Burney Co. Cuts Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Burney Co. lessened its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 20.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 112,846 shares of the network technology company's stock after selling 28,804 shares during the quarter. Burney Co.'s holdings in Palo Alto Networks were worth $19,256,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Uniting Wealth Partners LLC purchased a new stake in shares of Palo Alto Networks in the 4th quarter worth $548,000. Rehmann Capital Advisory Group lifted its holdings in shares of Palo Alto Networks by 106.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 2,378 shares of the network technology company's stock worth $433,000 after buying an additional 1,226 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Palo Alto Networks by 10.8% in the 1st quarter. GAMMA Investing LLC now owns 14,125 shares of the network technology company's stock worth $2,410,000 after buying an additional 1,374 shares during the period. Diligent Investors LLC lifted its holdings in shares of Palo Alto Networks by 100.0% in the 4th quarter. Diligent Investors LLC now owns 3,430 shares of the network technology company's stock worth $624,000 after buying an additional 1,715 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Palo Alto Networks by 8.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 137,663 shares of the network technology company's stock worth $23,491,000 after buying an additional 10,180 shares during the period. Hedge funds and other institutional investors own 79.82% of the company's stock.

Insider Activity

In other Palo Alto Networks news, Director Aparna Bawa sold 526 shares of Palo Alto Networks stock in a transaction on Friday, May 30th. The stock was sold at an average price of $190.00, for a total value of $99,940.00. Following the sale, the director owned 8,632 shares in the company, valued at $1,640,080. The trade was a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction on Monday, May 5th. The shares were sold at an average price of $189.27, for a total value of $22,858,894.98. Following the completion of the sale, the executive vice president owned 293,010 shares in the company, valued at $55,458,002.70. This represents a 29.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 569,248 shares of company stock valued at $111,279,829 in the last 90 days. 2.50% of the stock is owned by insiders.

Palo Alto Networks Stock Up 1.0%

Shares of NASDAQ PANW traded up $1.94 during midday trading on Thursday, hitting $201.16. The stock had a trading volume of 2,883,962 shares, compared to its average volume of 5,386,036. The company has a market capitalization of $134.13 billion, a PE ratio of 114.95, a P/E/G ratio of 5.49 and a beta of 0.97. The stock has a 50 day simple moving average of $195.97 and a 200-day simple moving average of $186.38. Palo Alto Networks, Inc. has a 1 year low of $142.01 and a 1 year high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter last year, the business posted $0.66 earnings per share. The business's quarterly revenue was up 15.3% compared to the same quarter last year. As a group, analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $223.00 target price on shares of Palo Alto Networks in a report on Monday, May 19th. Sanford C. Bernstein set a $225.00 target price on Palo Alto Networks and gave the stock an "outperform" rating in a report on Wednesday, May 21st. Stephens cut Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Wells Fargo & Company upped their price objective on Palo Alto Networks from $225.00 to $235.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. Finally, Barclays decreased their price objective on Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating for the company in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $209.42.

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.