Connable Office Inc. Lowers Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Connable Office Inc. lowered its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 11,329 shares of the network technology company’s stock after selling 108 shares during the period. Connable Office Inc.’s holdings in Palo Alto Networks were worth $3,872,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PANW. Capital Advisors Ltd. LLC raised its position in shares of Palo Alto Networks by 113.9% during the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock valued at $26,000 after buying an additional 41 shares during the last quarter. Sound Income Strategies LLC grew its position in Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after acquiring an additional 67 shares in the last quarter. Strategic Investment Solutions Inc. IL increased its stake in 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 worth $29,000 after acquiring an additional 55 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in Palo Alto Networks during the first quarter valued at approximately $25,000. Finally, First PREMIER Bank lifted its stake in shares of Palo Alto Networks by 48.4% in the 3rd quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 31 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total value of $20,698,800.00. Following the sale, the executive vice president now owns 159,009 shares of the company’s stock, valued at $54,854,924.82. This trade represents a 27.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Nikesh Arora sold 66,666 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $342.98, for a total value of $22,865,104.68. Following the transaction, the chief executive officer now directly owns 639,994 shares of the company’s stock, valued at approximately $219,505,142.12. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,252 shares of company stock worth $89,383,077. Corporate insiders own 2.50% of the company’s stock.

Palo Alto Networks Stock Down 2.0 %

NASDAQ:PANW opened at $394.39 on Friday. Palo Alto Networks, Inc. has a 52 week low of $234.15 and a 52 week high of $408.53. The stock’s fifty day moving average is $357.82 and its two-hundred day moving average is $335.01. The stock has a market capitalization of $128.41 billion, a price-to-earnings ratio of 54.40, a price-to-earnings-growth ratio of 5.84 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results 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 analyst estimates of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. Palo Alto Networks’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. On average, sell-side analysts expect that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PANW. Stifel Nicolaus boosted their target price on Palo Alto Networks from $385.00 to $440.00 and gave the company a “buy” rating in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of Palo Alto Networks from $385.00 to $416.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Westpark Capital reissued a “hold” rating on shares of Palo Alto Networks in a research report on Tuesday, August 20th. JPMorgan Chase & Co. boosted their target price on Palo Alto Networks from $340.00 to $365.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Finally, Barclays increased their price target on Palo Alto Networks from $410.00 to $425.00 and gave the stock an “overweight” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $381.56.

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.