iA Global Asset Management Inc. Sells 10,366 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

iA Global Asset Management Inc. reduced its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 12.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,882 shares of the network technology company’s stock after selling 10,366 shares during the quarter. iA Global Asset Management Inc.’s holdings in Palo Alto Networks were worth $12,437,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Palo Alto Networks by 147.7% in the 4th quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company’s stock worth $1,230,000 after acquiring an additional 4,031 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of Palo Alto Networks by 115.6% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 43,985 shares of the network technology company’s stock valued at $8,004,000 after purchasing an additional 23,586 shares in the last quarter. KCM Investment Advisors LLC boosted its holdings in shares of Palo Alto Networks by 17.9% in the 4th quarter. KCM Investment Advisors LLC now owns 1,150 shares of the network technology company’s stock valued at $209,000 after buying an additional 175 shares in the last quarter. Oarsman Capital Inc. boosted its holdings in shares of Palo Alto Networks by 100.0% in the 4th quarter. Oarsman Capital Inc. now owns 200 shares of the network technology company’s stock valued at $36,000 after buying an additional 100 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Palo Alto Networks by 94.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,121,531 shares of the network technology company’s stock valued at $204,074,000 after buying an additional 544,336 shares in the last quarter. Institutional investors own 79.82% of the company’s stock.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, Director Aparna Bawa sold 526 shares of Palo Alto Networks stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $190.00, for a total transaction of $99,940.00. Following the completion of the transaction, the director owned 8,632 shares in the company, valued at approximately $1,640,080. The trade was a 5.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Josh D. Paul sold 800 shares of Palo Alto Networks stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $201.05, for a total transaction of $160,840.00. Following the transaction, the chief accounting officer owned 42,033 shares of the company’s stock, valued at approximately $8,450,734.65. The trade was a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 448,474 shares of company stock valued at $88,420,934 in the last ninety days. Company insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

PANW has been the topic of several recent analyst reports. Guggenheim restated a “sell” rating and set a $130.00 price objective on shares of Palo Alto Networks in a report on Wednesday, May 21st. Morgan Stanley cut their price objective on shares of Palo Alto Networks from $230.00 to $205.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. DA Davidson cut their price objective on shares of Palo Alto Networks from $225.00 to $215.00 and set a “buy” rating on the stock in a report on Thursday, July 31st. Sanford C. Bernstein set a $225.00 target price on Palo Alto Networks and gave the stock an “outperform” rating in a report on Wednesday, May 21st. Finally, Barclays decreased their target price on Palo Alto Networks from $213.00 to $210.00 and set an “overweight” rating for the company in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.61.

Palo Alto Networks Stock Down 1.1%

PANW opened at $171.00 on Tuesday. The firm has a market cap of $114.02 billion, a price-to-earnings ratio of 97.71, a price-to-earnings-growth ratio of 4.11 and a beta of 0.94. Palo Alto Networks, Inc. has a 52 week low of $142.01 and a 52 week high of $210.39. The business’s 50 day moving average is $195.73 and its two-hundred day moving average is $187.32.

Palo Alto Networks (NASDAQ:PANW) last issued 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 return on equity of 19.48% and a net margin of 13.95%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 EPS. Equities analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal 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.