Palo Alto Networks (NASDAQ:PANW) Shares Down 3.4% Following Insider Selling

Palo Alto Networks, Inc. (NASDAQ:PANW) shares were down 3.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $167.26 and last traded at $169.46. Approximately 3,666,808 shares changed hands during trading, a decline of 29% from the average daily volume of 5,139,548 shares. The stock had previously closed at $175.51.

Specifically, EVP Lee Klarich sold 120,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $179.70, for a total transaction of $21,564,000.00. Following the sale, the executive vice president now directly owns 365,856 shares of the company’s stock, valued at $65,744,323.20. This trade represents a 24.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nikesh Arora sold 176,242 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $180.04, for a total transaction of $31,730,609.68. Following the completion of the transaction, the chief executive officer now directly owns 1,086,404 shares of the company’s stock, valued at approximately $195,596,176.16. This represents a 13.96 % decrease in their position. The disclosure for this sale can be found here. In related news, CEO Nikesh Arora sold 235,492 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $183.32, for a total transaction of $43,170,393.44. Following the sale, the chief executive officer now owns 1,086,404 shares in the company, valued at approximately $199,159,581.28. This trade represents a 17.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. BMO Capital Markets boosted their price target on Palo Alto Networks from $195.00 to $212.50 and gave the company an “outperform” rating in a report on Thursday, November 21st. BTIG Research lowered Palo Alto Networks from a “buy” rating to a “neutral” rating in a research note on Wednesday. TD Cowen increased their target price on Palo Alto Networks from $200.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Needham & Company LLC lifted their price target on Palo Alto Networks from $192.50 to $225.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, Wells Fargo & Company increased their price objective on shares of Palo Alto Networks from $208.00 to $225.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $199.29.

Palo Alto Networks Trading Down 1.5 %

The business has a 50 day simple moving average of $191.49 and a two-hundred day simple moving average of $178.27. The stock has a market cap of $113.41 billion, a price-to-earnings ratio of 22.50, a price-to-earnings-growth ratio of 5.75 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Wednesday, November 20th. The network technology company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Palo Alto Networks had a net margin of 32.99% and a return on equity of 23.36%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. Research analysts anticipate that Palo Alto Networks, Inc. will post 3.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Palo Alto Networks

A number of institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC raised its stake in Palo Alto Networks by 34,318.2% during the third quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock valued at $1,113,948,000 after buying an additional 3,249,594 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Palo Alto Networks by 199.1% in the 4th quarter. Nordea Investment Management AB now owns 1,822,336 shares of the network technology company’s stock valued at $333,925,000 after acquiring an additional 1,213,073 shares during the last quarter. Jennison Associates LLC raised its position in shares of Palo Alto Networks by 50.1% during the 3rd quarter. Jennison Associates LLC now owns 3,147,215 shares of the network technology company’s stock valued at $1,075,718,000 after acquiring an additional 1,050,173 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Palo Alto Networks during the third quarter worth $174,124,000. Finally, Altshuler Shaham Ltd boosted its holdings in Palo Alto Networks by 444,100.0% in the second quarter. Altshuler Shaham Ltd now owns 444,000 shares of the network technology company’s stock worth $150,520,000 after purchasing an additional 444,100 shares during the period. Institutional investors and hedge funds own 79.82% 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.