Palo Alto Networks (NASDAQ:PANW) Shares Down 4.6% on Insider Selling

Palo Alto Networks, Inc. (NASDAQ:PANW - Get Free Report) dropped 4.6% during trading on Thursday following insider selling activity. The stock traded as low as $196.65 and last traded at $196.64. Approximately 2,045,235 shares traded hands during trading, a decline of 62% from the average daily volume of 5,372,016 shares. The stock had previously closed at $206.06.

Specifically, EVP Lee Klarich sold 120,774 shares of the company's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $200.86, for a total value of $24,258,665.64. Following the transaction, the executive vice president directly owned 235,482 shares of the company's stock, valued at approximately $47,298,914.52. This represents a 33.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Aparna Bawa sold 526 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $190.00, for a total value of $99,940.00. Following the transaction, the director directly owned 8,632 shares in the company, valued at $1,640,080. The trade was a 5.74% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PANW shares. HSBC raised Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price target on the stock in a report on Thursday, April 10th. Jefferies Financial Group raised their price target on Palo Alto Networks from $215.00 to $225.00 and gave the company a "buy" rating in a report on Friday, May 16th. JPMorgan Chase & Co. decreased their price target on Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a report on Wednesday, May 21st. Morgan Stanley cut their price objective on Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Roth Capital began coverage on Palo Alto Networks in a research report on Thursday, May 15th. They set a "neutral" rating and a $210.00 price objective for the company. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, Palo Alto Networks has a consensus rating of "Moderate Buy" and a consensus target price of $208.00.

Palo Alto Networks Stock Down 2.4%

The firm has a market cap of $124.95 billion, a PE ratio of 107.08, a P/E/G ratio of 5.75 and a beta of 0.97. The firm's 50 day moving average is $195.05 and its 200-day moving average is $185.79.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its quarterly 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. 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 during the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the prior year, the business posted $0.66 earnings per share. Palo Alto Networks's revenue for the quarter was up 15.3% compared to the same quarter last year. On average, analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Institutional Trading of Palo Alto Networks

Several large investors have recently added to or reduced their stakes in the stock. Transce3nd LLC acquired a new stake in Palo Alto Networks during the 4th quarter valued at $25,000. Strategic Investment Solutions Inc. IL grew its holdings in Palo Alto Networks by 64.0% during the 4th 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 in the last quarter. Anchor Investment Management LLC grew its holdings in Palo Alto Networks by 100.0% during the 4th 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 in the last quarter. Kiely Wealth Advisory Group Inc. grew 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 valued at $29,000 after purchasing an additional 75 shares in the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in Palo Alto Networks during the 4th quarter worth $29,000. 79.82% of the stock is currently owned by institutional investors and hedge funds.

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.