Bokf Na Sells 5,975 Shares of Palo Alto Networks, Inc. $PANW

Key Points

• Bokf Na reduced its position in Palo Alto Networks by 11.6%, selling 5,975 shares and leaving the fund with 45,634 shares valued at about $9.29 million.
• Significant insider selling occurred recently: EVPs Dipak Golechha and Lee Klarich sold 5,000 and 120,768 shares respectively, and insiders have sold 149,252 shares in the past 90 days, leaving insiders with 1.40% ownership.
• Palo Alto beat quarterly expectations (EPS $1.03 vs. $0.94 and revenue $2.59B vs. $2.58B); analysts hold a consensus "Moderate Buy" with an average target of $210.19 while the stock trades near $168 and carries a high P/E (~92.9).

Bokf Na reduced its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 11.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,634 shares of the network technology company's stock after selling 5,975 shares during the period. Bokf Na's holdings in Palo Alto Networks were worth $9,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Palo Alto Networks by 2.0% in the third quarter. Vanguard Group Inc. now owns 65,269,963 shares of the network technology company's stock valued at $13,290,270,000 after acquiring an additional 1,253,589 shares during the period. First Trust Advisors LP grew its stake in shares of Palo Alto Networks by 11.5% during the 3rd quarter. First Trust Advisors LP now owns 5,906,963 shares of the network technology company's stock valued at $1,202,776,000 after purchasing an additional 611,375 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Palo Alto Networks by 1.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,476,638 shares of the network technology company's stock valued at $916,099,000 after purchasing an additional 54,601 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Palo Alto Networks by 0.4% during the 3rd quarter. Franklin Resources Inc. now owns 4,037,320 shares of the network technology company's stock valued at $822,079,000 after purchasing an additional 17,394 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Palo Alto Networks in the 2nd quarter worth approximately $675,865,000. Hedge funds and other institutional investors own 79.82% of the company's stock.

Insider Activity at Palo Alto Networks

In related news, EVP Dipak Golechha sold 5,000 shares of the firm's stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $188.18, for a total transaction of $940,900.00. Following the completion of the transaction, the executive vice president directly owned 155,119 shares of the company's stock, valued at approximately $29,190,293.42. This trade represents a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Lee Klarich sold 120,768 shares of Palo Alto Networks stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $191.03, for a total transaction of $23,070,311.04. Following the completion of the sale, the executive vice president owned 298,887 shares in the company, valued at approximately $57,096,383.61. This represents a 28.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 149,252 shares of company stock valued at $27,888,535. Insiders own 1.40% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $220.00 target price on shares of Palo Alto Networks in a research report on Wednesday, February 18th. DA Davidson set a $190.00 price target on shares of Palo Alto Networks and gave the stock a "buy" rating in a research report on Wednesday, February 18th. Mizuho set a $200.00 price target on shares of Palo Alto Networks in a research note on Wednesday, February 18th. Wolfe Research boosted their price objective on shares of Palo Alto Networks from $225.00 to $250.00 and gave the company an "outperform" rating in a research report on Monday, December 15th. Finally, Barclays set a $200.00 price objective on Palo Alto Networks and gave the stock an "overweight" rating in a research note on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, Palo Alto Networks has a consensus rating of "Moderate Buy" and an average target price of $210.19.

Palo Alto Networks Trading Up 1.9%

NASDAQ PANW opened at $168.06 on Friday. Palo Alto Networks, Inc. has a 12 month low of $139.57 and a 12 month high of $223.61. The stock has a market cap of $137.14 billion, a PE ratio of 92.85, a P/E/G ratio of 5.96 and a beta of 0.78. The stock's 50 day moving average is $170.09 and its 200 day moving average is $189.59.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The network technology company reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.94 by $0.09. Palo Alto Networks had a net margin of 12.96% and a return on equity of 17.60%. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same period last year, the firm posted $0.81 EPS. The company's revenue was up 14.9% on a year-over-year basis. On average, analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

About Palo Alto Networks

Palo Alto Networks NASDAQ: PANW is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company's product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.

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