DAVENPORT & Co LLC Decreases Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

DAVENPORT & Co LLC trimmed its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 1.1% during the fourth quarter, Holdings Channel reports. The firm owned 198,092 shares of the network technology company’s stock after selling 2,189 shares during the quarter. DAVENPORT & Co LLC’s holdings in Palo Alto Networks were worth $58,389,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PANW. Norges Bank purchased a new stake in Palo Alto Networks during the fourth quarter worth $751,276,000. Moneta Group Investment Advisors LLC purchased a new stake in shares of Palo Alto Networks in the fourth quarter worth about $204,728,000. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Palo Alto Networks in the fourth quarter worth about $85,025,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Palo Alto Networks by 6,453.6% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 437,910 shares of the network technology company’s stock worth $102,670,000 after buying an additional 431,228 shares during the period. Finally, Railway Pension Investments Ltd boosted its position in shares of Palo Alto Networks by 463.5% in the third quarter. Railway Pension Investments Ltd now owns 493,053 shares of the network technology company’s stock worth $115,591,000 after buying an additional 405,553 shares during the period. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock traded down $6.02 on Tuesday, reaching $273.40. 3,862,463 shares of the company were exchanged, compared to its average volume of 5,941,074. The company’s 50-day moving average is $315.94 and its two-hundred day moving average is $287.08. The firm has a market cap of $88.34 billion, a price-to-earnings ratio of 42.72, a P/E/G ratio of 3.87 and a beta of 1.19. Palo Alto Networks, Inc. has a 1-year low of $176.30 and a 1-year high of $380.84.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. As a group, sell-side analysts forecast that Palo Alto Networks, Inc. will post 2.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PANW. Susquehanna decreased their target price on Palo Alto Networks from $400.00 to $325.00 and set a “positive” rating for the company in a research report on Monday, February 26th. Mizuho decreased their target price on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Oppenheimer decreased their target price on Palo Alto Networks from $310.00 to $305.00 and set an “outperform” rating for the company in a research report on Wednesday, February 21st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $330.00 target price on shares of Palo Alto Networks in a research report on Wednesday, March 13th. Finally, Truist Financial increased their price target on Palo Alto Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, February 20th. Eleven analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $314.82.

Read Our Latest Report on PANW

Insider Activity at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $284.33, for a total value of $17,059,800.00. Following the sale, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $56,327,194.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total transaction of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lee Klarich sold 60,000 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $284.33, for a total value of $17,059,800.00. Following the transaction, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at $56,327,194.65. The disclosure for this sale can be found here. Insiders have sold a total of 143,153 shares of company stock worth $44,107,332 in the last three months. 3.30% of the stock is owned by company insiders.

About Palo Alto Networks

(Free Report)

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.

See Also

Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks, Inc. (NASDAQ:PANWFree Report).

Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ:PANW)

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