Palo Alto Networks, Inc. $PANW Shares Sold by Evergreen Capital Management LLC

Evergreen Capital Management LLC cut its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 16.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,807 shares of the network technology company’s stock after selling 10,446 shares during the quarter. Evergreen Capital Management LLC’s holdings in Palo Alto Networks were worth $10,602,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Palo Alto Networks by 2.0% during the second quarter. Vanguard Group Inc. now owns 64,016,374 shares of the network technology company’s stock worth $13,100,311,000 after purchasing an additional 1,240,830 shares during the period. Geode Capital Management LLC grew its stake in shares of Palo Alto Networks by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 15,174,029 shares of the network technology company’s stock valued at $3,093,262,000 after buying an additional 169,055 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Palo Alto Networks by 16.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,902,048 shares of the network technology company’s stock worth $1,177,765,000 after buying an additional 950,765 shares during the last quarter. First Trust Advisors LP raised its position in shares of Palo Alto Networks by 7.7% during the 2nd quarter. First Trust Advisors LP now owns 5,295,588 shares of the network technology company’s stock valued at $1,083,689,000 after buying an additional 377,496 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Palo Alto Networks by 1.2% in the second quarter. Charles Schwab Investment Management Inc. now owns 4,476,638 shares of the network technology company’s stock valued at $916,099,000 after acquiring an additional 54,601 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Activity

In other Palo Alto Networks news, CEO Nikesh Arora sold 846,408 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $204.06, for a total transaction of $172,718,016.48. Following the sale, the chief executive officer owned 275,013 shares in the company, valued at $56,119,152.78. This represents a 75.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Josh D. Paul sold 700 shares of Palo Alto Networks stock in a transaction dated 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 of the company’s stock, valued at $8,864,398.95. The trade was a 1.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,228,330 shares of company stock worth $251,702,305 over the last three months. Company insiders own 1.40% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of PANW opened at $191.69 on Friday. The company’s 50-day simple moving average is $204.67 and its 200-day simple moving average is $197.51. Palo Alto Networks, Inc. has a 1 year low of $144.15 and a 1 year high of $223.61. The stock has a market capitalization of $133.61 billion, a PE ratio of 121.32, a P/E/G ratio of 4.54 and a beta of 0.79.

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on PANW shares. BTIG Research reissued a “buy” rating and set a $248.00 target price on shares of Palo Alto Networks in a research note on Monday, November 17th. Evercore ISI raised their price objective on Palo Alto Networks from $220.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, November 13th. Truist Financial set a $220.00 target price on shares of Palo Alto Networks and gave the company a “buy” rating in a research report on Tuesday, August 19th. Rosenblatt Securities increased their target price on shares of Palo Alto Networks from $225.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Finally, DA Davidson boosted their price target on shares of Palo Alto Networks from $215.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Thirty 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.09.

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.