OVERSEA CHINESE BANKING Corp Ltd Sells 17,831 Shares of Palo Alto Networks, Inc. $PANW

Key Points

• OVERSEA CHINESE BANKING Corp Ltd sold 17,831 shares, cutting its stake in Palo Alto Networks by 88% to 2,440 shares worth about $453,000 at the end of the quarter.
• Insiders sold a total of 30,356 shares worth $4.98M last quarter, including Director John P. Key (1,572 shares at $173.32) and EVP Dipak Golechha (5,000 shares at $160.42), leaving insiders with 1.40% ownership.
• Palo Alto Networks recently beat quarterly EPS estimates ($1.03 vs. $0.94) with revenue of $2.59B (up 14.9%), has a $141.34B market cap, and carries a MarketBeat consensus rating of "Moderate Buy" with a $210.07 price target.

OVERSEA CHINESE BANKING Corp Ltd lowered its stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 88.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,440 shares of the network technology company's stock after selling 17,831 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Palo Alto Networks were worth $453,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PANW. Westfield Capital Management Co. LP purchased a new position in Palo Alto Networks during the third quarter valued at $75,412,000. American Century Companies Inc. lifted its position in Palo Alto Networks by 134.1% during the third quarter. American Century Companies Inc. now owns 672,129 shares of the network technology company's stock valued at $136,859,000 after buying an additional 384,985 shares during the period. US Bancorp DE lifted its position in Palo Alto Networks by 0.6% during the third quarter. US Bancorp DE now owns 1,364,442 shares of the network technology company's stock valued at $277,828,000 after buying an additional 8,344 shares during the period. Silver Oak Securities Incorporated lifted its position in Palo Alto Networks by 240.1% during the third quarter. Silver Oak Securities Incorporated now owns 11,732 shares of the network technology company's stock valued at $2,389,000 after buying an additional 8,282 shares during the period. Finally, Generali Investments Management Co LLC lifted its position in Palo Alto Networks by 38.4% during the third quarter. Generali Investments Management Co LLC now owns 54,401 shares of the network technology company's stock valued at $11,077,000 after buying an additional 15,091 shares during the period. Institutional investors own 79.82% of the company's stock.

Insider Buying and Selling

In related news, Director John P. Key sold 1,572 shares of the company's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $173.32, for a total value of $272,459.04. Following the transaction, the director owned 20,000 shares in the company, valued at $3,466,400. The trade was a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the company's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $160.42, for a total transaction of $802,100.00. Following the completion of the transaction, the executive vice president owned 150,250 shares in the company, valued at approximately $24,103,105. The trade was a 3.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,356 shares of company stock worth $4,981,575 over the last quarter. 1.40% of the stock is owned by insiders.

Palo Alto Networks Price Performance

Shares of Palo Alto Networks stock opened at $173.21 on Friday. The stock has a market cap of $141.34 billion, a price-to-earnings ratio of 95.70, a PEG ratio of 6.53 and a beta of 0.77. The firm's 50-day moving average is $161.41 and its 200 day moving average is $182.53. Palo Alto Networks, Inc. has a 1 year low of $139.57 and a 1 year high of $223.61.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings results on Wednesday, February 18th. The network technology company reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.09. The company had revenue of $2.59 billion for the quarter, compared to analysts' expectations of $2.58 billion. Palo Alto Networks had a net margin of 12.96% and a return on equity of 17.60%. Palo Alto Networks's revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 EPS. On average, equities analysts expect that Palo Alto Networks, Inc. will post 2.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the company. Barclays set a $200.00 price objective on Palo Alto Networks and gave the company an "overweight" rating in a research report on Monday, February 9th. BTIG Research reissued a "buy" rating and set a $200.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, February 18th. Argus raised Palo Alto Networks to a "strong-buy" rating in a research report on Friday, February 20th. Guggenheim reissued a "neutral" rating on shares of Palo Alto Networks in a research report on Wednesday, February 18th. Finally, UBS Group set a $183.00 price objective on Palo Alto Networks in a research report on Thursday, February 19th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $210.07.

About Palo Alto Networks

Palo Alto Networks NASDAQ: PANW is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company's product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.

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