Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Hanson & Doremus Investment Management

Hanson & Doremus Investment Management lessened its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 15.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 792 shares of the network technology company’s stock after selling 144 shares during the period. Hanson & Doremus Investment Management’s holdings in Palo Alto Networks were worth $135,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Transce3nd LLC acquired a new position in shares of Palo Alto Networks in the fourth quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL raised its position in shares of Palo Alto Networks by 64.0% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock valued at $26,000 after buying an additional 55 shares during the last quarter. Capital Advisors Ltd. LLC raised its position in shares of Palo Alto Networks by 102.6% in the fourth quarter. Capital Advisors Ltd. LLC now owns 156 shares of the network technology company’s stock valued at $28,000 after buying an additional 79 shares during the last quarter. Anchor Investment Management LLC raised its position in shares of Palo Alto Networks by 100.0% in the fourth quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company’s stock valued at $28,000 after buying an additional 78 shares during the last quarter. Finally, Kiely Wealth Advisory Group Inc. raised its position in shares of Palo Alto Networks by 100.0% in the fourth quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company’s stock valued at $29,000 after buying an additional 75 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Price Performance

PANW opened at $198.11 on Tuesday. The stock has a market capitalization of $132.10 billion, a PE ratio of 111.61, a P/E/G ratio of 5.64 and a beta of 0.97. The firm’s fifty day moving average price is $185.07 and its 200 day moving average price is $185.04. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39.

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

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 120,774 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 264,246 shares in the company, valued at approximately $51,564,964.44. This trade represents a 31.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 100,000 shares of the firm’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the completion of the transaction, the executive vice president now owns 3,543,516 shares in the company, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 789,736 shares of company stock worth $139,837,528. 2.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PANW shares. Truist Financial lowered their target price on shares of Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating for the company in a report on Monday, March 31st. KeyCorp restated an “overweight” rating and issued a $220.00 target price on shares of Palo Alto Networks in a report on Wednesday, May 21st. Stephens downgraded shares of Palo Alto Networks from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 1st. TD Securities restated a “buy” rating and issued a $230.00 target price on shares of Palo Alto Networks in a report on Wednesday, May 21st. Finally, Guggenheim restated a “sell” rating and issued a $130.00 target price on shares of Palo Alto Networks in a report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.