Palo Alto Networks, Inc. (NASDAQ:PANW) is InTrack Investment Management Inc’s 4th Largest Position

InTrack Investment Management Inc lessened its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 17.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,303 shares of the network technology company’s stock after selling 5,271 shares during the period. Palo Alto Networks makes up 3.9% of InTrack Investment Management Inc’s portfolio, making the stock its 4th biggest position. InTrack Investment Management Inc’s holdings in Palo Alto Networks were worth $4,318,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Uniting Wealth Partners LLC purchased a new stake in Palo Alto Networks during the 4th quarter worth $548,000. Rehmann Capital Advisory Group boosted its position in Palo Alto Networks by 106.4% during the 4th quarter. Rehmann Capital Advisory Group now owns 2,378 shares of the network technology company’s stock worth $433,000 after purchasing an additional 1,226 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Palo Alto Networks by 94.3% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 11,661 shares of the network technology company’s stock worth $2,122,000 after buying an additional 5,658 shares during the period. Knights of Columbus Asset Advisors LLC boosted its holdings in Palo Alto Networks by 108.1% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 21,354 shares of the network technology company’s stock worth $3,886,000 after acquiring an additional 11,095 shares during the period. Finally, National Pension Service boosted its holdings in Palo Alto Networks by 82.1% in the 4th quarter. National Pension Service now owns 1,345,740 shares of the network technology company’s stock worth $244,871,000 after acquiring an additional 606,778 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Westpark Capital restated a “hold” rating and issued a $196.40 price target on shares of Palo Alto Networks in a report on Wednesday, February 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $223.00 target price on shares of Palo Alto Networks in a research note on Monday, May 19th. KeyCorp reissued an “overweight” rating and issued a $220.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, May 21st. TD Securities reissued a “buy” rating and issued a $230.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Finally, Hsbc Global Res raised shares of Palo Alto Networks from a “moderate sell” rating to a “hold” rating in a research report on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $208.00.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, EVP Nir Zuk sold 100,000 shares of Palo Alto Networks stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $193.36, for a total transaction of $19,336,000.00. Following the sale, the executive vice president now owns 3,343,516 shares of the company’s stock, valued at $646,502,253.76. The trade was a 2.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $195.14, for a total value of $23,567,838.36. Following the sale, the executive vice president now directly owns 264,246 shares in the company, valued at $51,564,964.44. The trade was a 31.37% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 789,736 shares of company stock worth $139,837,528. 2.50% of the stock is owned by insiders.

Palo Alto Networks Stock Down 0.2%

Shares of NASDAQ PANW opened at $195.95 on Wednesday. The stock has a market capitalization of $130.66 billion, a P/E ratio of 110.39, a P/E/G ratio of 5.64 and a beta of 0.97. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39. The firm’s 50-day moving average price is $181.56 and its two-hundred day moving average price is $185.03.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.03. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.28 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. The business’s revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the business posted $0.66 EPS. As a group, equities research analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Palo Alto Networks Company 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.