MAI Capital Management Sells 4,282 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

MAI Capital Management cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 5.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,670 shares of the network technology company's stock after selling 4,282 shares during the quarter. MAI Capital Management's holdings in Palo Alto Networks were worth $27,231,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. International Assets Investment Management LLC lifted its holdings in shares of Palo Alto Networks by 34,318.2% during the third quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company's stock valued at $1,113,948,000 after acquiring an additional 3,249,594 shares during the period. Legal & General Group Plc increased its stake in shares of Palo Alto Networks by 8.5% in the second quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company's stock valued at $1,099,564,000 after buying an additional 255,060 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Palo Alto Networks by 5.4% in the second quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company's stock valued at $757,321,000 after buying an additional 114,742 shares in the last quarter. William Blair Investment Management LLC increased its stake in shares of Palo Alto Networks by 8.0% in the second quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company's stock valued at $339,183,000 after buying an additional 73,922 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of Palo Alto Networks by 0.5% in the third quarter. Swiss National Bank now owns 961,000 shares of the network technology company's stock valued at $328,470,000 after buying an additional 4,400 shares in the last quarter. 79.82% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction on 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 transaction, the chief executive officer now directly owns 618,715 shares in the company, valued at approximately $227,680,932.85. The trade was a 11.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 36,000 shares of the business's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total value of $11,970,000.00. Following the transaction, the executive vice president now owns 1,115,567 shares of the company's stock, valued at approximately $370,926,027.50. The trade was a 3.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,252 shares of company stock valued at $89,041,637 over the last ninety days. 2.50% of the stock is currently owned by insiders.

Palo Alto Networks Stock Performance

NASDAQ:PANW traded down $0.17 during trading hours on Monday, reaching $386.83. The stock had a trading volume of 2,232,411 shares, compared to its average volume of 3,842,728. The stock has a 50 day simple moving average of $360.72 and a 200 day simple moving average of $337.38. Palo Alto Networks, Inc. has a 12-month low of $249.56 and a 12-month high of $408.53. The stock has a market cap of $125.95 billion, a P/E ratio of 53.36, a price-to-earnings-growth ratio of 5.61 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the business posted $0.80 earnings per share. The business's revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities analysts expect that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PANW. Truist Financial raised their target price on Palo Alto Networks from $400.00 to $425.00 and gave the company a "buy" rating in a research note on Monday. OTR Global restated a "negative" rating on shares of Palo Alto Networks in a research note on Thursday, November 7th. BMO Capital Markets raised their target price on Palo Alto Networks from $334.00 to $390.00 and gave the company an "outperform" rating in a research note on Tuesday, August 20th. Northland Securities lifted their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the stock a "market perform" rating in a research report on Tuesday, August 20th. Finally, BTIG Research lifted their price objective on Palo Alto Networks from $366.00 to $395.00 and gave the stock a "buy" rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $390.39.

About Palo Alto Networks

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.