State of New Jersey Common Pension Fund D Sells 18,685 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Palo Alto Networks, Inc. (PANW) by 7.8% after selling 18,685 shares, leaving it with 219,879 shares valued at approximately $37.52 million.
• Palo Alto Networks recently reported $2.29 billion in quarterly revenue, a 15.3% increase year-over-year, and an earnings per share (EPS) of $0.80, surpassing estimates.
• Analysts maintain a consensus rating of "Moderate Buy" for Palo Alto Networks, with a projected target price of $217.01, while some firms have set target prices ranging from $185.00 to $496.00.

State of New Jersey Common Pension Fund D cut its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 7.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 219,879 shares of the network technology company's stock after selling 18,685 shares during the period. State of New Jersey Common Pension Fund D's holdings in Palo Alto Networks were worth $37,520,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PANW. Nuveen LLC purchased a new position in Palo Alto Networks in the first quarter valued at $810,047,000. Northern Trust Corp increased its holdings 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 buying an additional 4,486,654 shares during the last quarter. Capital Research Global Investors increased its holdings in Palo Alto Networks by 83.8% in the fourth quarter. Capital Research Global Investors now owns 8,427,062 shares of the network technology company's stock valued at $1,533,419,000 after buying an additional 3,841,359 shares during the last quarter. Nuveen Asset Management LLC increased its holdings 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 buying an additional 3,047,625 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings 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 buying an additional 2,862,718 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Piper Sandler raised Palo Alto Networks from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $200.00 to $225.00 in a report on Tuesday, August 12th. Cantor Fitzgerald reissued an "overweight" rating and set a $223.00 price objective on shares of Palo Alto Networks in a research note on Friday. Jefferies Financial Group set a $235.00 target price on shares of Palo Alto Networks in a research note on Tuesday, July 29th. Wells Fargo & Company lifted their price target 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. Finally, 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 report on Wednesday, May 21st. Two 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $217.79.

Insider Activity at Palo Alto Networks

In related news, EVP Dipak Golechha sold 5,000 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $201.85, for a total value 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Josh D. Paul sold 800 shares of the firm's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $201.05, for a total transaction of $160,840.00. Following the completion of the transaction, the chief accounting officer owned 42,033 shares in the company, valued at $8,450,734.65. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 669,248 shares of company stock worth $126,423,337 over the last quarter. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks Stock Performance

Shares of NASDAQ:PANW traded up $3.54 during mid-day trading on Friday, hitting $177.09. The stock had a trading volume of 9,535,538 shares, compared to its average volume of 11,219,376. The company has a market cap of $118.08 billion, a PE ratio of 101.19, a P/E/G ratio of 4.34 and a beta of 0.94. Palo Alto Networks, Inc. has a 12-month low of $144.15 and a 12-month high of $210.39. The company's 50 day moving average is $192.00 and its 200-day moving average is $186.42.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the prior year, the business earned $0.66 EPS. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. On average, equities research analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Palo Alto Networks Company 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.