Greenup Street Wealth Management LLC Trims Holdings in Palo Alto Networks, Inc. $PANW

Greenup Street Wealth Management LLC lowered its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 14.2% in the third quarter, HoldingsChannel.com reports. The firm owned 17,671 shares of the network technology company’s stock after selling 2,925 shares during the period. Greenup Street Wealth Management LLC’s holdings in Palo Alto Networks were worth $3,598,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Darwin Wealth Management LLC acquired a new stake in shares of Palo Alto Networks in the second quarter valued at $25,000. Whipplewood Advisors LLC lifted its stake in Palo Alto Networks by 6,400.0% during the 2nd quarter. Whipplewood Advisors LLC now owns 130 shares of the network technology company’s stock worth $27,000 after acquiring an additional 128 shares in the last quarter. Briaud Financial Planning Inc purchased a new position in Palo Alto Networks during the 2nd quarter valued at about $28,000. Howard Hughes Medical Institute acquired a new position in Palo Alto Networks in the 2nd quarter valued at about $29,000. Finally, MTM Investment Management LLC purchased a new stake in Palo Alto Networks during the second quarter worth about $31,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Trading Up 0.7%

Shares of PANW stock opened at $188.45 on Friday. The company has a market cap of $131.35 billion, a P/E ratio of 119.27, a PEG ratio of 4.45 and a beta of 0.79. The firm has a fifty day moving average price of $199.94 and a 200 day moving average price of $197.01. Palo Alto Networks, Inc. has a 12 month low of $144.15 and a 12 month high of $223.61.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Thursday, November 20th. The network technology company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.04. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.46 billion. Palo Alto Networks had a return on equity of 17.05% and a net margin of 11.69%.Palo Alto Networks’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period last year, the firm earned $1.56 earnings per share. On average, equities analysts forecast that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Insider Buying and Selling

In other news, CAO Josh D. Paul sold 700 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $189.39, for a total value of $132,573.00. Following the completion of the transaction, the chief accounting officer owned 46,805 shares in the company, valued at approximately $8,864,398.95. This represents a 1.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James J. Goetz sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $195.33, for a total transaction of $2,441,625.00. Following the transaction, the director owned 75,184 shares in the company, valued at approximately $14,685,690.72. This trade represents a 14.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 376,922 shares of company stock worth $77,963,339 over the last 90 days. 1.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on PANW. Jefferies Financial Group reissued a “buy” rating and issued a $250.00 price objective (up previously from $235.00) on shares of Palo Alto Networks in a research note on Tuesday, November 11th. Royal Bank Of Canada boosted their price target on shares of Palo Alto Networks from $232.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 12th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Palo Alto Networks in a research report on Monday, November 24th. Hsbc Global Res lowered Palo Alto Networks from a “hold” rating to a “moderate sell” rating in a report on Thursday, November 20th. Finally, DA Davidson set a $240.00 target price on Palo Alto Networks in a research note on Friday, December 19th. Thirty-one investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $226.20.

Palo Alto Networks Company 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.