Diversify Wealth Management LLC Trims Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Diversify Wealth Management LLC trimmed its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 3.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 45,059 shares of the network technology company's stock after selling 1,664 shares during the period. Palo Alto Networks accounts for approximately 0.6% of Diversify Wealth Management LLC's portfolio, making the stock its 28th largest position. Diversify Wealth Management LLC's holdings in Palo Alto Networks were worth $8,410,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Uniting Wealth Partners LLC purchased a new stake in shares of Palo Alto Networks in the fourth quarter valued at about $548,000. Rehmann Capital Advisory Group raised 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 purchasing an additional 1,226 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings 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 purchasing an additional 5,658 shares in the last quarter. Knights of Columbus Asset Advisors LLC raised its holdings in Palo Alto Networks by 108.1% during 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 holdings in Palo Alto Networks by 10.8% during 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. 79.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Jefferies Financial Group increased their price target 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. Rosenblatt Securities reissued a "buy" rating and set a $235.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 20th. Sanford C. Bernstein set a $225.00 target price on shares of Palo Alto Networks and gave the company an "outperform" rating in a report on Wednesday, May 21st. Barclays reduced their price target on shares of Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating for the company in a research report on Wednesday, May 21st. Finally, HSBC upgraded Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price target on the stock in a report on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $208.00.

Palo Alto Networks Trading Down 6.8%

Shares of Palo Alto Networks stock opened at $192.07 on Friday. Palo Alto Networks, Inc. has a twelve month low of $142.01 and a twelve month high of $208.39. The stock has a market capitalization of $128.07 billion, a P/E ratio of 109.75, a PEG ratio of 5.75 and a beta of 0.97. The business's fifty day moving average price is $195.05 and its 200 day moving average price is $185.79.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.28 billion. During the same quarter last year, the firm earned $0.66 earnings per share. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, sell-side analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Insider Buying and Selling at Palo Alto Networks

In related news, EVP Dipak Golechha sold 5,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $201.85, for a total transaction of $1,009,250.00. Following the sale, the executive vice president directly owned 101,135 shares in the company, valued at approximately $20,414,099.75. This trade represents a 4.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nir Zuk sold 100,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $198.66, for a total value of $19,866,000.00. Following the sale, the executive vice president 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 quarter, insiders sold 569,248 shares of company stock worth $111,279,829. Insiders own 2.50% of the company's stock.

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.

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