Palo Alto Networks, Inc. $PANW Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC trimmed its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 341,738 shares of the network technology company’s stock after selling 8,771 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Palo Alto Networks were worth $69,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Darwin Wealth Management LLC purchased a new position in Palo Alto Networks during the 2nd quarter worth $25,000. Howard Hughes Medical Institute purchased a new stake in shares of Palo Alto Networks in the second quarter valued at about $29,000. Winch Advisory Services LLC increased its stake in shares of Palo Alto Networks by 96.1% during the third quarter. Winch Advisory Services LLC now owns 149 shares of the network technology company’s stock worth $30,000 after acquiring an additional 73 shares during the period. MTM Investment Management LLC acquired a new position in shares of Palo Alto Networks during the second quarter worth about $31,000. Finally, Caitlin John LLC purchased a new position in Palo Alto Networks during the third quarter worth about $31,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Trading Down 0.7%

Shares of Palo Alto Networks stock opened at $167.01 on Friday. Palo Alto Networks, Inc. has a 12-month low of $139.57 and a 12-month high of $223.61. The stock has a market cap of $136.28 billion, a PE ratio of 92.27, a price-to-earnings-growth ratio of 6.03 and a beta of 0.78. The company has a 50-day moving average of $169.84 and a two-hundred day moving average of $189.50.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Wednesday, February 18th. The network technology company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.09. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.58 billion. Palo Alto Networks had a net margin of 12.96% and a return on equity of 17.60%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the firm earned $0.81 EPS. On average, sell-side analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, EVP Dipak Golechha sold 5,000 shares of the business’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $188.18, for a total transaction of $940,900.00. Following the sale, the executive vice president directly owned 155,119 shares in the company, valued at approximately $29,190,293.42. The trade was a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 120,768 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $191.03, for a total value of $23,070,311.04. Following the completion of the sale, the executive vice president directly owned 298,887 shares in the company, valued at $57,096,383.61. This trade represents a 28.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 149,252 shares of company stock valued at $27,888,535. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PANW. Robert W. Baird set a $220.00 price objective on shares of Palo Alto Networks and gave the company an “outperform” rating in a research report on Wednesday, February 18th. TD Cowen reiterated a “buy” rating on shares of Palo Alto Networks in a research report on Wednesday, February 18th. Wedbush reissued an “outperform” rating and issued a $225.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 18th. Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 18th. Finally, Wells Fargo & Company started coverage on Palo Alto Networks in a report on Tuesday, March 3rd. They set an “overweight” rating and a $200.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $210.19.

Palo Alto Networks 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.