MinichMacGregor Wealth Management LLC Has $5.31 Million Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

MinichMacGregor Wealth Management LLC lowered its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 35.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,013 shares of the network technology company’s stock after selling 17,074 shares during the quarter. MinichMacGregor Wealth Management LLC’s holdings in Palo Alto Networks were worth $5,310,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Transce3nd LLC bought a new position in Palo Alto Networks in the fourth quarter valued at about $25,000. Strategic Investment Solutions Inc. IL lifted its position in Palo Alto Networks by 64.0% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock valued at $26,000 after purchasing an additional 55 shares during the period. Capital Advisors Ltd. LLC boosted its stake in shares of Palo Alto Networks by 102.6% in the 4th quarter. Capital Advisors Ltd. LLC now owns 156 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 79 shares during the last quarter. Anchor Investment Management LLC grew its position in shares of Palo Alto Networks by 100.0% during the 4th quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company’s stock worth $28,000 after buying an additional 78 shares during the period. Finally, Kiely Wealth Advisory Group Inc. grew its position in shares of Palo Alto Networks by 100.0% during the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company’s stock worth $29,000 after buying an additional 75 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Insider Buying and Selling

In related news, EVP Nir Zuk sold 100,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 3,543,516 shares of the company’s stock, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of the stock in a transaction on Monday, April 7th. The shares were sold at an average price of $151.13, for a total value of $18,252,574.62. Following the completion of the sale, the executive vice president now owns 321,774 shares in the company, valued at approximately $48,629,704.62. This trade represents a 27.29% 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. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PANW. Sanford C. Bernstein set a $225.00 price objective on shares of Palo Alto Networks and gave the company an “outperform” rating in a research note on Wednesday, May 21st. Truist Financial reduced their price target on Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. TD Securities reiterated a “buy” rating and issued a $230.00 price objective on shares of Palo Alto Networks in a report on Wednesday, May 21st. Stephens lowered Palo Alto Networks from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $223.00 target price on shares of Palo Alto Networks in a research report on Monday, May 19th. Two 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, Palo Alto Networks has an average rating of “Moderate Buy” and an average price target of $208.00.

Palo Alto Networks Price Performance

Palo Alto Networks stock opened at $199.24 on Friday. The company has a market cap of $132.85 billion, a price-to-earnings ratio of 113.85, a P/E/G ratio of 5.56 and a beta of 0.97. The firm has a 50-day moving average of $187.43 and a 200-day moving average of $185.20. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last released its 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 analyst estimates 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 was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 earnings per share. As a group, sell-side 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.