Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 1.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,367 shares of the network technology company’s stock after selling 86 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Palo Alto Networks were worth $1,809,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in PANW. Vanguard Group Inc. lifted its position in Palo Alto Networks by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock worth $8,129,800,000 after buying an additional 1,058,127 shares in the last quarter. Norges Bank purchased a new stake in Palo Alto Networks in the 4th quarter worth approximately $1,563,020,000. Clearbridge Investments LLC raised its holdings in shares of Palo Alto Networks by 1.0% during the 4th quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock valued at $924,905,000 after purchasing an additional 30,013 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Palo Alto Networks by 7.6% during 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 in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Palo Alto Networks by 29,086.9% during the 4th quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after purchasing an additional 2,050,917 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.
Palo Alto Networks Price Performance
Shares of PANW stock traded up $5.46 during trading hours on Friday, reaching $336.50. 1,790,558 shares of the company were exchanged, compared to its average volume of 2,614,522. Palo Alto Networks, Inc. has a fifty-two week low of $201.17 and a fifty-two week high of $380.84. The stock’s fifty day moving average is $316.50 and its two-hundred day moving average is $309.53. The company has a market cap of $108.96 billion, a price-to-earnings ratio of 48.91, a P/E/G ratio of 5.07 and a beta of 1.14.
Analyst Upgrades and Downgrades
A number of research analysts have recently weighed in on PANW shares. Morgan Stanley restated an “overweight” rating and set a $360.00 price target on shares of Palo Alto Networks in a report on Wednesday, June 12th. Royal Bank of Canada cut their price target on shares of Palo Alto Networks from $365.00 to $360.00 and set an “outperform” rating on the stock in a report on Tuesday, May 21st. Redburn Atlantic lifted their target price on shares of Palo Alto Networks from $275.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Robert W. Baird lifted their target price on shares of Palo Alto Networks from $340.00 to $360.00 and gave the stock an “outperform” rating in a report on Thursday, June 27th. Finally, Susquehanna lifted their target price on shares of Palo Alto Networks from $325.00 to $340.00 and gave the stock a “positive” rating in a report on Tuesday, May 21st. Twelve investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and an average price target of $326.29.
Check Out Our Latest Analysis on PANW
Insider Activity at Palo Alto Networks
In related news, CAO Josh D. Paul sold 200 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now directly owns 24,982 shares in the company, valued at $8,443,916. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the sale, the chief accounting officer now directly owns 24,982 shares in the company, valued at $8,443,916. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Nikesh Arora sold 66,668 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $336.54, for a total transaction of $22,436,448.72. Following the completion of the sale, the chief executive officer now owns 694,228 shares in the company, valued at $233,635,491.12. The disclosure for this sale can be found here. Insiders have sold 428,391 shares of company stock worth $136,147,317 over the last ninety days. Company insiders own 3.30% of the company’s stock.
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.
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