Institute for Wealth Management LLC. Trims Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Institute for Wealth Management LLC. cut its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,833 shares of the network technology company’s stock after selling 202 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Palo Alto Networks were worth $2,310,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PANW. RB Capital Management LLC grew its position in shares of Palo Alto Networks by 19.9% in the first quarter. RB Capital Management LLC now owns 602 shares of the network technology company’s stock valued at $375,000 after purchasing an additional 100 shares in the last quarter. Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in Palo Alto Networks during the first quarter worth about $6,910,000. United Bank grew its position in Palo Alto Networks by 11.7% during the first quarter. United Bank now owns 2,822 shares of the network technology company’s stock worth $1,757,000 after buying an additional 296 shares in the last quarter. Yousif Capital Management LLC grew its position in Palo Alto Networks by 13.6% during the first quarter. Yousif Capital Management LLC now owns 1,547 shares of the network technology company’s stock worth $963,000 after buying an additional 185 shares in the last quarter. Finally, Prudential PLC purchased a new position in Palo Alto Networks during the first quarter worth about $1,022,000. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Mizuho reduced their target price on Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Scotiabank dropped their price target on Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating for the company in a research note on Wednesday, February 21st. Stifel Nicolaus reaffirmed a “buy” rating and set a $330.00 price target on shares of Palo Alto Networks in a research note on Wednesday, March 13th. Evercore ISI lifted their price target on Palo Alto Networks from $315.00 to $405.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. Finally, Truist Financial lifted their price target on Palo Alto Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Tuesday, February 20th. Eleven analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and a consensus price target of $314.82.

Insider Buying and Selling

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the transaction, the executive vice president now directly owns 174,075 shares of the company’s stock, valued at $46,659,063. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Josh D. Paul sold 1,050 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the sale, the chief accounting officer now directly owns 27,247 shares in the company, valued at $7,629,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the sale, the executive vice president now owns 174,075 shares of the company’s stock, valued at $46,659,063. The disclosure for this sale can be found here. Insiders sold 167,917 shares of company stock valued at $49,395,553 over the last quarter. 3.30% of the stock is currently owned by company insiders.

Palo Alto Networks Price Performance

NASDAQ PANW traded down $3.23 during trading on Friday, hitting $277.91. The company’s stock had a trading volume of 3,507,914 shares, compared to its average volume of 5,567,176. The company has a market cap of $89.79 billion, a PE ratio of 43.85, a P/E/G ratio of 3.78 and a beta of 1.19. The business’s 50 day simple moving average is $297.44 and its 200-day simple moving average is $290.12. Palo Alto Networks, Inc. has a fifty-two week low of $176.30 and a fifty-two week high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. Analysts expect that Palo Alto Networks, Inc. will post 2.76 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.