SkyOak Wealth LLC Lowers Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

SkyOak Wealth LLC trimmed its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 46.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 773 shares of the network technology company’s stock after selling 671 shares during the quarter. SkyOak Wealth LLC’s holdings in Palo Alto Networks were worth $262,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Elo Mutual Pension Insurance Co increased its holdings in shares of Palo Alto Networks by 2.9% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 29,647 shares of the network technology company’s stock worth $10,065,000 after buying an additional 837 shares during the last quarter. Blair William & Co. IL grew its position in Palo Alto Networks by 0.5% in the second quarter. Blair William & Co. IL now owns 626,801 shares of the network technology company’s stock worth $212,492,000 after acquiring an additional 3,341 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Palo Alto Networks by 20.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 32,412 shares of the network technology company’s stock valued at $10,884,000 after acquiring an additional 5,482 shares during the last quarter. Amalgamated Bank increased its stake in Palo Alto Networks by 2.4% in the second quarter. Amalgamated Bank now owns 68,353 shares of the network technology company’s stock valued at $23,172,000 after acquiring an additional 1,584 shares during the last quarter. Finally, Tredje AP fonden raised its position in Palo Alto Networks by 1.0% during the second quarter. Tredje AP fonden now owns 71,335 shares of the network technology company’s stock valued at $24,183,000 after purchasing an additional 700 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PANW has been the topic of several recent research reports. Needham & Company LLC increased their price objective on Palo Alto Networks from $345.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Citigroup increased their price target on shares of Palo Alto Networks from $385.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Palo Alto Networks from $330.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. JMP Securities reaffirmed a “market outperform” rating and set a $380.00 target price on shares of Palo Alto Networks in a report on Tuesday, August 20th. Finally, UBS Group boosted 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 note on Tuesday, August 20th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $366.08.

Palo Alto Networks Price Performance

Shares of NASDAQ PANW opened at $329.75 on Thursday. Palo Alto Networks, Inc. has a 1 year low of $224.64 and a 1 year high of $380.84. The firm has a 50-day moving average of $336.27 and a 200 day moving average of $312.75. The stock has a market cap of $107.37 billion, a P/E ratio of 47.93, a price-to-earnings-growth ratio of 5.03 and a beta of 1.13.

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

Insiders Place Their Bets

In other news, CEO Nikesh Arora sold 66,666 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 639,994 shares in the company, valued at $219,505,142.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Nikesh Arora sold 66,666 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the sale, the chief executive officer now owns 639,994 shares in the company, valued at $219,505,142.12. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the sale, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at approximately $47,055,533.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 464,075 shares of company stock valued at $154,029,567. 3.30% of the stock is currently owned by corporate insiders.

Palo Alto Networks Company 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.