Bank of New York Mellon Corp Sells 4,260 Shares of Palo Alto Networks, Inc. $PANW

Bank of New York Mellon Corp trimmed its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,977,200 shares of the network technology company’s stock after selling 4,260 shares during the quarter. Bank of New York Mellon Corp’s holdings in Palo Alto Networks were worth $809,837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Darwin Wealth Management LLC acquired a new stake in shares of Palo Alto Networks during the 2nd quarter worth approximately $25,000. Whipplewood Advisors LLC lifted its position in shares of Palo Alto Networks by 6,400.0% during the 2nd quarter. Whipplewood Advisors LLC now owns 130 shares of the network technology company’s stock valued at $27,000 after acquiring an additional 128 shares during the period. Briaud Financial Planning Inc bought a new position in Palo Alto Networks during the second quarter worth $28,000. Howard Hughes Medical Institute acquired a new stake in Palo Alto Networks in the second quarter worth $29,000. Finally, MTM Investment Management LLC acquired a new stake in Palo Alto Networks in the second quarter worth $31,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. reissued an “overweight” rating and set a $235.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, December 17th. BMO Capital Markets increased their price target on Palo Alto Networks from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Palo Alto Networks in a report on Monday, November 24th. Citigroup reaffirmed a “buy” rating on shares of Palo Alto Networks in a research report on Monday, January 12th. Finally, Evercore ISI lifted their price target on shares of Palo Alto Networks from $220.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, November 13th. Thirty-one equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average price target of $229.09.

Palo Alto Networks Trading Up 0.1%

Shares of Palo Alto Networks stock opened at $183.74 on Thursday. The company has a market capitalization of $128.07 billion, a P/E ratio of 116.29, a price-to-earnings-growth ratio of 4.37 and a beta of 0.76. The stock has a fifty day simple moving average of $187.52 and a 200 day simple moving average of $194.80. Palo Alto Networks, Inc. has a 12-month low of $144.15 and a 12-month high of $223.61.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Thursday, November 20th. The network technology company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.04. Palo Alto Networks had a return on equity of 17.05% and a net margin of 11.69%.The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period last year, the business earned $1.56 EPS. The business’s revenue was up 15.7% on a year-over-year basis. On average, analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Insider Activity

In other news, EVP Dipak Golechha sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $188.18, for a total value of $940,900.00. Following the transaction, the executive vice president owned 155,119 shares in the company, valued at $29,190,293.42. The trade was a 3.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lee Klarich sold 120,774 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $217.94, for a total value of $26,321,485.56. Following the completion of the transaction, the executive vice president directly owned 356,409 shares of the company’s stock, valued at approximately $77,675,777.46. This represents a 25.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 382,016 shares of company stock valued at $76,386,460 in the last three months. 1.40% of the stock is owned by company insiders.

Palo Alto Networks Company Profile

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.