Kentucky Retirement Systems reduced its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 7.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 22,558 shares of the network technology company’s stock after selling 1,790 shares during the period. Kentucky Retirement Systems’ holdings in Palo Alto Networks were worth $7,710,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in PANW. Kathmere Capital Management LLC boosted its position in Palo Alto Networks by 3.4% during the 2nd quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock worth $312,000 after acquiring an additional 30 shares during the period. FLC Capital Advisors lifted its holdings in Palo Alto Networks by 0.7% in the third quarter. FLC Capital Advisors now owns 4,035 shares of the network technology company’s stock worth $1,379,000 after purchasing an additional 30 shares during the period. Cromwell Holdings LLC increased its stake in Palo Alto Networks by 3.0% during the 3rd quarter. Cromwell Holdings LLC now owns 1,044 shares of the network technology company’s stock valued at $357,000 after buying an additional 30 shares during the period. Rosenberg Matthew Hamilton raised its position in shares of Palo Alto Networks by 9.4% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 348 shares of the network technology company’s stock worth $119,000 after buying an additional 30 shares in the last quarter. Finally, Geneva Partners LLC lifted its stake in shares of Palo Alto Networks by 0.3% in the 3rd quarter. Geneva Partners LLC now owns 10,945 shares of the network technology company’s stock worth $3,741,000 after acquiring an additional 30 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.
Insider Buying and Selling at Palo Alto Networks
In related news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the completion of the sale, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at approximately $370,926,027.50. This represents a 3.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $341.44, for a total transaction of $341,440.00. Following the completion of the transaction, the director now owns 41,517 shares of the company’s stock, valued at $14,175,564.48. This trade represents a 2.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 255,252 shares of company stock valued at $89,383,077. Corporate insiders own 2.50% of the company’s stock.
Palo Alto Networks Price Performance
Palo Alto Networks (NASDAQ:PANW – Get Free Report) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the company posted $0.80 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. Sell-side analysts expect that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.
Analyst Ratings Changes
A number of equities analysts have issued reports on PANW shares. JPMorgan Chase & Co. increased their price target on Palo Alto Networks from $340.00 to $365.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Scotiabank upped their price target on shares of Palo Alto Networks from $385.00 to $400.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 20th. Bank of America boosted their target price on shares of Palo Alto Networks from $370.00 to $400.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Westpark Capital reaffirmed a “hold” rating on shares of Palo Alto Networks in a report on Tuesday, August 20th. Finally, Piper Sandler raised their target price on shares of Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Palo Alto Networks has an average rating of “Moderate Buy” and a consensus target price of $381.56.
Check Out Our Latest Analysis on Palo Alto Networks
About Palo Alto Networks
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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