Palo Alto Networks, Inc. (NASDAQ:PANW) Stake Lessened by Perfromance Wealth Partners LLC

Perfromance Wealth Partners LLC decreased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 6.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,663 shares of the network technology company’s stock after selling 123 shares during the quarter. Perfromance Wealth Partners LLC’s holdings in Palo Alto Networks were worth $490,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Palo Alto Networks in the fourth quarter worth $751,276,000. Moneta Group Investment Advisors LLC purchased a new stake in shares of Palo Alto Networks during the 4th quarter worth about $204,728,000. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Palo Alto Networks during the 4th quarter valued at about $85,025,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Palo Alto Networks by 6,453.6% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 437,910 shares of the network technology company’s stock valued at $102,670,000 after buying an additional 431,228 shares in the last quarter. Finally, Railway Pension Investments Ltd increased its holdings in Palo Alto Networks by 463.5% in the third quarter. Railway Pension Investments Ltd now owns 493,053 shares of the network technology company’s stock worth $115,591,000 after buying an additional 405,553 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Performance

PANW opened at $279.42 on Tuesday. The firm has a market cap of $90.28 billion, a price-to-earnings ratio of 43.66, a PEG ratio of 3.87 and a beta of 1.19. The firm’s 50-day simple moving average is $317.26 and its 200-day simple moving average is $286.84. Palo Alto Networks, Inc. has a twelve month low of $176.30 and a twelve month high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a net margin of 30.24% and a return on equity of 36.58%. As a group, sell-side analysts anticipate that Palo Alto Networks, Inc. will post 2.76 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on PANW shares. Rosenblatt Securities downgraded shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $290.00 to $265.00 in a research report on Wednesday, February 21st. Truist Financial raised their target price on Palo Alto Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, February 20th. Redburn Atlantic upped their price target on Palo Alto Networks from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Sanford C. Bernstein began coverage on Palo Alto Networks in a research note on Thursday, January 18th. They issued an “outperform” rating on the stock. Finally, Raymond James lowered Palo Alto Networks from an “outperform” rating to a “market perform” rating in a report on Monday, December 18th. Eleven analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $314.82.

Insider Activity at Palo Alto Networks

In related news, President William D. Jenkins, Jr. sold 1,867 shares of Palo Alto Networks stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the completion of the transaction, the president now directly owns 25,812 shares of the company’s stock, valued at $7,230,715.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, President William D. Jenkins, Jr. sold 1,867 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $280.13, for a total value of $523,002.71. Following the completion of the sale, the president now owns 25,812 shares of the company’s stock, valued at $7,230,715.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lee Klarich sold 45,000 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the transaction, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $67,955,958.15. The disclosure for this sale can be found here. Insiders sold 143,153 shares of company stock valued at $44,107,332 in the last three months. Corporate insiders own 3.30% of the company’s stock.

About Palo Alto Networks

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.