Palo Alto Networks (NASDAQ:PANW) Stock Price Down 4.4% Following Insider Selling

Palo Alto Networks, Inc. (NASDAQ:PANW)’s share price dropped 4.4% during trading on Friday following insider selling activity. The company traded as low as $154.71 and last traded at $157.96. Approximately 2,724,705 shares traded hands during trading, a decline of 54% from the average daily volume of 5,868,873 shares. The stock had previously closed at $165.17.

Specifically, CEO Nikesh Arora sold 227,414 shares of Palo Alto Networks stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $172.73, for a total transaction of $39,281,220.22. Following the transaction, the chief executive officer now owns 317,571 shares in the company, valued at $54,854,038.83. This trade represents a 41.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Guggenheim lowered Palo Alto Networks from a “neutral” rating to a “sell” rating and set a $130.00 price target for the company. in a report on Monday, January 6th. Cantor Fitzgerald restated an “overweight” rating and set a $223.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, February 12th. Westpark Capital reaffirmed a “hold” rating and issued a $196.40 target price on shares of Palo Alto Networks in a report on Wednesday, February 12th. UBS Group raised their price target on Palo Alto Networks from $190.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, BTIG Research lowered Palo Alto Networks from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 8th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $204.27.

Palo Alto Networks Price Performance

The stock’s fifty day simple moving average is $186.28 and its 200-day simple moving average is $185.24. The firm has a market cap of $104.62 billion, a PE ratio of 89.02, a PEG ratio of 5.64 and a beta of 1.04.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. The company had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.24 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. Analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Institutional Investors Weigh In On Palo Alto Networks

A number of large investors have recently bought and sold shares of the company. Legacy Private Trust Co. lifted its stake in Palo Alto Networks by 32.1% during the 1st quarter. Legacy Private Trust Co. now owns 16,203 shares of the network technology company’s stock valued at $2,765,000 after acquiring an additional 3,935 shares during the period. Capital Market Strategies LLC raised its holdings in shares of Palo Alto Networks by 13.9% during the first quarter. Capital Market Strategies LLC now owns 1,388 shares of the network technology company’s stock worth $237,000 after purchasing an additional 169 shares during the last quarter. Versant Capital Management Inc lifted its position in Palo Alto Networks by 109.1% during the first quarter. Versant Capital Management Inc now owns 1,355 shares of the network technology company’s stock valued at $231,000 after purchasing an additional 707 shares during the period. Boston Common Asset Management LLC purchased a new stake in Palo Alto Networks in the first quarter valued at $5,117,000. Finally, Adirondack Trust Co. grew its position in Palo Alto Networks by 100.0% during the 1st quarter. Adirondack Trust Co. now owns 1,010 shares of the network technology company’s stock worth $172,000 after purchasing an additional 505 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

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.