Palo Alto Networks, Inc. (NASDAQ:PANW) CEO Nikesh Arora Sells 66,666 Shares

Palo Alto Networks, Inc. (NASDAQ:PANW) CEO Nikesh Arora sold 66,666 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the transaction, the chief executive officer now owns 639,994 shares of the company’s stock, valued at approximately $219,505,142.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Nikesh Arora also recently made the following trade(s):

• On Monday, July 1st, Nikesh Arora sold 66,668 shares of Palo Alto Networks stock. The stock was sold at an average price of $336.54, for a total transaction of $22,436,448.72.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $335.82 on Friday. The stock has a fifty day moving average of $335.82 and a 200-day moving average of $310.09. The stock has a market capitalization of $108.74 billion, a P/E ratio of 48.81, a price-to-earnings-growth ratio of 5.29 and a beta of 1.13. Palo Alto Networks, Inc. has a 52 week low of $224.64 and a 52 week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter last year, the business posted $0.80 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. On average, research analysts forecast that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $350.00 target price on shares of Palo Alto Networks in a report on Monday, August 19th. Truist Financial upped their price objective on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. KeyCorp raised their target price on shares of Palo Alto Networks from $380.00 to $400.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. UBS Group upped their price target on shares of Palo Alto Networks from $345.00 to $355.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, Susquehanna lifted their price objective on shares of Palo Alto Networks from $340.00 to $420.00 and gave the company a “positive” rating in a research report on Thursday. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Palo Alto Networks has an average rating of “Moderate Buy” and an average target price of $366.08.

Hedge Funds Weigh In On Palo Alto Networks

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Pathway Financial Advisers LLC bought a new stake in shares of Palo Alto Networks during the first quarter worth about $25,000. Frank Rimerman Advisors LLC bought a new stake in Palo Alto Networks during the 4th quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its position in Palo Alto Networks by 3,200.0% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 96 shares during the period. Ulland Investment Advisors LLC bought a new position in shares of Palo Alto Networks during the first quarter valued at $30,000. Finally, Central Bank & Trust Co. lifted its holdings in shares of Palo Alto Networks by 89.3% during the first quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock worth $30,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

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.