Lake Street Private Wealth LLC Lowers Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

by · The Markets Daily

Lake Street Private Wealth LLC cut its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 46.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,904 shares of the network technology company’s stock after selling 6,932 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Palo Alto Networks were worth $2,702,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PANW. Greenleaf Trust boosted its position in shares of Palo Alto Networks by 10.2% in the third quarter. Greenleaf Trust now owns 13,396 shares of the network technology company’s stock worth $4,579,000 after acquiring an additional 1,240 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in shares of Palo Alto Networks by 4.8% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 257,313 shares of the network technology company’s stock worth $87,950,000 after buying an additional 11,808 shares during the last quarter. Bank Pictet & Cie Europe AG increased its stake in shares of Palo Alto Networks by 5.8% in the third quarter. Bank Pictet & Cie Europe AG now owns 20,399 shares of the network technology company’s stock worth $6,972,000 after buying an additional 1,111 shares during the last quarter. Lecap Asset Management Ltd. bought a new stake in shares of Palo Alto Networks in the third quarter worth $3,493,000. Finally, Marietta Wealth Management LLC increased its stake in shares of Palo Alto Networks by 4.3% in the third quarter. Marietta Wealth Management LLC now owns 22,935 shares of the network technology company’s stock worth $7,839,000 after buying an additional 942 shares during the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $295.93, for a total value of $17,755,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at $47,055,533.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $317.77, for a total value of $11,439,720.00. Following the completion of the sale, the executive vice president now directly owns 1,187,567 shares in the company, valued at approximately $377,373,165.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $295.93, for a total value of $17,755,800.00. Following the completion of the sale, the executive vice president now owns 159,009 shares of the company’s stock, valued at approximately $47,055,533.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 351,452 shares of company stock valued at $118,643,279 over the last ninety days. 3.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on PANW. The Goldman Sachs Group lifted their price target on shares of Palo Alto Networks from $376.00 to $425.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. BMO Capital Markets upped their price target on shares of Palo Alto Networks from $334.00 to $390.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. TD Cowen upped their price target on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $350.00 price objective on shares of Palo Alto Networks in a report on Monday, August 19th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $380.00 price objective on shares of Palo Alto Networks in a report on Tuesday, August 20th. Eleven equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $376.82.

View Our Latest Stock Analysis on PANW

Palo Alto Networks Stock Performance

Shares of PANW traded down $10.95 during mid-day trading on Wednesday, hitting $365.15. The company’s stock had a trading volume of 866,431 shares, compared to its average volume of 3,999,706. Palo Alto Networks, Inc. has a one year low of $233.81 and a one year high of $384.00. The firm has a market capitalization of $118.89 billion, a PE ratio of 50.35, a price-to-earnings-growth ratio of 5.43 and a beta of 1.13. The stock’s 50-day moving average is $350.47 and its two-hundred day moving average is $324.94.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last posted its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. Palo Alto Networks’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 earnings per share. Analysts expect that Palo Alto Networks, Inc. will post 3.57 EPS for the current fiscal year.

Palo Alto Networks Company 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.

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