Broadway Wealth Solutions Inc. Has $471,000 Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Broadway Wealth Solutions Inc. lowered its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.3% during the first quarter, Holdings Channel reports. The institutional investor owned 2,762 shares of the network technology company’s stock after selling 93 shares during the period. Palo Alto Networks comprises approximately 0.3% of Broadway Wealth Solutions Inc.’s investment portfolio, making the stock its 26th biggest position. Broadway Wealth Solutions Inc.’s holdings in Palo Alto Networks were worth $471,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL increased its position in shares of Palo Alto Networks by 64.0% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock worth $26,000 after buying an additional 55 shares during the period. JDM Financial Group LLC grew its holdings in Palo Alto Networks by 22.4% in the fourth quarter. JDM Financial Group LLC now owns 322 shares of the network technology company’s stock worth $59,000 after purchasing an additional 59 shares during the period. Snider Financial Group increased its stake in Palo Alto Networks by 0.4% in the first quarter. Snider Financial Group now owns 17,729 shares of the network technology company’s stock valued at $3,025,000 after purchasing an additional 65 shares in the last quarter. Rakuten Securities Inc. increased its stake in Palo Alto Networks by 8.4% in the fourth quarter. Rakuten Securities Inc. now owns 906 shares of the network technology company’s stock valued at $165,000 after purchasing an additional 70 shares in the last quarter. Finally, Quarry LP increased its stake in Palo Alto Networks by 16.9% in the fourth quarter. Quarry LP now owns 511 shares of the network technology company’s stock valued at $93,000 after purchasing an additional 74 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on PANW. TD Securities reaffirmed a “buy” rating and issued a $230.00 price target on shares of Palo Alto Networks in a research note on Wednesday, May 21st. JPMorgan Chase & Co. decreased their price target on shares of Palo Alto Networks from $225.00 to $221.00 and set an “overweight” rating for the company in a research note on Wednesday, May 21st. Jefferies Financial Group lifted their price target on shares of Palo Alto Networks from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Wells Fargo & Company lifted their price target on shares of Palo Alto Networks from $225.00 to $235.00 and gave the company an “overweight” rating in a research note on Wednesday, May 21st. Finally, Northland Securities decreased their price target on shares of Palo Alto Networks from $210.00 to $177.00 and set a “market perform” rating for the company in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $208.00.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $199.60 on Friday. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39. The company has a 50-day simple moving average of $180.48 and a two-hundred day simple moving average of $185.02. The company has a market capitalization of $133.09 billion, a price-to-earnings ratio of 112.45, a PEG ratio of 5.64 and a beta of 0.97.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the firm posted $0.66 EPS. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, sell-side analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Insider Activity

In other news, EVP Lee Klarich sold 120,774 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $195.14, for a total transaction of $23,567,838.36. Following the completion of the transaction, the executive vice president now directly owns 264,246 shares of the company’s stock, valued at $51,564,964.44. This represents a 31.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nikesh Arora sold 227,414 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $172.73, for a total transaction of $39,281,220.22. Following the transaction, the chief executive officer now directly owns 317,571 shares of the company’s stock, valued at $54,854,038.83. This represents a 41.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 789,736 shares of company stock valued at $139,837,528 in the last three months. Company insiders own 2.50% of the company’s stock.

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.