Nicholas Hoffman & Company LLC. Sells 122 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Nicholas Hoffman & Company LLC. reduced its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,402 shares of the network technology company’s stock after selling 122 shares during the quarter. Nicholas Hoffman & Company LLC.’s holdings in Palo Alto Networks were worth $682,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Palo Alto Networks during the 4th quarter worth $1,563,020,000. International Assets Investment Management LLC raised its position in Palo Alto Networks by 29,086.9% during the fourth quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after purchasing an additional 2,050,917 shares in the last quarter. Jennison Associates LLC grew its position in Palo Alto Networks by 83.1% during the 4th quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock worth $771,643,000 after acquiring an additional 1,187,915 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Palo Alto Networks by 4.0% in the fourth quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock valued at $8,129,800,000 after acquiring an additional 1,058,127 shares during the last quarter. Finally, Axiom Investors LLC DE boosted its position in shares of Palo Alto Networks by 359.3% during the 4th quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock worth $282,406,000 after purchasing an additional 749,199 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Palo Alto Networks Price Performance

Palo Alto Networks stock traded down $2.52 during trading hours on Tuesday, reaching $290.89. The stock had a trading volume of 3,170,945 shares, compared to its average volume of 5,366,852. The company has a market cap of $93.99 billion, a price-to-earnings ratio of 45.45, a PEG ratio of 3.96 and a beta of 1.19. The business’s 50 day moving average price is $284.64 and its 200-day moving average price is $293.04. Palo Alto Networks, Inc. has a 52 week low of $176.30 and a 52 week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.58 by $0.22. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. On average, sell-side analysts forecast that Palo Alto Networks, Inc. will post 2.77 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the transaction, the chief accounting officer now owns 27,247 shares in the company, valued at approximately $7,629,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $284.33, for a total value of $17,059,800.00. Following the sale, the executive vice president now owns 198,105 shares in the company, valued at $56,327,194.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the sale, the chief accounting officer now directly owns 27,247 shares in the company, valued at $7,629,160. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,917 shares of company stock valued at $33,959,203. 3.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PANW has been the subject of a number of recent research reports. Sanford C. Bernstein initiated coverage on shares of Palo Alto Networks in a research note on Thursday, January 18th. They issued an “outperform” rating for the company. Scotiabank cut their price target on shares of Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating on the stock in a report on Wednesday, February 21st. Piper Sandler lowered shares of Palo Alto Networks from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $350.00 to $300.00 in a research note on Wednesday, February 21st. Mizuho lowered their target price on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Finally, KeyCorp reduced their price objective on Palo Alto Networks from $380.00 to $355.00 and set an “overweight” rating for the company in a research note on Thursday, April 18th. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.82.

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.