Summit Wealth & Retirement Planning Inc. Sells 88 Shares of Palo Alto Networks, Inc. (NYSE:PANW)

Summit Wealth & Retirement Planning Inc. cut its position in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 2.5% in the fourth quarter, HoldingsChannel reports. The firm owned 3,389 shares of the network technology company’s stock after selling 88 shares during the period. Summit Wealth & Retirement Planning Inc.’s holdings in Palo Alto Networks were worth $1,204,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Berman Capital Advisors LLC lifted its holdings in Palo Alto Networks by 46.6% during the third quarter. Berman Capital Advisors LLC now owns 129 shares of the network technology company’s stock worth $31,000 after buying an additional 41 shares during the period. Litman Gregory Asset Management LLC purchased a new stake in shares of Palo Alto Networks during the 4th quarter worth $39,000. Hudock Inc. lifted its stake in shares of Palo Alto Networks by 100.0% during the 4th quarter. Hudock Inc. now owns 112 shares of the network technology company’s stock worth $39,000 after purchasing an additional 56 shares during the last quarter. NuWave Investment Management LLC boosted its position in Palo Alto Networks by 97.9% during the third quarter. NuWave Investment Management LLC now owns 188 shares of the network technology company’s stock valued at $46,000 after purchasing an additional 93 shares in the last quarter. Finally, PrairieView Partners LLC grew its stake in Palo Alto Networks by 100.0% in the third quarter. PrairieView Partners LLC now owns 200 shares of the network technology company’s stock valued at $49,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 80.76% of the company’s stock.

In other Palo Alto Networks news, President Amit K. Singh sold 1,378 shares of the business’s stock in a transaction on Friday, December 4th. The stock was sold at an average price of $302.86, for a total transaction of $417,341.08. Following the transaction, the president now owns 132,539 shares of the company’s stock, valued at $40,140,761.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 2,539 shares of the company’s stock in a transaction on Wednesday, February 10th. The shares were sold at an average price of $393.42, for a total value of $998,893.38. Following the completion of the sale, the executive vice president now owns 299,777 shares of the company’s stock, valued at $117,938,267.34. The disclosure for this sale can be found here. Insiders have sold 209,195 shares of company stock worth $68,692,035 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Palo Alto Networks from a “neutral” rating to an “underweight” rating and set a $308.00 price target on the stock. in a report on Wednesday, December 9th. Oppenheimer reaffirmed an “outperform” rating on shares of Palo Alto Networks in a report on Tuesday. The Goldman Sachs Group increased their price objective on Palo Alto Networks from $310.00 to $408.00 and gave the company a “buy” rating in a report on Friday, January 8th. Credit Suisse Group upgraded Palo Alto Networks from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $385.00 to $425.00 in a research note on Tuesday, February 2nd. Finally, Truist upped their target price on Palo Alto Networks from $365.00 to $385.00 in a research report on Wednesday, January 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $366.62.

Shares of NYSE:PANW traded down $12.35 during trading on Tuesday, reaching $372.00. The stock had a trading volume of 86,471 shares, compared to its average volume of 1,112,484. The company has a debt-to-equity ratio of 4.18, a quick ratio of 1.63 and a current ratio of 1.63. Palo Alto Networks, Inc. has a 1-year low of $125.47 and a 1-year high of $403.00. The stock has a market cap of $35.54 billion, a PE ratio of -122.22 and a beta of 1.50. The business has a fifty day moving average price of $372.13 and a 200-day moving average price of $296.77.

Palo Alto Networks (NYSE:PANW) last announced its quarterly earnings data on Sunday, February 21st. The network technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.12. Palo Alto Networks had a negative return on equity of 8.66% and a negative net margin of 8.36%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $985.90 million. During the same quarter last year, the firm posted $1.19 EPS. The firm’s revenue for the quarter was up 24.5% on a year-over-year basis. Sell-side analysts expect that Palo Alto Networks, Inc. will post -1.69 earnings per share for the current year.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides cybersecurity platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances and software deployed on an end-customer's network as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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