Palo Alto Networks (NASDAQ:PANW) Trading Down 0.5% Following Insider Selling

Palo Alto Networks, Inc. (NASDAQ:PANWGet Free Report)’s stock price traded down 0.5% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $304.40 and last traded at $306.60. 810,516 shares changed hands during trading, a decline of 84% from the average session volume of 5,114,013 shares. The stock had previously closed at $308.01.

Specifically, CAO Josh D. Paul sold 1,050 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total transaction of $294,000.00. Following the sale, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $284.33, for a total transaction of $17,059,800.00. Following the completion of the sale, the executive vice president now directly owns 198,105 shares in the company, valued at $56,327,194.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 1,050 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 279,947 shares of company stock worth $80,644,647. 3.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PANW shares. The Goldman Sachs Group increased their price objective on Palo Alto Networks from $274.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Stifel Nicolaus reissued a “buy” rating and issued a $330.00 price target on shares of Palo Alto Networks in a research note on Wednesday, March 13th. Citigroup raised their price objective on shares of Palo Alto Networks from $335.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, May 22nd. Oppenheimer reissued an “outperform” rating and issued a $330.00 target price on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Finally, Capital One Financial lowered shares of Palo Alto Networks from an “overweight” rating to an “equal weight” rating and set a $302.00 price objective for the company. in a research note on Wednesday, February 21st. Twelve investment analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $322.78.

Get Our Latest Stock Report on Palo Alto Networks

Palo Alto Networks Stock Performance

The firm’s 50-day moving average is $291.65 and its two-hundred day moving average is $301.50. The stock has a market cap of $99.11 billion, a P/E ratio of 44.56, a PEG ratio of 5.20 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last issued its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.07. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. As a group, research analysts forecast that Palo Alto Networks, Inc. will post 2.79 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Sigma Planning Corp raised its position in shares of Palo Alto Networks by 7.0% during the 3rd quarter. Sigma Planning Corp now owns 8,918 shares of the network technology company’s stock valued at $2,091,000 after acquiring an additional 583 shares during the last quarter. Wealthspire Advisors LLC boosted its holdings in Palo Alto Networks by 17.4% during the third quarter. Wealthspire Advisors LLC now owns 3,662 shares of the network technology company’s stock worth $859,000 after buying an additional 542 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in Palo Alto Networks during the third quarter worth about $376,000. Savant Capital LLC grew its position in shares of Palo Alto Networks by 9.7% during the 3rd quarter. Savant Capital LLC now owns 5,874 shares of the network technology company’s stock worth $1,377,000 after buying an additional 521 shares during the period. Finally, Executive Wealth Management LLC bought a new stake in shares of Palo Alto Networks in the 3rd quarter valued at about $1,487,000. Institutional investors own 79.82% of the company’s stock.

About Palo Alto Networks

(Get Free Report)

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.

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