RWA Wealth Partners LLC Reduces Stock Position in Palo Alto Networks, Inc. $PANW

Key Points

• RWA Wealth Partners LLC has decreased its holdings in Palo Alto Networks, Inc. by 3.7%, now owning 61,712 shares valued at approximately $10.5 million.
• During the first quarter, several large investors ramped up their positions in Palo Alto Networks, with Nuveen LLC acquiring a new position valued at over $810 million.
• Palo Alto Networks reported a 15.3% year-over-year revenue increase, posting $2.29 billion for the quarter alongside an earnings per share of $0.80, surpassing estimates.

RWA Wealth Partners LLC lessened its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 3.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,712 shares of the network technology company's stock after selling 2,396 shares during the quarter. RWA Wealth Partners LLC's holdings in Palo Alto Networks were worth $10,531,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PANW. Nuveen LLC purchased a new position in Palo Alto Networks in the first quarter valued at $810,047,000. Northern Trust Corp boosted its stake in Palo Alto Networks by 133.7% in the fourth quarter. Northern Trust Corp now owns 7,842,647 shares of the network technology company's stock valued at $1,427,048,000 after acquiring an additional 4,486,654 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in Palo Alto Networks by 98.0% in the fourth quarter. Nuveen Asset Management LLC now owns 6,158,580 shares of the network technology company's stock valued at $1,120,615,000 after acquiring an additional 3,047,625 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Palo Alto Networks by 92.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,951,283 shares of the network technology company's stock valued at $1,082,895,000 after acquiring an additional 2,862,718 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Palo Alto Networks by 18,802.8% in the first quarter. GAMMA Investing LLC now owns 2,410,290 shares of the network technology company's stock valued at $411,292,000 after acquiring an additional 2,397,539 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company's stock.

Insider Buying and Selling at Palo Alto Networks

In related news, EVP Nir Zuk sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $172.80, for a total transaction of $17,280,000.00. Following the sale, the executive vice president owned 3,143,516 shares in the company, valued at approximately $543,199,564.80. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Aparna Bawa sold 526 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $190.00, for a total transaction of $99,940.00. Following the sale, the director owned 8,632 shares in the company, valued at approximately $1,640,080. This trade represents a 5.74% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 669,248 shares of company stock worth $126,423,337. 2.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Sanford C. Bernstein set a $225.00 price objective on shares of Palo Alto Networks and gave the company an "outperform" rating in a research note on Wednesday, May 21st. KeyCorp downgraded shares of Palo Alto Networks from an "overweight" rating to a "sector weight" rating in a research note on Thursday, July 31st. Wells Fargo & Company upped their price objective on shares of Palo Alto Networks from $225.00 to $235.00 and gave the company an "overweight" rating 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, Piper Sandler upgraded shares of Palo Alto Networks from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $200.00 to $225.00 in a research note on Tuesday, August 12th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twenty-six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $217.79.

Palo Alto Networks Trading Up 2.0%

Shares of Palo Alto Networks stock opened at $177.09 on Monday. The company has a 50-day moving average of $192.00 and a two-hundred day moving average of $186.41. Palo Alto Networks, Inc. has a 12-month low of $144.15 and a 12-month high of $210.39. The stock has a market cap of $118.08 billion, a PE ratio of 101.19, a price-to-earnings-growth ratio of 4.35 and a beta of 0.94.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its quarterly earnings data 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 net margin of 13.95% and a return on equity of 19.48%. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.28 billion. During the same period last year, the company posted $0.66 EPS. The company's revenue was up 15.3% on a year-over-year basis. On average, sell-side analysts forecast 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.

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