Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by AIA Group Ltd

AIA Group Ltd decreased its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 6.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 965 shares of the network technology company’s stock after selling 71 shares during the quarter. AIA Group Ltd’s holdings in Palo Alto Networks were worth $330,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in PANW. Concurrent Investment Advisors LLC boosted its stake in shares of Palo Alto Networks by 16.1% in the first quarter. Concurrent Investment Advisors LLC now owns 4,470 shares of the network technology company’s stock valued at $1,270,000 after purchasing an additional 621 shares during the period. Abbrea Capital LLC increased its position in shares of Palo Alto Networks by 5.8% during the first quarter. Abbrea Capital LLC now owns 841 shares of the network technology company’s stock worth $239,000 after acquiring an additional 46 shares during the period. WNY Asset Management LLC acquired a new stake in shares of Palo Alto Networks in the first quarter valued at $305,000. NorthRock Partners LLC boosted its holdings in Palo Alto Networks by 9.0% in the first quarter. NorthRock Partners LLC now owns 1,399 shares of the network technology company’s stock valued at $397,000 after purchasing an additional 116 shares during the period. Finally, Meeder Advisory Services Inc. grew its stake in Palo Alto Networks by 4.7% during the 1st quarter. Meeder Advisory Services Inc. now owns 4,278 shares of the network technology company’s stock worth $1,216,000 after purchasing an additional 191 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Oppenheimer increased their price target on Palo Alto Networks from $410.00 to $450.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Piper Sandler lifted their price target on shares of Palo Alto Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Wells Fargo & Company increased their price objective on shares of Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Truist Financial lifted their price objective 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. Finally, Evercore ISI boosted their target price on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average price target of $378.49.

Palo Alto Networks Stock Performance

Shares of PANW opened at $391.40 on Friday. Palo Alto Networks, Inc. has a 1 year low of $234.15 and a 1 year high of $393.21. The stock has a market capitalization of $127.44 billion, a P/E ratio of 53.99, a P/E/G ratio of 5.59 and a beta of 1.12. The company’s fifty day moving average is $355.13 and its two-hundred day moving average is $332.47.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The business had revenue of $2.19 billion for 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% compared to the same quarter last year. During the same period in the previous year, the business posted $0.80 earnings per share. Sell-side analysts predict that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Nikesh Arora sold 81,586 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total value of $30,022,832.14. Following the completion of the sale, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at $227,680,932.85. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 1,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $341.44, for a total transaction of $341,440.00. Following the transaction, the director now directly owns 41,517 shares in the company, valued at approximately $14,175,564.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the transaction, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 255,252 shares of company stock worth $89,383,077. Company insiders own 3.30% 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.