Chapin Davis Inc. Reduces Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Chapin Davis Inc. decreased its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 39.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,873 shares of the network technology company’s stock after selling 1,222 shares during the period. Chapin Davis Inc.’s holdings in Palo Alto Networks were worth $532,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Clarity Wealth Advisors LLC purchased a new stake in Palo Alto Networks during the 1st quarter worth $306,000. Jeppson Wealth Management LLC increased its position in shares of Palo Alto Networks by 2.1% in the 1st quarter. Jeppson Wealth Management LLC now owns 5,959 shares of the network technology company’s stock worth $1,693,000 after purchasing an additional 120 shares during the last quarter. Cornerstone Wealth Group LLC grew its position in shares of Palo Alto Networks by 14.9% during the 1st quarter. Cornerstone Wealth Group LLC now owns 11,784 shares of the network technology company’s stock valued at $3,348,000 after buying an additional 1,532 shares during the last quarter. Merrion Investment Management Co LLC bought a new stake in shares of Palo Alto Networks during the 1st quarter valued at about $284,000. Finally, Atticus Wealth Management LLC grew its position in shares of Palo Alto Networks by 30.0% during the 1st quarter. Atticus Wealth Management LLC now owns 1,144 shares of the network technology company’s stock valued at $325,000 after buying an additional 264 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling

In other Palo Alto Networks news, EVP Lee Klarich sold 121,276 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the completion of the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at approximately $49,895,983.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Palo Alto Networks news, EVP Lee Klarich sold 121,276 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the completion of the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at approximately $49,895,983.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Aparna Bawa sold 322 shares of Palo Alto Networks stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total transaction of $99,820.00. Following the sale, the director now owns 3,767 shares in the company, valued at $1,167,770. The disclosure for this sale can be found here. In the last three months, insiders sold 258,182 shares of company stock valued at $74,850,597. Company insiders own 3.30% of the company’s stock.

Analyst Ratings Changes

PANW has been the subject of a number of recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $350.00 price objective on shares of Palo Alto Networks in a research report on Friday, June 21st. JMP Securities reissued a “market outperform” rating and set a $380.00 target price on shares of Palo Alto Networks in a research note on Tuesday, May 21st. Redburn Atlantic upped their price target on shares of Palo Alto Networks from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Robert W. Baird upped their price target on shares of Palo Alto Networks from $340.00 to $360.00 and gave the stock an “outperform” rating in a research note on Thursday, June 27th. Finally, Daiwa America raised shares of Palo Alto Networks to a “strong-buy” rating in a research note on Wednesday, May 29th. Twelve analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Palo Alto Networks has an average rating of “Moderate Buy” and an average price target of $326.29.

Palo Alto Networks Trading Up 0.6 %

NASDAQ PANW opened at $340.90 on Tuesday. The company has a fifty day simple moving average of $307.06 and a 200 day simple moving average of $307.11. The company has a market cap of $110.38 billion, a P/E ratio of 49.55, a P/E/G ratio of 5.19 and a beta of 1.14. Palo Alto Networks, Inc. has a 1 year low of $201.17 and a 1 year high of $380.84.

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

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.