Kraft Davis & Associates LLC Sells 379 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Kraft Davis & Associates LLC reduced its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 18.9% in the third quarter, Holdings Channel.com reports. The fund owned 1,631 shares of the network technology company’s stock after selling 379 shares during the period. Kraft Davis & Associates LLC’s holdings in Palo Alto Networks were worth $588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC grew its stake in Palo Alto Networks by 34,318.2% in the 3rd 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 buying an additional 3,249,594 shares in the last quarter. Legal & General Group Plc boosted 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. Canada Pension Plan Investment Board lifted its position 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 worth $757,321,000 after buying an additional 114,742 shares during the last quarter. William Blair Investment Management LLC grew its position in Palo Alto Networks by 8.0% during the second quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock valued at $339,183,000 after acquiring an additional 73,922 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of Palo Alto Networks by 0.5% during the third quarter. Swiss National Bank now owns 961,000 shares of the network technology company’s stock worth $328,470,000 after acquiring an additional 4,400 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the completion of the sale, the director now directly owns 31,517 shares in the company, valued at approximately $10,983,359.33. This trade represents a 24.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. This represents a 3.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,252 shares of company stock worth $89,041,637 in the last three months. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PANW. Truist Financial lifted their price objective on Palo Alto Networks from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Monday. Northland Securities lifted their target price on shares of Palo Alto Networks from $275.00 to $350.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 20th. Sanford C. Bernstein increased their price target on shares of Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Jefferies Financial Group increased their target price on shares of Palo Alto Networks from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Palo Alto Networks from $330.00 to $395.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $391.92.

Palo Alto Networks Price Performance

PANW stock opened at $388.06 on Wednesday. Palo Alto Networks, Inc. has a 12 month low of $249.56 and a 12 month high of $408.53. The firm’s 50-day moving average is $361.53 and its 200 day moving average is $338.02. The company has a market capitalization of $126.35 billion, a PE ratio of 53.53, a P/E/G ratio of 5.61 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the company posted $0.80 EPS. Palo Alto Networks’s revenue was up 12.1% on a year-over-year basis. Sell-side analysts forecast that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Palo Alto Networks Company Profile

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.