E. Ohman J or Asset Management AB Sells 12,423 Shares of Palo Alto Networks, Inc. $PANW

E. Ohman J or Asset Management AB trimmed its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 239,195 shares of the network technology company’s stock after selling 12,423 shares during the period. Palo Alto Networks accounts for approximately 1.0% of E. Ohman J or Asset Management AB’s investment portfolio, making the stock its 23rd biggest position. E. Ohman J or Asset Management AB’s holdings in Palo Alto Networks were worth $44,060,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PANW. Exchange Traded Concepts LLC raised its stake in Palo Alto Networks by 29.4% during the third quarter. Exchange Traded Concepts LLC now owns 32,155 shares of the network technology company’s stock worth $6,547,000 after buying an additional 7,301 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in Palo Alto Networks in the third quarter worth approximately $75,412,000. American Century Companies Inc. grew its position in Palo Alto Networks by 134.1% in the 3rd quarter. American Century Companies Inc. now owns 672,129 shares of the network technology company’s stock valued at $136,859,000 after purchasing an additional 384,985 shares during the period. US Bancorp DE increased its position in shares of Palo Alto Networks by 0.6% during the third quarter. US Bancorp DE now owns 1,364,442 shares of the network technology company’s stock worth $277,828,000 after acquiring an additional 8,344 shares in the last quarter. Finally, Silver Oak Securities Incorporated lifted its position in Palo Alto Networks by 240.1% in the 3rd quarter. Silver Oak Securities Incorporated now owns 11,732 shares of the network technology company’s stock valued at $2,389,000 after acquiring an additional 8,282 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Lee Klarich sold 120,768 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $191.03, for a total value of $23,070,311.04. Following the transaction, the executive vice president directly owned 298,887 shares of the company’s stock, valued at approximately $57,096,383.61. This represents a 28.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Josh D. Paul sold 800 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $184.81, for a total transaction of $147,848.00. Following the sale, the chief accounting officer directly owned 46,005 shares in the company, valued at approximately $8,502,184.05. The trade was a 1.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 144,252 shares of company stock worth $26,947,635 in the last three months. Insiders own 1.40% of the company’s stock.

Palo Alto Networks Stock Performance

PANW opened at $164.05 on Tuesday. Palo Alto Networks, Inc. has a 52-week low of $139.57 and a 52-week high of $223.61. The stock has a market capitalization of $133.86 billion, a PE ratio of 90.64, a price-to-earnings-growth ratio of 5.88 and a beta of 0.78. The stock’s 50 day moving average price is $167.28 and its 200-day moving average price is $188.50.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results 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. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.58 billion. Palo Alto Networks had a return on equity of 17.60% and a net margin of 12.96%.The business’s revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. Research analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Analyst Ratings Changes

PANW has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on Palo Alto Networks from $240.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, February 18th. Daiwa Securities Group cut their price target on Palo Alto Networks from $212.00 to $175.00 and set an “outperform” rating for the company in a research note on Tuesday, February 24th. Wedbush reissued an “outperform” rating and set a $225.00 target price on shares of Palo Alto Networks in a report on Wednesday, February 18th. Citizens Jmp reissued a “market outperform” rating and issued a $250.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 18th. Finally, Loop Capital lowered their price objective on Palo Alto Networks from $190.00 to $160.00 and set a “hold” rating on the stock in a research report on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and an average price target of $210.19.

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.