Palo Alto Networks, Inc. (NASDAQ:PANW) Stake Lessened by 1620 Investment Advisors Inc.

1620 Investment Advisors Inc. decreased its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 21.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,313 shares of the network technology company’s stock after selling 361 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in Palo Alto Networks were worth $449,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC raised its stake in Palo Alto Networks by 34,318.2% during the third quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock worth $1,113,948,000 after acquiring an additional 3,249,594 shares during the period. Vanguard Group Inc. increased its stake in shares of Palo Alto Networks by 3.6% during the first quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock valued at $8,118,190,000 after acquiring an additional 1,002,239 shares during the period. Swedbank AB bought a new stake in Palo Alto Networks during the first quarter worth approximately $177,933,000. Altshuler Shaham Ltd raised its position in Palo Alto Networks by 444,100.0% in the second quarter. Altshuler Shaham Ltd now owns 444,000 shares of the network technology company’s stock worth $150,520,000 after acquiring an additional 444,100 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Palo Alto Networks by 8.5% in the 2nd quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock worth $1,099,564,000 after purchasing an additional 255,060 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PANW shares. Piper Sandler raised their price objective on Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Wells Fargo & Company raised their price target on shares of Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Stifel Nicolaus raised their target price on Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. DA Davidson boosted their target price on Palo Alto Networks from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Finally, Susquehanna lifted their price target on shares of Palo Alto Networks from $340.00 to $420.00 and gave the company a “positive” rating in a research report on Thursday, September 5th. Eleven research 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $376.82.

Palo Alto Networks Stock Performance

NASDAQ:PANW opened at $359.51 on Thursday. The stock has a fifty day moving average of $352.23 and a 200 day moving average of $328.16. Palo Alto Networks, Inc. has a 52-week low of $233.81 and a 52-week high of $384.00. The firm has a market capitalization of $117.06 billion, a price-to-earnings ratio of 49.59, a P/E/G ratio of 5.31 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company posted $0.80 EPS. Equities analysts forecast that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total value of $11,970,000.00. Following the transaction, the executive vice president now owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the transaction, the chief executive officer now owns 639,994 shares in the company, valued at $219,505,142.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the completion of the transaction, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at $370,926,027.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 315,252 shares of company stock valued at $107,138,877 over the last three months. 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.