Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC decreased its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,882 shares of the network technology company’s stock after selling 143 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Palo Alto Networks were worth $3,719,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in Palo Alto Networks by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock worth $8,118,190,000 after buying an additional 1,002,239 shares in the last quarter. Legal & General Group Plc increased its position in shares of Palo Alto Networks by 8.5% during the second 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. Jennison Associates LLC raised its stake in Palo Alto Networks by 7.6% in the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after purchasing an additional 198,078 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Palo Alto Networks by 5.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company’s stock valued at $757,321,000 after purchasing an additional 114,742 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its stake in Palo Alto Networks by 8.0% during the 2nd quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock worth $339,183,000 after purchasing an additional 73,922 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PANW. Morgan Stanley raised their price target on shares of Palo Alto Networks from $390.00 to $421.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial raised their target price on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Royal Bank of Canada upped their price target on Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. BMO Capital Markets lifted their price objective on Palo Alto Networks from $334.00 to $390.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Finally, JMP Securities restated a “market outperform” rating and issued a $380.00 target price on shares of Palo Alto Networks in a report on Tuesday, August 20th. Eleven analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average target price of $372.28.

Insider Activity at Palo Alto Networks

In other news, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the completion of the sale, the executive vice president now owns 1,187,567 shares in the company, valued at approximately $377,373,165.59. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the sale, the executive vice president now owns 1,187,567 shares in the company, valued at approximately $377,373,165.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the completion of the sale, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at $54,854,924.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 269,866 shares of company stock valued at $88,620,447 over the last three months. 3.30% of the stock is owned by corporate insiders.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock opened at $373.20 on Monday. The business has a 50-day simple moving average of $342.20 and a 200-day simple moving average of $320.00. Palo Alto Networks, Inc. has a one year low of $233.81 and a one year high of $380.84. The company has a market cap of $120.84 billion, a PE ratio of 54.24, a P/E/G ratio of 5.26 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS 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 the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 EPS. On average, sell-side analysts predict that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

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.