Palo Alto Networks, Inc. (NASDAQ:PANW) Stock Position Trimmed by GPS Wealth Strategies Group LLC

GPS Wealth Strategies Group LLC decreased its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,586 shares of the network technology company’s stock after selling 1,918 shares during the period. Palo Alto Networks comprises about 1.8% of GPS Wealth Strategies Group LLC’s investment portfolio, making the stock its 9th biggest position. GPS Wealth Strategies Group LLC’s holdings in Palo Alto Networks were worth $12,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in PANW. Norges Bank bought a new stake in Palo Alto Networks in the fourth quarter valued at approximately $1,563,020,000. Jennison Associates LLC boosted its position in Palo Alto Networks by 83.1% during the 4th quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock valued at $771,643,000 after buying an additional 1,187,915 shares during the period. Vanguard Group Inc. increased its position in shares of Palo Alto Networks by 4.0% in the fourth quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock valued at $8,129,800,000 after acquiring an additional 1,058,127 shares during the period. Axiom Investors LLC DE raised its stake in shares of Palo Alto Networks by 359.3% during the fourth quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock valued at $282,406,000 after acquiring an additional 749,199 shares during the last quarter. Finally, Swedbank AB purchased a new stake in shares of Palo Alto Networks during the first quarter worth about $177,933,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of PANW traded up $6.68 during midday trading on Wednesday, hitting $339.91. 2,672,121 shares of the company traded hands, compared to its average volume of 4,371,239. Palo Alto Networks, Inc. has a 52 week low of $201.17 and a 52 week high of $380.84. The firm has a 50 day moving average of $323.83 and a 200-day moving average of $310.74. The stock has a market cap of $110.06 billion, a price-to-earnings ratio of 49.56, a PEG ratio of 3.98 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. Palo Alto Networks’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted $0.38 earnings per share. Sell-side analysts predict that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PANW shares. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 target price on shares of Palo Alto Networks in a research note on Tuesday, May 21st. Morgan Stanley restated an “overweight” rating and set a $360.00 price target on shares of Palo Alto Networks in a research report on Wednesday, June 12th. Stifel Nicolaus raised their price objective on Palo Alto Networks from $330.00 to $360.00 and gave the company a “buy” rating in a research report on Monday. Westpark Capital reaffirmed a “hold” rating on shares of Palo Alto Networks in a research report on Wednesday. Finally, DA Davidson began coverage on shares of Palo Alto Networks in a research report on Friday, June 21st. They set a “buy” rating and a $380.00 price target for the company. Thirteen analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $330.66.

Insider Activity at Palo Alto Networks

In other news, President William D. Jenkins, Jr. sold 1,621 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total value of $497,517.32. Following the sale, the president now owns 20,501 shares of the company’s stock, valued at $6,292,166.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at approximately $8,443,916. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President William D. Jenkins, Jr. sold 1,621 shares of Palo Alto Networks stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total value of $497,517.32. Following the sale, the president now owns 20,501 shares of the company’s stock, valued at $6,292,166.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 367,315 shares of company stock worth $118,696,590. Company 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.