Harmony Asset Management LLC Sells 5,298 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Harmony Asset Management LLC reduced its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 44.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,532 shares of the network technology company’s stock after selling 5,298 shares during the quarter. Harmony Asset Management LLC’s holdings in Palo Alto Networks were worth $2,214,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Aveo Capital Partners LLC acquired a new stake in shares of Palo Alto Networks during the fourth quarter worth $212,000. Gryphon Financial Partners LLC acquired a new position in Palo Alto Networks in the fourth quarter valued at approximately $336,000. Orion Portfolio Solutions LLC lifted its position in shares of Palo Alto Networks by 8.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 14,800 shares of the network technology company’s stock valued at $4,285,000 after acquiring an additional 1,179 shares during the period. Congress Wealth Management LLC DE boosted its stake in Palo Alto Networks by 69.7% during the fourth quarter. Congress Wealth Management LLC DE now owns 8,034 shares of the network technology company’s stock worth $2,369,000 after acquiring an additional 3,299 shares in the last quarter. Finally, Sepio Capital LP increased its stake in Palo Alto Networks by 3.7% in the fourth quarter. Sepio Capital LP now owns 944 shares of the network technology company’s stock valued at $278,000 after purchasing an additional 34 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Sanford C. Bernstein increased their price objective on shares of Palo Alto Networks from $364.00 to $399.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Barclays raised their price objective on Palo Alto Networks from $350.00 to $370.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Bank of America upped their target price on Palo Alto Networks from $370.00 to $400.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. KeyCorp lifted their price target on shares of Palo Alto Networks from $380.00 to $400.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Finally, Truist Financial raised their price objective on shares of Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus price target of $366.08.

Palo Alto Networks Stock Performance

Shares of NASDAQ PANW opened at $340.12 on Monday. Palo Alto Networks, Inc. has a fifty-two week low of $224.64 and a fifty-two week high of $380.84. The stock has a market cap of $110.13 billion, a PE ratio of 49.44, a price-to-earnings-growth ratio of 5.04 and a beta of 1.13. The stock has a fifty day moving average of $336.39 and a 200-day moving average of $313.57.

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

Insider Buying and Selling at Palo Alto Networks

In other news, CAO Josh D. Paul sold 200 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at $8,443,916. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Josh D. Paul sold 200 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $338.00, for a total transaction of $67,600.00. Following the completion of the transaction, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at $8,443,916. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the completion of the transaction, the executive vice president now owns 159,009 shares in the company, valued at $47,055,533.37. The disclosure for this sale can be found here. Insiders sold a total of 464,075 shares of company stock valued at $154,029,567 in the last three months. 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.