Savoie Capital LLC Reduces Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Savoie Capital LLC cut its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 26.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 9,929 shares of the network technology company’s stock after selling 3,500 shares during the quarter. Savoie Capital LLC’s holdings in Palo Alto Networks were worth $3,366,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Sunbelt Securities Inc. increased its position in shares of Palo Alto Networks by 91.0% during the first quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock worth $478,000 after acquiring an additional 802 shares during the last quarter. Jennison Associates LLC grew its stake in Palo Alto Networks by 7.6% during the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after purchasing an additional 198,078 shares in the last quarter. Brookstone Capital Management increased its holdings in Palo Alto Networks by 48.4% during the 1st quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock worth $7,502,000 after purchasing an additional 8,611 shares during the last quarter. Wealthspire Advisors LLC raised its position in shares of Palo Alto Networks by 1.7% in the 1st quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock valued at $1,244,000 after purchasing an additional 75 shares in the last quarter. Finally, Connectus Wealth LLC boosted its stake in shares of Palo Alto Networks by 22.8% during the 4th quarter. Connectus Wealth LLC now owns 43,813 shares of the network technology company’s stock valued at $12,920,000 after buying an additional 8,132 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $344.17 on Tuesday. The stock has a market cap of $111.44 billion, a PE ratio of 50.02, a price-to-earnings-growth ratio of 5.04 and a beta of 1.13. The business’s fifty day moving average is $336.46 and its 200-day moving average is $313.98. Palo Alto Networks, Inc. has a 1 year low of $224.64 and a 1 year high of $380.84.

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 for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. Palo Alto Networks’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.80 EPS. Equities research analysts predict that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current year.

Insider Buying and Selling

In other news, President William D. Jenkins, Jr. sold 1,475 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $339.12, for a total transaction of $500,202.00. Following the completion of the sale, the president now owns 19,026 shares in the company, valued at approximately $6,452,097.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, President William D. Jenkins, Jr. sold 1,475 shares of the business’s stock in a transaction that occurred 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 owns 19,026 shares in the company, valued at $6,452,097.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $339.16, for a total transaction of $12,209,760.00. Following the sale, the executive vice president now directly owns 1,223,567 shares in the company, valued at $414,984,983.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 464,075 shares of company stock worth $154,029,567. Corporate insiders own 3.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PANW. DA Davidson upped their price target on shares of Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Wells Fargo & Company upped their target price on shares of Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. BTIG Research increased their price target on shares of Palo Alto Networks from $366.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Barclays boosted their price objective 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, TD Cowen lifted their target price on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average target price of $366.08.

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.