Proem Advisors LLC Sells 29,500 Shares of Palo Alto Networks, Inc. $PANW

Key Points

• Proem Advisors LLC cut its Palo Alto Networks stake by 59% in the fourth quarter, selling 29,500 shares and leaving it with 20,500 shares worth about $3.78 million.
• Insider selling has also picked up, with CAO Josh D. Paul and Director John P. Key selling shares recently; insiders sold a total of 30,356 shares over the last 90 days.
• Palo Alto Networks reported better-than-expected quarterly results with EPS of $1.03 versus $0.94 expected, while revenue rose 14.9% year over year to $2.59 billion. Analysts currently rate the stock a Moderate Buy with an average target price of $212.09.

Proem Advisors LLC decreased its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 59.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 20,500 shares of the network technology company's stock after selling 29,500 shares during the period. Palo Alto Networks comprises approximately 0.4% of Proem Advisors LLC's portfolio, making the stock its 21st biggest holding. Proem Advisors LLC's holdings in Palo Alto Networks were worth $3,776,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Palo Alto Networks by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 67,929,063 shares of the network technology company's stock worth $12,512,533,000 after purchasing an additional 2,659,100 shares during the last quarter. State Street Corp grew its holdings in shares of Palo Alto Networks by 1.7% in the third quarter. State Street Corp now owns 29,736,916 shares of the network technology company's stock worth $6,055,031,000 after purchasing an additional 505,924 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Palo Alto Networks by 0.5% in the third quarter. Northern Trust Corp now owns 7,528,248 shares of the network technology company's stock worth $1,532,902,000 after purchasing an additional 36,511 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Palo Alto Networks by 11.5% in the third quarter. First Trust Advisors LP now owns 5,906,963 shares of the network technology company's stock worth $1,202,776,000 after purchasing an additional 611,375 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Palo Alto Networks by 7.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 4,356,617 shares of the network technology company's stock worth $802,691,000 after purchasing an additional 319,751 shares during the last quarter. Institutional investors own 79.82% of the company's stock.

Insider Activity at Palo Alto Networks

In related news, CAO Josh D. Paul sold 1,100 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $161.40, for a total transaction of $177,540.00. Following the sale, the chief accounting officer directly owned 83,136 shares of the company's stock, valued at approximately $13,418,150.40. This represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John P. Key sold 1,572 shares of the stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $173.32, for a total transaction of $272,459.04. Following the sale, the director directly owned 20,000 shares in the company, valued at $3,466,400. This trade represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,356 shares of company stock worth $4,981,575 in the last ninety days. 1.40% of the stock is currently owned by company insiders.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $213.66 on Tuesday. Palo Alto Networks, Inc. has a one year low of $139.57 and a one year high of $223.61. The company's 50-day moving average is $168.60 and its 200 day moving average is $180.57. The company has a market capitalization of $174.35 billion, a price-to-earnings ratio of 118.04, a price-to-earnings-growth ratio of 7.49 and a beta of 0.77.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The network technology company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.94 by $0.09. Palo Alto Networks had a net margin of 12.96% and a return on equity of 17.60%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the firm posted $0.81 EPS. Palo Alto Networks's revenue for the quarter was up 14.9% on a year-over-year basis. As a group, research analysts predict that Palo Alto Networks, Inc. will post 2.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PANW shares. JPMorgan Chase & Co. cut their target price on shares of Palo Alto Networks from $225.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, February 19th. Robert W. Baird set a $220.00 price target on shares of Palo Alto Networks and gave the company an "outperform" rating in a report on Wednesday, February 18th. Argus upgraded shares of Palo Alto Networks to a "strong-buy" rating in a report on Friday, February 20th. New Street Research cut their price target on shares of Palo Alto Networks from $240.00 to $220.00 and set a "buy" rating on the stock in a report on Thursday, February 19th. Finally, Mizuho set a $200.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 18th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Palo Alto Networks has a consensus rating of "Moderate Buy" and an average target price of $212.09.

Palo Alto Networks Profile

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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