Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Baker Tilly Wealth Management LLC

Baker Tilly Wealth Management LLC reduced its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 57.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 976 shares of the network technology company’s stock after selling 1,297 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Palo Alto Networks were worth $331,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Palo Alto Networks by 3.6% during the first quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock worth $8,118,190,000 after acquiring an additional 1,002,239 shares during the last quarter. Norges Bank purchased a new stake in Palo Alto Networks in the 4th quarter valued at approximately $1,563,020,000. Clearbridge Investments LLC grew its holdings in Palo Alto Networks by 1.0% during the 4th 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 during the last quarter. Jennison Associates LLC increased its position in Palo Alto Networks by 7.6% during the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock worth $799,792,000 after buying an additional 198,078 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Palo Alto Networks by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,746,971 shares of the network technology company’s stock worth $515,147,000 after purchasing an additional 84,151 shares in the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 125,866 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $335.00, for a total value of $42,165,110.00. Following the sale, the executive vice president now owns 166,542 shares of the company’s stock, valued at approximately $55,791,570. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, President William D. Jenkins, Jr. sold 1,621 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total value of $497,517.32. Following the sale, the president now owns 20,501 shares of the company’s stock, valued at approximately $6,292,166.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lee Klarich sold 125,866 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $335.00, for a total value of $42,165,110.00. Following the transaction, the executive vice president now owns 166,542 shares of the company’s stock, valued at $55,791,570. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 367,315 shares of company stock worth $118,696,590. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of PANW traded down $9.16 during mid-day trading on Friday, hitting $334.11. The company’s stock had a trading volume of 4,533,366 shares, compared to its average volume of 4,365,195. Palo Alto Networks, Inc. has a one year low of $201.17 and a one year high of $380.84. The stock’s 50-day moving average is $326.31 and its two-hundred day moving average is $311.09. The firm has a market capitalization of $108.18 billion, a PE ratio of 48.56, a price-to-earnings-growth ratio of 4.36 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. Analysts expect that Palo Alto Networks, Inc. will post 2.94 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. JMP Securities reissued a “market outperform” rating and set a $380.00 price target on shares of Palo Alto Networks in a research note on Tuesday, May 21st. Evercore ISI reduced their target price on shares of Palo Alto Networks from $405.00 to $385.00 and set an “outperform” rating on the stock in a report on Tuesday, May 14th. Sanford C. Bernstein increased their price target on Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a report on Tuesday, May 21st. Morgan Stanley restated an “overweight” rating and set a $360.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, June 12th. Finally, Barclays lifted their price objective on shares of Palo Alto Networks from $325.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $331.63.

Palo Alto Networks 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.