Onyx Bridge Wealth Group LLC Trims Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Onyx Bridge Wealth Group LLC lessened its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 39.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,418 shares of the network technology company’s stock after selling 920 shares during the period. Onyx Bridge Wealth Group LLC’s holdings in Palo Alto Networks were worth $418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new stake in Palo Alto Networks during the fourth quarter valued at $751,276,000. International Assets Investment Management LLC grew 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 buying an additional 2,050,917 shares during the period. Moneta Group Investment Advisors LLC acquired a new stake in Palo Alto Networks during the fourth quarter valued at $204,728,000. T. Rowe Price Investment Management Inc. acquired a new stake in Palo Alto Networks during the fourth quarter valued at $85,025,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in Palo Alto Networks by 6,453.6% during the third 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 during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Activity

In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the transaction, the executive vice president now owns 174,075 shares in the company, valued at approximately $46,659,063. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Josh D. Paul sold 1,050 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the sale, the chief accounting officer now owns 27,247 shares in the company, valued at approximately $7,629,160. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the sale, the executive vice president now owns 174,075 shares of the company’s stock, valued at approximately $46,659,063. The disclosure for this sale can be found here. In the last quarter, insiders sold 167,917 shares of company stock worth $49,395,553. Corporate insiders own 3.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PANW shares. Rosenblatt Securities lowered shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and dropped their target price for the company from $290.00 to $265.00 in a research report on Wednesday, February 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $350.00 target price on shares of Palo Alto Networks in a research report on Wednesday. Westpark Capital reiterated a “hold” rating on shares of Palo Alto Networks in a research report on Monday, January 29th. Oppenheimer lifted their target price on shares of Palo Alto Networks from $305.00 to $330.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Susquehanna dropped their target price on shares of Palo Alto Networks from $400.00 to $325.00 and set a “positive” rating on the stock in a research report on Monday, February 26th. Eleven investment analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $314.82.

Palo Alto Networks Stock Down 1.2 %

NASDAQ PANW traded down $3.43 on Friday, hitting $277.71. 4,751,615 shares of the stock were exchanged, compared to its average volume of 3,424,591. Palo Alto Networks, Inc. has a fifty-two week low of $176.30 and a fifty-two week high of $380.84. The company has a market cap of $89.73 billion, a PE ratio of 43.39, a PEG ratio of 3.83 and a beta of 1.19. The company has a 50-day moving average price of $295.46 and a 200-day moving average price of $290.40.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results 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 company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. As a group, equities research analysts predict that Palo Alto Networks, Inc. will post 2.76 EPS for the current fiscal year.

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.