Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Benson Investment Management Company Inc.

Benson Investment Management Company Inc. cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 27.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,118 shares of the network technology company’s stock after selling 4,880 shares during the period. Benson Investment Management Company Inc.’s holdings in Palo Alto Networks were worth $3,727,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in PANW. Vanguard Group Inc. boosted its holdings in shares of Palo Alto Networks by 4.0% in the fourth quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock worth $8,129,800,000 after buying an additional 1,058,127 shares during the period. Norges Bank acquired a new stake in Palo Alto Networks during the 4th quarter valued at $1,563,020,000. Northern Trust Corp boosted its position in shares of Palo Alto Networks by 2.6% in the third quarter. Northern Trust Corp now owns 3,430,299 shares of the network technology company’s stock worth $804,199,000 after buying an additional 86,995 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Palo Alto Networks by 1.0% during the fourth quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock valued at $924,905,000 after buying an additional 30,013 shares in the last quarter. Finally, Jennison Associates LLC raised its position in Palo Alto Networks by 83.1% during the fourth quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock valued at $771,643,000 after buying an additional 1,187,915 shares during the period. 79.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on PANW. Daiwa Capital Markets began coverage on Palo Alto Networks in a research report on Wednesday, May 29th. They set an “outperform” rating and a $350.00 price objective for the company. Daiwa America upgraded shares of Palo Alto Networks to a “strong-buy” rating in a research report on Wednesday, May 29th. KeyCorp upped their price target on shares of Palo Alto Networks from $355.00 to $384.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Sanford C. Bernstein lifted their price objective on Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a research report on Tuesday, May 21st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $375.00 target price on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Twelve investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $324.17.

Read Our Latest Report on Palo Alto Networks

Palo Alto Networks Trading Up 3.0 %

NASDAQ:PANW traded up $9.29 during mid-day trading on Friday, hitting $320.33. The company’s stock had a trading volume of 7,203,352 shares, compared to its average volume of 2,960,115. The company has a market capitalization of $103.72 billion, a price-to-earnings ratio of 46.56, a P/E/G ratio of 4.77 and a beta of 1.10. Palo Alto Networks, Inc. has a fifty-two week low of $201.17 and a fifty-two week high of $380.84. The stock has a fifty day moving average of $301.84 and a 200-day moving average of $306.17.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last released its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The company’s revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. On average, equities analysts anticipate that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the transaction, the executive vice president now directly owns 174,075 shares of the company’s stock, valued at approximately $46,659,063. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $288.24, for a total value of $10,376,640.00. Following the completion of the transaction, the executive vice president now directly owns 1,295,567 shares of the company’s stock, valued at $373,434,232.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the sale, the executive vice president now directly owns 174,075 shares in the company, valued at $46,659,063. The disclosure for this sale can be found here. In the last quarter, insiders have sold 258,182 shares of company stock worth $74,850,597. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ:PANW)

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