Lake Street Private Wealth LLC Has $2.27 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Lake Street Private Wealth LLC cut its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.0% during the first quarter, Holdings Channel reports. The institutional investor owned 13,308 shares of the network technology company’s stock after selling 275 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Palo Alto Networks were worth $2,271,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Lmcg Investments LLC grew its position in Palo Alto Networks by 3.8% during the first quarter. Lmcg Investments LLC now owns 9,378 shares of the network technology company’s stock worth $1,600,000 after buying an additional 344 shares in the last quarter. Wealth Management Partners LLC grew its position in Palo Alto Networks by 3.4% during the first quarter. Wealth Management Partners LLC now owns 9,032 shares of the network technology company’s stock worth $1,541,000 after buying an additional 301 shares in the last quarter. Grassi Investment Management grew its position in Palo Alto Networks by 6.2% during the first quarter. Grassi Investment Management now owns 8,400 shares of the network technology company’s stock worth $1,433,000 after buying an additional 490 shares in the last quarter. Beacon Financial Group grew its position in Palo Alto Networks by 4.5% during the first quarter. Beacon Financial Group now owns 1,782 shares of the network technology company’s stock worth $304,000 after buying an additional 76 shares in the last quarter. Finally, Lifestyle Asset Management Inc. grew its position in Palo Alto Networks by 5.4% during the first quarter. Lifestyle Asset Management Inc. now owns 5,808 shares of the network technology company’s stock worth $991,000 after buying an additional 296 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. HSBC raised Palo Alto Networks from a “reduce” rating to a “hold” rating and set a $156.00 target price on the stock in a research report on Thursday, April 10th. Northland Securities cut their price target on shares of Palo Alto Networks from $210.00 to $177.00 and set a “market perform” rating for the company in a research note on Wednesday, May 21st. Westpark Capital restated a “hold” rating and set a $196.40 price target on shares of Palo Alto Networks in a research note on Wednesday, February 12th. Guggenheim restated a “sell” rating and set a $130.00 price target on shares of Palo Alto Networks in a research note on Wednesday, May 21st. Finally, Roth Capital initiated coverage on shares of Palo Alto Networks in a research note on Thursday, May 15th. They set a “neutral” rating and a $210.00 price target for the company. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Palo Alto Networks presently has an average rating of “Moderate Buy” and an average target price of $208.00.

Palo Alto Networks Price Performance

PANW stock opened at $194.07 on Thursday. The company has a 50 day moving average price of $179.38 and a 200 day moving average price of $185.03. Palo Alto Networks, Inc. has a fifty-two week low of $142.01 and a fifty-two week high of $208.39. The stock has a market capitalization of $129.41 billion, a PE ratio of 109.34, a price-to-earnings-growth ratio of 5.64 and a beta of 1.02.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 EPS. As a group, equities analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Lee Klarich sold 120,774 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $151.13, for a total value of $18,252,574.62. Following the completion of the transaction, the executive vice president now directly owns 321,774 shares of the company’s stock, valued at approximately $48,629,704.62. This represents a 27.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nikesh Arora sold 227,414 shares of the company’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $172.73, for a total transaction of $39,281,220.22. Following the completion of the transaction, the chief executive officer now directly owns 317,571 shares of the company’s stock, valued at approximately $54,854,038.83. The trade was a 41.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 668,962 shares of company stock valued at $116,269,690 in the last quarter. Company insiders own 2.50% 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.