Ingalls & Snyder LLC Lowers Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Ingalls & Snyder LLC cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,347 shares of the network technology company’s stock after selling 420 shares during the quarter. Ingalls & Snyder LLC’s holdings in Palo Alto Networks were worth $2,491,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PANW. Pathway Financial Advisers LLC purchased a new position in Palo Alto Networks during the 1st quarter valued at about $25,000. Frank Rimerman Advisors LLC purchased a new position in Palo Alto Networks during the 4th quarter valued at about $27,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in Palo Alto Networks by 3,200.0% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 96 shares during the period. Ulland Investment Advisors LLC purchased a new position in Palo Alto Networks during the 1st quarter valued at about $30,000. Finally, ICA Group Wealth Management LLC purchased a new position in Palo Alto Networks during the 4th quarter valued at about $31,000. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Up 1.3 %

Shares of NASDAQ:PANW opened at $362.72 on Friday. Palo Alto Networks, Inc. has a fifty-two week low of $224.64 and a fifty-two week high of $380.84. The firm’s 50-day simple moving average is $333.84 and its 200-day simple moving average is $310.72. The company has a market cap of $117.45 billion, a price-to-earnings ratio of 52.72, a PEG ratio of 4.82 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.80 EPS. On average, research analysts forecast that Palo Alto Networks, Inc. will post 3.55 EPS for the current year.

Insider Buying and Selling at Palo Alto Networks

In other news, Director Mary Pat Mccarthy sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the transaction, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Mary Pat Mccarthy sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the sale, the director now owns 31,517 shares in the company, valued at approximately $10,983,359.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $339.16, for a total value of $12,209,760.00. Following the transaction, the executive vice president now directly owns 1,223,567 shares of the company’s stock, valued at $414,984,983.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 376,372 shares of company stock valued at $121,925,593. 3.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on PANW. Westpark Capital restated a “hold” rating on shares of Palo Alto Networks in a report on Tuesday, August 20th. Argus raised their target price on Palo Alto Networks from $336.00 to $348.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Rosenblatt Securities increased their price target on Palo Alto Networks from $300.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. The Goldman Sachs Group increased their price target on Palo Alto Networks from $330.00 to $376.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, Evercore ISI increased their price target on Palo Alto Networks from $385.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus target price of $364.08.

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.