Gulf International Bank UK Ltd Lowers Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Palo Alto Networks, Inc. by 23.2%, owning 38,325 shares worth approximately $6.54 million after selling 11,593 shares in the first quarter.
• Insider trading is notable with EVP Nir Zuk selling 100,000 shares for around $17.28 million and EVP Lee Klarich selling 120,774 shares for about $23.57 million, indicating a significant decrease in their ownership positions.
• Palo Alto Networks' stock has a market cap of $116.96 billion and is currently trading at $175.40, with analysts projecting an earnings per share of 1.76 for the current fiscal year.

Gulf International Bank UK Ltd cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 23.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 38,325 shares of the network technology company's stock after selling 11,593 shares during the period. Gulf International Bank UK Ltd's holdings in Palo Alto Networks were worth $6,539,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Csenge Advisory Group boosted its position in Palo Alto Networks by 2.4% during the 1st quarter. Csenge Advisory Group now owns 2,271 shares of the network technology company's stock worth $381,000 after purchasing an additional 53 shares during the period. Strategic Investment Solutions Inc. IL boosted its position in Palo Alto Networks by 64.0% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock worth $26,000 after purchasing an additional 55 shares during the period. SYM FINANCIAL Corp boosted its position in Palo Alto Networks by 1.4% during the 1st quarter. SYM FINANCIAL Corp now owns 4,047 shares of the network technology company's stock worth $691,000 after purchasing an additional 55 shares during the period. Crew Capital Management Ltd. boosted its position in Palo Alto Networks by 2.5% during the 1st quarter. Crew Capital Management Ltd. now owns 2,310 shares of the network technology company's stock worth $394,000 after purchasing an additional 57 shares during the period. Finally, JDM Financial Group LLC boosted its position in Palo Alto Networks by 22.4% during the 4th quarter. JDM Financial Group LLC now owns 322 shares of the network technology company's stock worth $59,000 after purchasing an additional 59 shares during the period. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling 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 Friday, August 1st. The shares were sold at an average price of $172.80, for a total transaction of $17,280,000.00. Following the transaction, the executive vice president owned 3,143,516 shares in the company, valued at $543,199,564.80. This trade represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $195.14, for a total transaction of $23,567,838.36. Following the transaction, the executive vice president owned 264,246 shares in the company, valued at $51,564,964.44. This represents a 31.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 669,248 shares of company stock valued at $126,423,337. 2.50% of the stock is currently owned by company insiders.

Palo Alto Networks Trading Up 4.3%

NASDAQ PANW opened at $175.40 on Wednesday. Palo Alto Networks, Inc. has a 52 week low of $144.15 and a 52 week high of $210.39. The stock has a market cap of $116.96 billion, a price-to-earnings ratio of 100.23, a price-to-earnings-growth ratio of 3.99 and a beta of 0.94. The company has a 50-day moving average price of $193.26 and a two-hundred day moving average price of $186.70.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm earned $0.66 EPS. Palo Alto Networks's quarterly revenue was up 15.3% on a year-over-year basis. As a group, equities research analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Stephens cut shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Northland Securities decreased their price objective on shares of Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating for the company in a research report on Wednesday, May 21st. Cantor Fitzgerald reissued an "overweight" rating and issued a $223.00 price objective on shares of Palo Alto Networks in a research report on Monday, May 19th. Morgan Stanley set a $496.00 price objective on shares of Palo Alto Networks in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. decreased their price objective 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. Two investment 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $217.52.

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.

Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.