Bar Harbor Wealth Management Sells 159 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Bar Harbor Wealth Management reduced its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,943 shares of the network technology company’s stock after selling 159 shares during the quarter. Bar Harbor Wealth Management’s holdings in Palo Alto Networks were worth $3,062,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL increased its holdings in shares of Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock valued at $26,000 after acquiring an additional 55 shares during the period. JDM Financial Group LLC boosted its position in Palo Alto Networks by 22.4% during the fourth quarter. JDM Financial Group LLC now owns 322 shares of the network technology company’s stock valued at $59,000 after purchasing an additional 59 shares in the last quarter. Snider Financial Group grew 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 during the last quarter. Rakuten Securities Inc. grew 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 during the last quarter. Finally, Quarry LP raised its holdings in Palo Alto Networks by 16.9% in the fourth quarter. Quarry LP now owns 511 shares of the network technology company’s stock worth $93,000 after purchasing an additional 74 shares in the last quarter. Institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Up 1.7%

PANW stock opened at $197.67 on Friday. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39. The firm has a market cap of $131.81 billion, a P/E ratio of 111.36, a PEG ratio of 5.64 and a beta of 0.97. The company’s 50-day simple moving average is $183.28 and its 200-day simple moving average is $185.12.

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

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 120,774 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $195.14, for a total transaction of $23,567,838.36. Following the completion of the sale, the executive vice president now directly owns 264,246 shares in the company, valued at approximately $51,564,964.44. The trade was a 31.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $165.41, for a total value of $16,541,000.00. Following the transaction, the executive vice president now directly owns 3,543,516 shares of the company’s stock, valued at $586,132,981.56. The trade was a 2.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 789,736 shares of company stock valued at $139,837,528. 2.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PANW has been the topic of a number of recent analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $235.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 20th. Wells Fargo & Company raised their target price 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. JPMorgan Chase & Co. cut their price target on shares of Palo Alto Networks from $225.00 to $221.00 and set an “overweight” rating on the stock in a report on Wednesday, May 21st. Jefferies Financial Group increased their price objective on Palo Alto Networks from $215.00 to $225.00 and gave the company a “buy” rating in a report on Friday, May 16th. Finally, Sanford C. Bernstein set a $225.00 price objective on Palo Alto Networks and gave the stock an “outperform” rating in a research report on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $208.00.

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.