Raymond James & Associates Sells 8,724 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Raymond James & Associates decreased its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 1.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 628,040 shares of the network technology company's stock after selling 8,724 shares during the period. Raymond James & Associates owned about 0.19% of Palo Alto Networks worth $214,664,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. raised its position in Palo Alto Networks by 91.0% during the first quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company's stock valued at $478,000 after buying an additional 802 shares during the period. Alpha Cubed Investments LLC lifted its position in shares of Palo Alto Networks by 16.4% in the third quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company's stock worth $79,149,000 after purchasing an additional 32,626 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company's stock worth $799,792,000 after purchasing an additional 198,078 shares in the last quarter. Brookstone Capital Management grew its position in Palo Alto Networks by 48.4% during the first quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company's stock valued at $7,502,000 after purchasing an additional 8,611 shares in the last quarter. Finally, Wealthspire Advisors LLC increased its stake in Palo Alto Networks by 1.7% in the 1st quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company's stock valued at $1,244,000 after buying an additional 75 shares during the period. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Performance

Shares of NASDAQ PANW traded down $1.32 during trading on Friday, reaching $374.83. The company had a trading volume of 1,449,963 shares, compared to its average volume of 2,382,185. Palo Alto Networks, Inc. has a 52 week low of $233.81 and a 52 week high of $380.84. The business's 50 day moving average price is $348.67 and its 200-day moving average price is $323.39. The stock has a market cap of $121.37 billion, a PE ratio of 54.48, a PEG ratio of 5.42 and a beta of 1.13.

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

Analyst Ratings Changes

PANW has been the topic of several research analyst reports. KeyCorp boosted their price target on shares of Palo Alto Networks from $400.00 to $435.00 and gave the company an "overweight" rating in a report on Friday. Barclays raised their price target on Palo Alto Networks from $370.00 to $410.00 and gave the stock an "overweight" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price objective on Palo Alto Networks from $330.00 to $395.00 and gave the stock a "buy" rating in a report on Tuesday, August 20th. Piper Sandler lifted their target price on shares of Palo Alto Networks from $300.00 to $330.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Finally, Bank of America increased their price target on shares of Palo Alto Networks from $370.00 to $400.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 21st. Eleven equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Palo Alto Networks currently has a consensus rating of "Moderate Buy" and a consensus target price of $375.79.

Insider Buying and Selling

In other news, CAO Josh D. Paul sold 200 shares of the firm's stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $323.41, for a total value of $64,682.00. Following the transaction, the chief accounting officer now owns 24,782 shares of the company's stock, valued at approximately $8,014,746.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Nikesh Arora sold 81,586 shares of the company's stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $367.99, for a total value of $30,022,832.14. Following the completion of the sale, the chief executive officer now directly owns 618,715 shares of the company's stock, valued at $227,680,932.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $323.41, for a total transaction of $64,682.00. Following the transaction, the chief accounting officer now directly owns 24,782 shares in the company, valued at $8,014,746.62. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 351,452 shares of company stock worth $118,643,279 over the last three months. 3.30% of the stock is currently owned by company insiders.

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.