Envestnet Asset Management Inc. Sells 33,769 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Envestnet Asset Management Inc. lowered its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,087,762 shares of the network technology company's stock after selling 33,769 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of Palo Alto Networks worth $185,616,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PANW. Vanguard Group Inc. increased its position in shares of Palo Alto Networks by 104.4% during the fourth quarter. Vanguard Group Inc. now owns 61,233,907 shares of the network technology company's stock valued at $11,142,122,000 after acquiring an additional 31,281,359 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Palo Alto Networks by 87.8% during the fourth quarter. Geode Capital Management LLC now owns 14,382,116 shares of the network technology company's stock valued at $2,611,013,000 after acquiring an additional 6,725,148 shares in the last quarter. Norges Bank bought a new stake in shares of Palo Alto Networks during the fourth quarter valued at approximately $970,736,000. Northern Trust Corp increased its position in shares of Palo Alto Networks by 133.7% during the fourth quarter. Northern Trust Corp now owns 7,842,647 shares of the network technology company's stock valued at $1,427,048,000 after acquiring an additional 4,486,654 shares in the last quarter. Finally, Capital Research Global Investors increased its position in shares of Palo Alto Networks by 83.8% during the fourth quarter. Capital Research Global Investors now owns 8,427,062 shares of the network technology company's stock valued at $1,533,419,000 after acquiring an additional 3,841,359 shares in the last quarter. Institutional investors own 79.82% of the company's stock.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $195.14, for a total value of $23,567,838.36. Following the sale, the executive vice president directly owned 264,246 shares in the company, valued at approximately $51,564,964.44. The trade was a 31.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Josh D. Paul sold 600 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $204.00, for a total transaction of $122,400.00. Following the completion of the sale, the chief accounting officer owned 41,433 shares in the company, valued at approximately $8,452,332. This trade represents a 1.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 547,948 shares of company stock valued at $103,462,223. 2.50% of the stock is currently owned by insiders.

Palo Alto Networks Stock Performance

Shares of NASDAQ PANW opened at $203.99 on Wednesday. The company has a market cap of $136.02 billion, a P/E ratio of 116.57, a P/E/G ratio of 5.62 and a beta of 0.97. The firm's fifty day moving average is $194.55 and its two-hundred day moving average is $185.62. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39.

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on PANW shares. JPMorgan Chase & Co. reduced their price target on shares of Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating for the company in a research report on Wednesday, May 21st. Guggenheim restated a "sell" rating and issued a $130.00 target price on shares of Palo Alto Networks in a report on Wednesday, May 21st. Rosenblatt Securities restated a "buy" rating and issued a $235.00 target price on shares of Palo Alto Networks in a report on Tuesday, May 20th. Morgan Stanley dropped their target price on shares of Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Stephens cut shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.

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