Mackenzie Financial Corp Sells 2,632 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Mackenzie Financial Corp lowered its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,272 shares of the network technology company’s stock after selling 2,632 shares during the quarter. Mackenzie Financial Corp’s holdings in Palo Alto Networks were worth $14,824,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Palo Alto Networks by 1.2% during the third quarter. Vanguard Group Inc. now owns 26,511,732 shares of the network technology company’s stock valued at $6,215,410,000 after acquiring an additional 304,272 shares in the last quarter. Norges Bank bought a new position in shares of Palo Alto Networks in the fourth quarter worth $751,276,000. Northern Trust Corp raised its position in shares of Palo Alto Networks by 2.6% in the third quarter. Northern Trust Corp now owns 3,430,299 shares of the network technology company’s stock worth $804,199,000 after buying an additional 86,995 shares in the last quarter. Geode Capital Management LLC boosted its stake in Palo Alto Networks by 2.8% during the first quarter. Geode Capital Management LLC now owns 3,376,601 shares of the network technology company’s stock valued at $673,731,000 after buying an additional 92,760 shares during the period. Finally, International Assets Investment Management LLC grew its position in Palo Alto Networks by 29,086.9% during the fourth quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock worth $606,854,000 after buying an additional 2,050,917 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling at Palo Alto Networks

In related news, CAO Josh D. Paul sold 1,050 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares in the company, valued at approximately $7,629,160. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the sale, the executive vice president now directly owns 174,075 shares of the company’s stock, valued at approximately $46,659,063. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the transaction, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at approximately $7,629,160. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 167,917 shares of company stock valued at $49,395,553. 3.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PANW has been the subject of a number of research analyst reports. Northland Securities downgraded Palo Alto Networks from an “outperform” rating to a “market perform” rating and set a $275.00 price target for the company. in a research report on Wednesday, February 21st. JMP Securities reissued a “market outperform” rating and issued a $380.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 21st. Susquehanna dropped their price objective on shares of Palo Alto Networks from $400.00 to $325.00 and set a “positive” rating for the company in a report on Monday, February 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $350.00 target price on shares of Palo Alto Networks in a research report on Wednesday. Finally, Evercore ISI raised their price target on Palo Alto Networks from $315.00 to $405.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Eleven research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $314.82.

Palo Alto Networks Price Performance

Shares of NASDAQ PANW opened at $281.14 on Friday. Palo Alto Networks, Inc. has a 1 year low of $176.30 and a 1 year high of $380.84. The company’s 50-day moving average is $297.44 and its 200 day moving average is $290.12. The stock has a market capitalization of $90.84 billion, a P/E ratio of 43.93, a P/E/G ratio of 3.78 and a beta of 1.19.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.22. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. Research analysts anticipate that Palo Alto Networks, Inc. will post 2.76 earnings per share for the current year.

Palo Alto Networks 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.