DAVENPORT & Co LLC Sells 10,157 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

DAVENPORT & Co LLC decreased its stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 1.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 535,614 shares of the network technology company's stock after selling 10,157 shares during the period. DAVENPORT & Co LLC owned 0.08% of Palo Alto Networks worth $91,624,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors 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 approximately $548,000. Rehmann Capital Advisory Group increased its holdings in Palo Alto Networks by 106.4% during the fourth 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 last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Palo Alto Networks by 94.3% during 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 acquiring an additional 5,658 shares in the last quarter. Knights of Columbus Asset Advisors LLC lifted its stake 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 valued at $3,886,000 after acquiring an additional 11,095 shares during the last quarter. Finally, GAMMA Investing LLC grew its position 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 valued at $2,410,000 after acquiring an additional 1,374 shares during the period. Institutional investors and hedge funds own 79.82% of the company's stock.

Insider Transactions at Palo Alto Networks

In related news, EVP Nir Zuk sold 100,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $193.36, for a total value of $19,336,000.00. Following the completion of the transaction, the executive vice president owned 3,343,516 shares in the company, valued at $646,502,253.76. This trade represents a 2.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Josh D. Paul sold 800 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $201.05, for a total transaction of $160,840.00. Following the sale, the chief accounting officer directly owned 42,033 shares in the company, valued at $8,450,734.65. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 568,122 shares of company stock valued at $101,726,398. 2.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Hsbc Global Res upgraded Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 10th. Stephens downgraded Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Barclays decreased 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 report on Wednesday, May 21st. Truist Financial dropped their price objective 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. Finally, Jefferies Financial Group lifted their target price on shares of Palo Alto Networks from $215.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Two 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, the company has a consensus rating of "Moderate Buy" and an average target price of $208.00.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock traded down $0.61 during trading on Wednesday, reaching $196.97. 3,365,211 shares of the company's stock were exchanged, compared to its average volume of 5,391,852. The company has a market cap of $131.34 billion, a P/E ratio of 112.55, a PEG ratio of 5.71 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 firm's 50-day moving average price is $192.27 and its 200 day moving average price is $185.37.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. Palo Alto Networks's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS. As a group, equities research analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

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.