MADDEN SECURITIES Corp Cuts Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

by · The Markets Daily

MADDEN SECURITIES Corp lessened its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 1.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,305 shares of the network technology company’s stock after selling 210 shares during the period. Palo Alto Networks makes up about 1.8% of MADDEN SECURITIES Corp’s investment portfolio, making the stock its 16th largest holding. MADDEN SECURITIES Corp’s holdings in Palo Alto Networks were worth $4,206,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. PCA Investment Advisory Services Inc. lifted its holdings in shares of Palo Alto Networks by 4.1% during the 4th quarter. PCA Investment Advisory Services Inc. now owns 2,519 shares of the network technology company’s stock valued at $743,000 after buying an additional 100 shares during the period. Secured Retirement Advisors LLC bought a new position in Palo Alto Networks in the fourth quarter valued at about $1,868,000. Voisard Asset Management Group Inc. purchased a new position in Palo Alto Networks in the fourth quarter worth about $267,000. Clarity Capital Partners LLC bought a new stake in shares of Palo Alto Networks during the 4th quarter valued at about $303,000. Finally, GLOBALT Investments LLC GA purchased a new stake in shares of Palo Alto Networks during the 4th quarter valued at about $2,689,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PANW. Northland Securities upped their target price on shares of Palo Alto Networks from $275.00 to $350.00 and gave the company a “market perform” rating in a report on Tuesday, August 20th. Oppenheimer increased their price objective on shares of Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Redburn Atlantic downgraded Palo Alto Networks from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $350.00 to $325.00 in a research note on Thursday, July 18th. Citigroup raised their price objective on Palo Alto Networks from $385.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, KeyCorp boosted their price target on shares of Palo Alto Networks from $380.00 to $400.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Eleven research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $372.28.

Read Our Latest Stock Report on PANW

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW opened at $373.20 on Friday. Palo Alto Networks, Inc. has a 1 year low of $233.81 and a 1 year high of $380.84. The firm has a market capitalization of $120.84 billion, a PE ratio of 54.24, a P/E/G ratio of 5.26 and a beta of 1.13. The business’s 50 day moving average price is $342.20 and its 200-day moving average price is $319.50.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share 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 company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the company posted $0.80 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, analysts expect that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Insider Activity

In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the completion of the sale, the executive vice president now owns 1,187,567 shares of the company’s stock, valued at $377,373,165.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Josh D. Paul sold 200 shares of the company’s stock in a transaction that occurred on 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 directly owns 24,782 shares in the company, valued at approximately $8,014,746.62. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the transaction, the executive vice president now directly owns 1,187,567 shares of the company’s stock, valued at $377,373,165.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 269,866 shares of company stock valued at $88,620,447 in the last 90 days. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Company Profile

(Free Report)

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.

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