Balboa Wealth Partners Lowers Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Balboa Wealth Partners lessened its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 47.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,835 shares of the network technology company's stock after selling 2,516 shares during the period. Balboa Wealth Partners' holdings in Palo Alto Networks were worth $969,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Pathway Financial Advisers LLC bought a new stake in shares of Palo Alto Networks in the 1st quarter worth about $25,000. Capital Advisors Ltd. LLC lifted its stake in Palo Alto Networks by 113.9% in the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company's stock worth $26,000 after purchasing an additional 41 shares during the last quarter. Sound Income Strategies LLC boosted its position in shares of Palo Alto Networks by 352.6% during the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company's stock valued at $29,000 after buying an additional 67 shares during the period. Strategic Investment Solutions Inc. IL grew its stake in shares of Palo Alto Networks by 177.4% during the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company's stock valued at $29,000 after buying an additional 55 shares during the last quarter. Finally, Cape Investment Advisory Inc. raised its holdings in shares of Palo Alto Networks by 1,111.1% in the first quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company's stock worth $31,000 after buying an additional 100 shares during the period. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the completion of the transaction, the executive vice president now owns 159,009 shares of the company's stock, valued at $54,854,924.82. This represents a 27.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nikesh Arora sold 66,666 shares of the firm's stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total value of $22,865,104.68. Following the completion of the transaction, the chief executive officer now owns 639,994 shares in the company, valued at $219,505,142.12. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 255,252 shares of company stock valued at $89,383,077 in the last quarter. 2.50% of the stock is currently owned by company insiders.

Palo Alto Networks Stock Down 1.9 %

Shares of PANW traded down $7.39 during trading hours on Friday, reaching $387.00. 2,202,770 shares of the company traded hands, compared to its average volume of 3,849,976. The business has a fifty day moving average price of $358.84 and a 200-day moving average price of $335.42. Palo Alto Networks, Inc. has a 12-month low of $234.15 and a 12-month high of $408.53. The stock has a market capitalization of $126.01 billion, a P/E ratio of 53.43, a P/E/G ratio of 5.84 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the company earned $0.80 earnings per share. The company's revenue was up 12.1% on a year-over-year basis. As a group, research analysts predict that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Citigroup boosted their price objective on Palo Alto Networks from $385.00 to $395.00 and gave the company a "buy" rating in a report on Tuesday, August 20th. Scotiabank upped their price target on shares of Palo Alto Networks from $385.00 to $400.00 and gave the stock a "sector outperform" rating in a report on Tuesday, August 20th. Sanford C. Bernstein lifted their price objective on shares of Palo Alto Networks from $364.00 to $399.00 and gave the company an "outperform" rating in a report on Tuesday, August 20th. Redburn Atlantic downgraded shares of Palo Alto Networks from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $350.00 to $325.00 in a research note on Thursday, July 18th. Finally, BMO Capital Markets raised their target price on shares of Palo Alto Networks from $334.00 to $390.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $381.56.

Palo Alto Networks 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.