Institute for Wealth Management LLC. Trims Position in Palo Alto Networks Inc (NYSE:PANW)

Institute for Wealth Management LLC. trimmed its position in shares of Palo Alto Networks Inc (NYSE:PANW) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,903 shares of the network technology company’s stock after selling 50 shares during the period. Institute for Wealth Management LLC.’s holdings in Palo Alto Networks were worth $667,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Clean Yield Group bought a new position in Palo Alto Networks in the 1st quarter worth approximately $30,000. Farmers & Merchants Investments Inc. boosted its stake in Palo Alto Networks by 2,150.0% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 225 shares of the network technology company’s stock worth $37,000 after purchasing an additional 215 shares during the period. Prime Capital Investment Advisors LLC boosted its stake in Palo Alto Networks by 1,500.0% in the 2nd quarter. Prime Capital Investment Advisors LLC now owns 160 shares of the network technology company’s stock worth $37,000 after purchasing an additional 150 shares during the period. Cornerstone Advisors Inc. boosted its stake in Palo Alto Networks by 68.7% in the 2nd quarter. Cornerstone Advisors Inc. now owns 167 shares of the network technology company’s stock worth $38,000 after purchasing an additional 68 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC boosted its stake in Palo Alto Networks by 34.3% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 290 shares of the network technology company’s stock worth $48,000 after purchasing an additional 74 shares during the period. Institutional investors own 77.40% of the company’s stock.

In other Palo Alto Networks news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $229.47, for a total value of $2,753,640.00. Following the completion of the sale, the executive vice president now directly owns 960,501 shares in the company, valued at $220,406,164.47. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mark D. Mclaughlin sold 950 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $249.00, for a total value of $236,550.00. Following the completion of the transaction, the director now owns 97,304 shares of the company’s stock, valued at $24,228,696. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,950 shares of company stock valued at $5,835,270. 2.30% of the stock is currently owned by company insiders.

Several research firms have weighed in on PANW. Bank of America restated a “neutral” rating and issued a $255.00 price target (up from $200.00) on shares of Palo Alto Networks in a research note on Friday, May 22nd. Piper Sandler upped their price target on Palo Alto Networks from $200.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $270.00 price objective on shares of Palo Alto Networks in a report on Tuesday, July 28th. Monness Crespi & Hardt upped their price objective on Palo Alto Networks from $210.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Finally, Morgan Stanley reaffirmed a “buy” rating and set a $269.00 price objective on shares of Palo Alto Networks in a report on Friday, May 22nd. Twelve analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $256.60.

Palo Alto Networks stock traded up $4.13 during midday trading on Friday, reaching $255.92. The company’s stock had a trading volume of 565,621 shares, compared to its average volume of 1,025,573. The stock’s 50-day simple moving average is $236.17 and its 200-day simple moving average is $214.78. The company has a debt-to-equity ratio of 2.45, a current ratio of 1.29 and a quick ratio of 1.29. Palo Alto Networks Inc has a 52-week low of $125.47 and a 52-week high of $255.84. The stock has a market capitalization of $25.52 billion, a P/E ratio of -108.44 and a beta of 1.19.

Palo Alto Networks (NYSE:PANW) last released its quarterly earnings results on Thursday, May 21st. The network technology company reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $1.54. Palo Alto Networks had a negative return on equity of 6.50% and a negative net margin of 7.01%. The company had revenue of $869.40 million during the quarter, compared to analysts’ expectations of $831.52 million. During the same period last year, the business posted $1.31 earnings per share. The firm’s revenue was up 19.7% compared to the same quarter last year. As a group, equities research analysts expect that Palo Alto Networks Inc will post -0.55 earnings per share for the current fiscal year.

Palo Alto Networks Profile

Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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