Bridges Investment Management Inc. Sells 4,768 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Bridges Investment Management Inc. lessened its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 703,184 shares of the network technology company's stock after selling 4,768 shares during the period. Palo Alto Networks accounts for about 1.7% of Bridges Investment Management Inc.'s investment portfolio, making the stock its 16th biggest holding. Bridges Investment Management Inc. owned approximately 0.11% of Palo Alto Networks worth $119,991,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Uniting Wealth Partners LLC acquired a new position in shares of Palo Alto Networks during the 4th quarter worth about $548,000. Rehmann Capital Advisory Group raised its position in Palo Alto Networks by 106.4% in the fourth quarter. Rehmann Capital Advisory Group now owns 2,378 shares of the network technology company's stock worth $433,000 after purchasing an additional 1,226 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Palo Alto Networks by 94.3% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 11,661 shares of the network technology company's stock worth $2,122,000 after purchasing an additional 5,658 shares in the last quarter. Knights of Columbus Asset Advisors LLC raised its position in Palo Alto Networks by 108.1% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 21,354 shares of the network technology company's stock worth $3,886,000 after purchasing an additional 11,095 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Palo Alto Networks by 10.8% in the first quarter. GAMMA Investing LLC now owns 14,125 shares of the network technology company's stock worth $2,410,000 after purchasing an additional 1,374 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

Insider Transactions at Palo Alto Networks

In other news, Director Aparna Bawa sold 526 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $190.00, for a total value of $99,940.00. Following the sale, the director directly owned 8,632 shares of the company's stock, valued at approximately $1,640,080. This represents a 5.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 100,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $198.66, for a total transaction of $19,866,000.00. Following the completion of the sale, the executive vice president directly owned 3,243,516 shares in the company, valued at approximately $644,356,888.56. The trade was a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 569,248 shares of company stock worth $111,279,829. Company insiders own 2.50% of the company's stock.

Palo Alto Networks Stock Performance

NASDAQ PANW traded down $4.68 on Friday, reaching $187.39. The company had a trading volume of 7,403,780 shares, compared to its average volume of 5,412,721. The firm has a market capitalization of $124.95 billion, a price-to-earnings ratio of 107.08, a price-to-earnings-growth ratio of 5.75 and a beta of 0.97. Palo Alto Networks, Inc. has a 1-year low of $142.01 and a 1-year high of $208.39. The company's fifty day moving average is $195.05 and its 200-day moving average is $185.79.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.03. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.66 EPS. On average, research analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Analyst Ratings Changes

PANW has been the topic of a number of research analyst reports. Northland Securities decreased their price target on Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 21st. HSBC upgraded shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price objective for the company in a research report on Thursday, April 10th. Truist Financial dropped their price objective on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Roth Capital assumed coverage on shares of Palo Alto Networks in a research report on Thursday, May 15th. They issued a "neutral" rating and a $210.00 price objective for the company. Finally, TD Securities restated a "buy" rating and issued a $230.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $208.00.

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.