Maverick Capital Ltd. Sells 889 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Maverick Capital Ltd. trimmed its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 8.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 9,337 shares of the network technology company’s stock after selling 889 shares during the quarter. Maverick Capital Ltd.’s holdings in Palo Alto Networks were worth $3,165,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Pathway Financial Advisers LLC purchased a new stake in shares of Palo Alto Networks during the first quarter valued at approximately $25,000. Frank Rimerman Advisors LLC bought a new position in Palo Alto Networks in the 4th quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. boosted its stake in Palo Alto Networks by 3,200.0% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 96 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in shares of Palo Alto Networks in the 4th quarter worth $31,000. Finally, Central Bank & Trust Co. raised its stake in shares of Palo Alto Networks by 89.3% in the first quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock worth $30,000 after purchasing an additional 50 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors.

Palo Alto Networks Stock Performance

Shares of NASDAQ:PANW opened at $338.73 on Friday. The firm has a market cap of $109.68 billion, a price-to-earnings ratio of 49.23, a P/E/G ratio of 4.99 and a beta of 1.13. The firm has a fifty day moving average price of $336.72 and a 200 day moving average price of $314.61. Palo Alto Networks, Inc. has a fifty-two week low of $228.32 and a fifty-two week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. The business 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%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 EPS. As a group, research analysts predict that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,475 shares of Palo Alto Networks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $339.12, for a total value of $500,202.00. Following the sale, the president now owns 19,026 shares of the company’s stock, valued at approximately $6,452,097.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Mary Pat Mccarthy sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the sale, the director now directly owns 31,517 shares in the company, valued at approximately $10,983,359.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President William D. Jenkins, Jr. sold 1,475 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $339.12, for a total transaction of $500,202.00. Following the completion of the transaction, the president now directly owns 19,026 shares of the company’s stock, valued at approximately $6,452,097.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 464,075 shares of company stock valued at $154,029,567. Insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

PANW has been the subject of several research analyst reports. Scotiabank lifted their price objective on Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. boosted their price objective on shares of Palo Alto Networks from $340.00 to $365.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Susquehanna raised their target price on shares of Palo Alto Networks from $340.00 to $420.00 and gave the stock a “positive” rating in a report on Thursday, September 5th. Oppenheimer boosted their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Finally, Sanford C. Bernstein raised their price target on Palo Alto Networks from $364.00 to $399.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Thirteen investment 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, the stock presently has an average rating of “Moderate Buy” and an average price target 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.