Inspire Investing LLC Sells 790 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Inspire Investing LLC trimmed its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 50.5% in the second quarter, according to its most recent filing with the SEC. The firm owned 775 shares of the network technology company’s stock after selling 790 shares during the period. Inspire Investing LLC’s holdings in Palo Alto Networks were worth $263,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. XTX Topco Ltd bought a new position in shares of Palo Alto Networks during the 2nd quarter worth approximately $706,000. Somerset Group LLC lifted its holdings in shares of Palo Alto Networks by 1.8% during the second quarter. Somerset Group LLC now owns 9,509 shares of the network technology company’s stock valued at $3,224,000 after acquiring an additional 168 shares during the period. Kentucky Retirement Systems boosted its position in Palo Alto Networks by 1.7% in the second quarter. Kentucky Retirement Systems now owns 24,348 shares of the network technology company’s stock valued at $8,254,000 after buying an additional 403 shares in the last quarter. Elo Mutual Pension Insurance Co grew its position in Palo Alto Networks by 2.9% during 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 acquiring an additional 837 shares during the last quarter. Finally, Blair William & Co. IL raised its holdings in shares of 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 valued at $212,492,000 after buying an additional 3,341 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, CEO Nikesh Arora sold 66,666 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total value 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,475 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $339.12, for a total transaction of $500,202.00. Following the sale, the president now directly owns 19,026 shares of the company’s stock, valued at $6,452,097.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nikesh Arora sold 66,666 shares of Palo Alto Networks stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at approximately $219,505,142.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 464,075 shares of company stock valued at $154,029,567. 3.30% of the stock is owned by insiders.

Palo Alto Networks Stock Performance

NASDAQ:PANW opened at $343.52 on Wednesday. Palo Alto Networks, Inc. has a 52-week low of $224.64 and a 52-week high of $380.84. The stock has a 50-day simple moving average of $336.56 and a 200 day simple moving average of $314.43. The company has a market cap of $111.23 billion, a PE ratio of 49.93, a PEG ratio of 5.04 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 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 business had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the firm earned $0.80 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, research analysts predict that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on PANW. Daiwa America upgraded shares of Palo Alto Networks to a “strong-buy” rating in a research report on Wednesday, May 29th. Westpark Capital reiterated a “hold” rating on shares of Palo Alto Networks in a research report on Tuesday, August 20th. Evercore ISI boosted their target price on Palo Alto Networks from $385.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Barclays raised their price target on Palo Alto Networks from $350.00 to $370.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, Redburn Atlantic lowered Palo Alto Networks from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $350.00 to $325.00 in a research report on Thursday, July 18th. Thirteen 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $366.08.

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.