1858 Wealth Management LLC Sells 112 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

1858 Wealth Management LLC decreased its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,218 shares of the network technology company’s stock after selling 112 shares during the period. Palo Alto Networks accounts for approximately 2.3% of 1858 Wealth Management LLC’s holdings, making the stock its 13th largest position. 1858 Wealth Management LLC’s holdings in Palo Alto Networks were worth $2,767,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Cherry Creek Investment Advisors Inc. grew its stake in Palo Alto Networks by 5.7% in the first quarter. Cherry Creek Investment Advisors Inc. now owns 1,492 shares of the network technology company’s stock valued at $255,000 after purchasing an additional 80 shares in the last quarter. Wolff Wiese Magana LLC grew its stake in shares of Palo Alto Networks by 503.2% in the first quarter. Wolff Wiese Magana LLC now owns 2,419 shares of the network technology company’s stock valued at $413,000 after buying an additional 2,018 shares in the last quarter. EWA LLC grew its stake in shares of Palo Alto Networks by 17.3% in the first quarter. EWA LLC now owns 1,642 shares of the network technology company’s stock valued at $280,000 after buying an additional 242 shares in the last quarter. Atticus Wealth Management LLC grew its stake in shares of Palo Alto Networks by 11.4% in the first quarter. Atticus Wealth Management LLC now owns 2,931 shares of the network technology company’s stock valued at $500,000 after buying an additional 301 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Palo Alto Networks in the 1st quarter valued at about $3,211,000. Institutional investors own 79.82% of the company’s stock.

Wall Street Analyst Weigh In

PANW has been the subject of a number of research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $235.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 20th. Sanford C. Bernstein set a $225.00 target price on Palo Alto Networks and gave the stock an “outperform” rating in a research note on Wednesday, May 21st. Barclays reduced their target price on Palo Alto Networks from $213.00 to $210.00 and set an “overweight” rating for the company in a research note on Wednesday, May 21st. Guggenheim reaffirmed a “sell” rating and set a $130.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Finally, Jefferies Financial Group lifted their price objective on shares of Palo Alto Networks from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Two equities research 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $208.00.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, EVP Nir Zuk sold 100,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $193.36, for a total value of $19,336,000.00. Following the completion of the transaction, the executive vice president now directly owns 3,343,516 shares in the company, valued at approximately $646,502,253.76. This trade represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 120,774 shares of the 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 completion of the transaction, the executive vice president now owns 264,246 shares of the company’s stock, valued at $51,564,964.44. This represents a 31.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 789,736 shares of company stock valued at $139,837,528. 2.50% of the stock is currently owned by insiders.

Palo Alto Networks Price Performance

NASDAQ PANW opened at $199.24 on Friday. Palo Alto Networks, Inc. has a fifty-two week low of $142.01 and a fifty-two week high of $208.39. The stock has a market capitalization of $132.85 billion, a PE ratio of 113.85, a PEG ratio of 5.56 and a beta of 0.97. The business has a fifty day moving average price of $187.43 and a two-hundred day moving average price of $185.20.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. Palo Alto Networks’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.66 EPS. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

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.