Pacer Advisors Inc. Has $23.13 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Key Points

• Pacer Advisors Inc. reduced its stake in Palo Alto Networks, Inc. by 7.9%, holding 135,544 shares worth approximately $23.13 million as of the end of the first quarter.
• Recent analyst reports have shown a mix of ratings for Palo Alto Networks, with a consensus rating of "Moderate Buy" and a price target averaging around $209.42.
• Insider selling has been notable, with executives selling over 569,248 shares in the last quarter, indicating potential shifts in confidence among company leaders.

Pacer Advisors Inc. cut its stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 7.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,544 shares of the network technology company's stock after selling 11,633 shares during the period. Pacer Advisors Inc.'s holdings in Palo Alto Networks were worth $23,129,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new position in Palo Alto Networks in the 1st quarter valued at $260,000. Assetmark Inc. raised its holdings in Palo Alto Networks by 2.8% in the 1st quarter. Assetmark Inc. now owns 161,877 shares of the network technology company's stock valued at $27,623,000 after acquiring an additional 4,350 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Palo Alto Networks by 8.2% during the 1st quarter. Cetera Investment Advisers now owns 345,205 shares of the network technology company's stock worth $58,906,000 after buying an additional 26,284 shares in the last quarter. Avantax Advisory Services Inc. raised its holdings in shares of Palo Alto Networks by 8.7% during the 1st quarter. Avantax Advisory Services Inc. now owns 47,438 shares of the network technology company's stock worth $8,095,000 after buying an additional 3,798 shares in the last quarter. Finally, Brookwood Investment Group LLC acquired a new position in shares of Palo Alto Networks during the 1st quarter worth $1,356,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PANW has been the subject of a number of research analyst reports. Hsbc Global Res raised Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 10th. Stephens cut Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Jefferies Financial Group boosted their price target on Palo Alto Networks from $225.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday. Sanford C. Bernstein set a $225.00 price target on Palo Alto Networks and gave the stock an "outperform" rating in a report on Wednesday, May 21st. Finally, Truist Financial lowered their price target on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, Palo Alto Networks has a consensus rating of "Moderate Buy" and a consensus price target of $209.42.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Lee Klarich sold 120,774 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $189.27, for a total value of $22,858,894.98. Following the completion of the sale, the executive vice president directly owned 293,010 shares of the company's stock, valued at $55,458,002.70. This represents a 29.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $201.85, for a total value of $1,009,250.00. Following the completion of the sale, the executive vice president directly owned 101,135 shares of the company's stock, valued at approximately $20,414,099.75. This trade represents a 4.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 569,248 shares of company stock worth $111,279,829 in the last quarter. Company insiders own 2.50% of the company's stock.

Palo Alto Networks Stock Performance

PANW stock opened at $203.27 on Friday. The stock's 50 day simple moving average is $196.34 and its 200 day simple moving average is $186.72. Palo Alto Networks, Inc. has a fifty-two week low of $142.01 and a fifty-two week high of $208.39. The company has a market cap of $135.54 billion, a P/E ratio of 116.15, a price-to-earnings-growth ratio of 5.62 and a beta of 0.97.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings results 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. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the business earned $0.66 EPS. The firm's revenue for the quarter was up 15.3% on a year-over-year basis. Equities analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

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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