now owns 112 shares of the network technology company’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Finally, First PREMIER Bank increased its stake in Palo Alto Networks by 48.4% during the 3rd quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock valued at $32,000 after buying an additional 31 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Trading Down 0.1 %

NASDAQ PANW traded down $0.28 during trading on Tuesday, hitting $378.13. 305,311 shares of the company traded hands, compared to its average volume of 4,008,547. The company has a market capitalization of $122.44 billion, a P/E ratio of 55.00, a PEG ratio of 5.42 and a beta of 1.13. The business has a fifty day simple moving average of $349.61 and a 200 day simple moving average of $324.19. Palo Alto Networks, Inc. has a 12 month low of $233.81 and a 12 month high of $384.00.

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

Insiders Place Their Bets

In other news, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction dated 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 directly owns 618,715 shares in the company, valued at approximately $227,680,932.85. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Nikesh Arora sold 81,586 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction 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. 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 through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the completion of the sale, the executive vice president now directly owns 1,187,567 shares of the company’s stock, valued at approximately $377,373,165.59. This trade 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 351,452 shares of company stock valued at $118,643,279 in the last quarter. Insiders own 3.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PANW has been the subject of several recent analyst reports. Morgan Stanley increased their price objective on shares of Palo Alto Networks from $390.00 to $421.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Oppenheimer lifted their price target on Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Rosenblatt Securities upped their price objective on Palo Alto Networks from $300.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Barclays lifted their target price on Palo Alto Networks from $370.00 to $410.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Scotiabank upped their price target on shares of Palo Alto Networks from $385.00 to $400.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 20th. Eleven research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $375.79.

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.