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

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Get Free Report) dropped 4.6% 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 mid-day 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 shares were sold at an average price of $200.86, for a total transaction of $24,258,665.64. Following the sale, the executive vice president 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 is accessible through this hyperlink. Also, Director Aparna Bawa sold 526 shares of the stock in a transaction dated 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 owned 8,632 shares in the company, valued at $1,640,080. This trade represents a 5.74% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PANW shares. Barclays dropped their target price on Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating for the company in a report on Wednesday, May 21st. Roth Capital began coverage on Palo Alto Networks in a research note on Thursday, May 15th. They set a "neutral" rating and a $210.00 price objective for the company. Wells Fargo & Company lifted their target price on shares of Palo Alto Networks from $225.00 to $235.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 21st. TD Securities reiterated a "buy" rating and set a $230.00 price target on shares of Palo Alto Networks in a report on Wednesday, May 21st. Finally, Morgan Stanley cut their price target on shares of Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, Palo Alto Networks currently has an average rating of "Moderate Buy" and an average target price of $208.00.

Palo Alto Networks Stock Performance

The firm has a market cap of $128.07 billion, a price-to-earnings ratio of 109.75, a PEG ratio of 5.75 and a beta of 0.97. The stock's fifty day moving average is $194.93 and its two-hundred day moving average is $185.76.

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 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 company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same period in the prior year, the business posted $0.66 EPS. The business's revenue for the quarter was up 15.3% compared to the same quarter last year. Sell-side analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Institutional Investors Weigh In On Palo Alto Networks

Institutional investors have recently modified their holdings of the stock. Transce3nd LLC acquired a new stake in shares of Palo Alto Networks in the 4th quarter valued at $25,000. Strategic Investment Solutions Inc. IL raised its holdings 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 valued at $26,000 after buying an additional 55 shares in the last quarter. Anchor Investment Management LLC lifted its position 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 worth $28,000 after buying an additional 78 shares during the last quarter. Kiely Wealth Advisory Group Inc. boosted its stake in shares of 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 acquiring an additional 75 shares in the last quarter. Finally, Capital A Wealth Management LLC bought a new stake in shares of Palo Alto Networks during the 4th quarter worth about $29,000. Institutional investors and hedge funds own 79.82% of the company's stock.

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.