Balboa Wealth Partners Sells 188 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Balboa Wealth Partners reduced its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,591 shares of the network technology company’s stock after selling 188 shares during the quarter. Balboa Wealth Partners’ holdings in Palo Alto Networks were worth $783,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Transce3nd LLC bought a new stake in Palo Alto Networks in the fourth quarter worth $25,000. Strategic Investment Solutions Inc. IL increased its holdings in shares of Palo Alto Networks by 64.0% during the fourth 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 in the last quarter. Kiely Wealth Advisory Group Inc. raised its position in shares of Palo Alto Networks by 100.0% in the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company’s stock worth $29,000 after purchasing an additional 75 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in 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 worth $28,000 after purchasing an additional 79 shares in the last quarter. Finally, Anchor Investment Management LLC grew its position in 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 valued at $28,000 after purchasing an additional 78 shares during the last quarter. 79.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Hsbc Global Res raised shares of Palo Alto Networks from a “moderate sell” rating to a “hold” rating in a report on Thursday, April 10th. TD Securities reissued a “buy” rating and set a $230.00 price target on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Guggenheim reaffirmed a “sell” rating and issued a $130.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Jefferies Financial Group lifted their target price on Palo Alto Networks from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. decreased their price target on Palo Alto Networks from $225.00 to $221.00 and set an “overweight” rating for the company in a research note on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus price target of $208.00.

Palo Alto Networks Stock Performance

Shares of NASDAQ:PANW opened at $203.32 on Tuesday. The firm has a market cap of $135.57 billion, a price-to-earnings ratio of 116.18, a P/E/G ratio of 5.56 and a beta of 0.97. The firm has a fifty day moving average price of $188.10 and a 200 day moving average price of $185.08. Palo Alto Networks, Inc. has a fifty-two week low of $142.01 and a fifty-two week high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. The firm had revenue of $2.29 billion during 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%. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 earnings per share. As a group, research analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 120,774 shares of the company’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $151.13, for a total transaction of $18,252,574.62. Following the sale, the executive vice president now directly owns 321,774 shares in the company, valued at $48,629,704.62. This represents a 27.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Nir Zuk sold 100,000 shares of Palo Alto Networks stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $165.41, for a total value of $16,541,000.00. Following the completion of the transaction, the executive vice president now owns 3,543,516 shares of the company’s stock, valued at approximately $586,132,981.56. This trade represents a 2.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 790,536 shares of company stock worth $139,998,368 over the last 90 days. 2.50% of the stock is owned by insiders.

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.