Maryland State Retirement & Pension System Sells 4,524 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Key Points

• The Maryland State Retirement & Pension System decreased its holdings in Palo Alto Networks by 13.0%, selling 4,524 shares to hold a total of 30,254 shares worth $5.16 million.
• Several institutional investors have significantly altered their stakes in Palo Alto Networks, with 79.82% of the company's stock now held by these investors.
• Analysts have a mixed outlook for PANW, with a consensus rating of "Moderate Buy" and various target prices ranging from $130.00 to $235.00.

Maryland State Retirement & Pension System trimmed its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 13.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,254 shares of the network technology company's stock after selling 4,524 shares during the period. Maryland State Retirement & Pension System's holdings in Palo Alto Networks were worth $5,163,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Transce3nd LLC acquired a new position in shares of Palo Alto Networks in the fourth quarter valued at $25,000. Strategic Investment Solutions Inc. IL increased its holdings in shares of Palo Alto Networks by 64.0% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after purchasing an additional 55 shares during the last quarter. Anchor Investment Management LLC increased its holdings in shares of Palo Alto Networks by 100.0% in the fourth quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company's stock valued at $28,000 after purchasing an additional 78 shares during the last quarter. Capital A Wealth Management LLC acquired a new position in shares of Palo Alto Networks in the fourth quarter valued at $29,000. Finally, HWG Holdings LP acquired a new position in shares of Palo Alto Networks in the first quarter valued at about $31,000. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Palo Alto Networks Trading Down 0.6%

Shares of PANW traded down $1.04 during trading hours on Friday, reaching $167.06. The stock had a trading volume of 9,831,203 shares, compared to its average volume of 9,794,964. Palo Alto Networks, Inc. has a 12 month low of $144.15 and a 12 month high of $210.39. The firm has a 50-day simple moving average of $194.23 and a 200 day simple moving average of $186.92. The company has a market capitalization of $111.40 billion, a price-to-earnings ratio of 95.46, a P/E/G ratio of 3.99 and a beta of 0.94.

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 (EPS) 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 company had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.28 billion. During the same period last year, the business earned $0.66 EPS. Palo Alto Networks's quarterly revenue was up 15.3% compared to the same quarter last year. On average, equities analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Insider Buying and Selling

In other Palo Alto Networks news, EVP Dipak Golechha sold 5,000 shares of the firm's stock in a transaction on 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of the firm's 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 transaction, the executive vice president owned 264,246 shares in the company, valued at approximately $51,564,964.44. This trade represents a 31.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 669,248 shares of company stock worth $126,423,337 over the last quarter. Corporate insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PANW shares. JPMorgan Chase & Co. decreased their price target on shares of Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 21st. TD Securities restated a "buy" rating and issued a $230.00 price target on shares of Palo Alto Networks in a research note on Wednesday, May 21st. Barclays decreased their price target on shares of Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 21st. Stephens downgraded shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, Rosenblatt Securities restated a "buy" rating and issued a $235.00 price target on shares of Palo Alto Networks in a research note on Thursday, July 31st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $209.61.

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.