Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 54.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 164,659 shares of the network technology company's stock after selling 193,962 shares during the period. Allspring Global Investments Holdings LLC's holdings in Palo Alto Networks were worth $28,208,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PANW. Transce3nd LLC purchased a new position in shares of Palo Alto Networks during the fourth quarter worth $25,000. Strategic Investment Solutions Inc. IL increased its stake in Palo Alto Networks by 64.0% during the fourth 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. Kiely Wealth Advisory Group Inc. lifted its holdings in Palo Alto Networks by 100.0% during the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company's stock worth $29,000 after buying an additional 75 shares in the last quarter. Anchor Investment Management LLC raised its stake 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 acquiring an additional 78 shares in the last quarter. Finally, Capital A Wealth Management LLC purchased a new position in shares of Palo Alto Networks in the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 79.82% of the company's stock.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, EVP Dipak Golechha sold 5,000 shares of the company's stock in a transaction 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 sale, the executive vice president owned 101,135 shares of the company's stock, valued at approximately $20,414,099.75. This represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction on Monday, April 7th. The stock was sold at an average price of $151.13, for a total value of $18,252,574.62. Following the transaction, the executive vice president directly owned 321,774 shares of the company's stock, valued at $48,629,704.62. This trade represents a 27.29% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 668,722 shares of company stock valued at $121,714,798. Company insiders own 2.50% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PANW shares. Wells Fargo & Company raised their target price on shares of Palo Alto Networks from $225.00 to $235.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Cantor Fitzgerald restated an "overweight" rating and issued a $223.00 price objective on shares of Palo Alto Networks in a report on Monday, May 19th. HSBC upgraded shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 target price for the company in a research note on Thursday, April 10th. Sanford C. Bernstein set a $225.00 price target on Palo Alto Networks and gave the company an "outperform" rating in a research note on Wednesday, May 21st. Finally, JPMorgan Chase & Co. decreased their price target on Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating for the company in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $208.00.

Palo Alto Networks Stock Up 2.3%

PANW stock traded up $4.53 on Thursday, reaching $201.50. 2,561,725 shares of the company's stock were exchanged, compared to its average volume of 5,398,532. The stock has a fifty day moving average of $192.85 and a 200-day moving average of $185.45. The firm has a market cap of $134.36 billion, a PE ratio of 115.14, a P/E/G ratio of 5.50 and a beta of 0.97. Palo Alto Networks, Inc. has a twelve month low of $142.01 and a twelve month high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued 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. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. The business's revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 EPS. On average, equities research analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Palo Alto Networks Profile

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.