Bay Colony Advisory Group Inc d b a Bay Colony Advisors Cuts Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors reduced its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,518 shares of the network technology company’s stock after selling 82 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Palo Alto Networks were worth $1,202,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Semanteon Capital Management LP purchased a new stake in Palo Alto Networks during the 3rd quarter worth approximately $468,000. Smithbridge Asset Management Inc. DE increased its stake in Palo Alto Networks by 73.9% during the 3rd quarter. Smithbridge Asset Management Inc. DE now owns 22,906 shares of the network technology company’s stock worth $7,829,000 after buying an additional 9,737 shares in the last quarter. First Financial Bankshares Inc increased its stake in Palo Alto Networks by 1.3% during the 3rd quarter. First Financial Bankshares Inc now owns 19,883 shares of the network technology company’s stock worth $6,796,000 after buying an additional 247 shares in the last quarter. Riggs Asset Managment Co. Inc. increased its stake in Palo Alto Networks by 1.0% during the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 18,249 shares of the network technology company’s stock worth $6,238,000 after buying an additional 189 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Palo Alto Networks by 7.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 37,615 shares of the network technology company’s stock worth $12,856,000 after buying an additional 2,480 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Performance

Shares of PANW stock traded down $1.95 during mid-day trading on Monday, hitting $364.49. 211,022 shares of the stock were exchanged, compared to its average volume of 3,965,468. The stock’s fifty day simple moving average is $351.91 and its two-hundred day simple moving average is $326.78. The stock has a market capitalization of $118.02 billion, a price-to-earnings ratio of 53.51, a P/E/G ratio of 5.45 and a beta of 1.13. Palo Alto Networks, Inc. has a 12-month low of $233.81 and a 12-month high of $384.00.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.80 earnings per share. On average, research analysts expect that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PANW. Robert W. Baird upped their price target on Palo Alto Networks from $360.00 to $375.00 and gave the company an “outperform” rating in a research report on Friday, August 16th. Truist Financial upped their price target on Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Westpark Capital restated a “hold” rating on shares of Palo Alto Networks in a research report on Tuesday, August 20th. Wells Fargo & Company upped their price target on Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $350.00 price objective on shares of Palo Alto Networks in a report on Monday, August 19th. Eleven analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $376.82.

Insiders Place Their Bets

In other news, CAO Josh D. Paul sold 200 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $323.41, for a total transaction of $64,682.00. Following the completion of the sale, the chief accounting officer now owns 24,782 shares in the company, valued at approximately $8,014,746.62. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Josh D. Paul sold 200 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $323.41, for a total transaction of $64,682.00. Following the completion of the sale, the chief accounting officer now owns 24,782 shares in the company, valued at approximately $8,014,746.62. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 60,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the sale, the executive vice president now owns 159,009 shares of the company’s stock, valued at $47,055,533.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 351,452 shares of company stock valued at $118,643,279. 3.30% of the stock is currently owned by insiders.

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.