Crossmark Global Holdings Inc. Cuts Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Crossmark Global Holdings Inc. decreased its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 28.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,907 shares of the network technology company's stock after selling 17,227 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Palo Alto Networks were worth $7,492,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Transce3nd LLC bought a new position in Palo Alto Networks during the fourth quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL lifted its position in Palo Alto Networks by 64.0% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after purchasing an additional 55 shares during the period. Anchor Investment Management LLC lifted its position in Palo Alto Networks by 100.0% during the fourth quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company's stock valued at $28,000 after purchasing an additional 78 shares during the period. Kiely Wealth Advisory Group Inc. lifted its position in Palo Alto Networks by 100.0% during the fourth quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company's stock valued at $29,000 after purchasing an additional 75 shares during the period. Finally, Capital A Wealth Management LLC bought a new position in Palo Alto Networks during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 79.82% of the company's stock.

Insider Activity at Palo Alto Networks

In related news, Director Aparna Bawa sold 526 shares of Palo Alto Networks stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $190.00, for a total transaction of $99,940.00. Following the completion of the sale, the director owned 8,632 shares in the company, valued at $1,640,080. This trade represents a 5.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $200.86, for a total transaction of $24,258,665.64. Following the sale, the executive vice president owned 235,482 shares of the company's stock, valued at $47,298,914.52. The trade was a 33.90% 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 worth $111,279,829 over the last ninety days. 2.50% of the stock is currently owned by company insiders.

Palo Alto Networks Trading Down 2.4%

Shares of PANW stock traded down $4.68 during trading hours on Friday, reaching $187.39. 7,403,780 shares of the stock were exchanged, compared to its average volume of 5,412,169. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39. The company's 50-day moving average price is $195.04 and its 200-day moving average price is $185.78. 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 5.36 and a beta of 0.97.

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

Analysts Set New Price Targets

PANW has been the topic of a number of research analyst reports. Barclays lowered their price objective on shares of Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 21st. Sanford C. Bernstein set a $225.00 price target on shares of Palo Alto Networks and gave the stock an "outperform" rating in a research report on Wednesday, May 21st. Truist Financial decreased their price target on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock 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 target on the stock. Finally, HSBC upgraded shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price target on the stock in a research report on Thursday, April 10th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $208.00.

Palo Alto Networks 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.