Summit Financial LLC Sells 214 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Summit Financial LLC reduced its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,577 shares of the network technology company’s stock after selling 214 shares during the period. Summit Financial LLC’s holdings in Palo Alto Networks were worth $1,350,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Webster Bank N. A. boosted its stake in shares of Palo Alto Networks by 607.1% in the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock valued at $29,000 after buying an additional 85 shares during the period. Cedar Mountain Advisors LLC increased its position in shares of Palo Alto Networks by 87.0% in the fourth quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock worth $30,000 after purchasing an additional 47 shares during the period. Byrne Asset Management LLC raised its stake in Palo Alto Networks by 277.8% in the third quarter. Byrne Asset Management LLC now owns 136 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. MV Capital Management Inc. lifted its position in Palo Alto Networks by 37.2% during the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock worth $32,000 after purchasing an additional 29 shares during the period. Finally, Alaska Permanent Fund Corp acquired a new position in shares of Palo Alto Networks in the 4th quarter valued at approximately $42,000. 79.82% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $280.00, for a total transaction of $294,000.00. Following the sale, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at $7,629,160. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Josh D. Paul sold 1,050 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares in the company, valued at approximately $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 on Monday, March 11th. The shares were sold at an average price of $284.33, for a total transaction of $17,059,800.00. Following the sale, the executive vice president now directly owns 198,105 shares in the company, valued at approximately $56,327,194.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,917 shares of company stock valued at $33,959,203. 3.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PANW shares. Westpark Capital reissued a “hold” rating on shares of Palo Alto Networks in a research note on Monday, January 29th. Northland Securities downgraded shares of Palo Alto Networks from an “outperform” rating to a “market perform” rating and set a $275.00 price objective for the company. in a research note on Wednesday, February 21st. Wedbush upped their price target on shares of Palo Alto Networks from $350.00 to $425.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Royal Bank of Canada boosted their price objective on Palo Alto Networks to $420.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $350.00 target price on shares of Palo Alto Networks in a research report on Wednesday, April 17th. Eleven analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $314.82.

Palo Alto Networks Stock Performance

PANW traded down $1.51 during midday trading on Thursday, reaching $285.83. The company had a trading volume of 477,024 shares, compared to its average volume of 5,280,538. The business has a 50-day moving average price of $285.15 and a two-hundred day moving average price of $293.00. Palo Alto Networks, Inc. has a 12-month low of $176.35 and a 12-month high of $380.84. The stock has a market cap of $92.35 billion, a PE ratio of 44.90, a P/E/G ratio of 3.96 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, beating the consensus estimate 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 business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.97 billion. On average, research analysts anticipate that Palo Alto Networks, Inc. will post 2.77 earnings per share for the current 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.