Palo Alto Networks, Inc. $PANW Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 979,731 shares of the network technology company’s stock after selling 13,245 shares during the period. CIBC Private Wealth Group LLC owned about 0.14% of Palo Alto Networks worth $199,493,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Darwin Wealth Management LLC acquired a new position in shares of Palo Alto Networks in the second quarter valued at approximately $25,000. Howard Hughes Medical Institute acquired a new stake in Palo Alto Networks during the 2nd quarter worth approximately $29,000. Winch Advisory Services LLC boosted its position in Palo Alto Networks by 96.1% in the 3rd quarter. Winch Advisory Services LLC now owns 149 shares of the network technology company’s stock valued at $30,000 after buying an additional 73 shares during the period. MTM Investment Management LLC purchased a new position in Palo Alto Networks in the 2nd quarter valued at approximately $31,000. Finally, Caitlin John LLC acquired a new position in shares of Palo Alto Networks in the third quarter worth $31,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 800 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $184.81, for a total value of $147,848.00. Following the completion of the sale, the chief accounting officer owned 46,005 shares in the company, valued at approximately $8,502,184.05. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $188.18, for a total value of $940,900.00. Following the completion of the sale, the executive vice president directly owned 155,119 shares of the company’s stock, valued at $29,190,293.42. The trade was a 3.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 149,252 shares of company stock worth $27,888,535. 1.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Guggenheim reaffirmed a “neutral” rating on shares of Palo Alto Networks in a research report on Wednesday, February 18th. Oppenheimer reiterated an “outperform” rating and issued a $245.00 target price on shares of Palo Alto Networks in a report on Thursday, November 20th. Royal Bank Of Canada restated an “outperform” rating and set a $220.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Palo Alto Networks in a research report on Monday, December 29th. Finally, Wolfe Research lifted their price objective on Palo Alto Networks from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Monday, December 15th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $210.19.

Palo Alto Networks Price Performance

Shares of PANW opened at $169.19 on Wednesday. Palo Alto Networks, Inc. has a 1-year low of $139.57 and a 1-year high of $223.61. The stock has a market cap of $138.06 billion, a PE ratio of 93.48, a price-to-earnings-growth ratio of 6.05 and a beta of 0.78. The firm has a fifty day moving average price of $169.22 and a 200 day moving average price of $189.20.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Wednesday, February 18th. The network technology company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.09. Palo Alto Networks had a return on equity of 17.60% and a net margin of 12.96%.The company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the company posted $0.81 earnings per share. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. As a group, equities analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

About Palo Alto Networks

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.