ZRC Wealth Management LLC Sells 400 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

ZRC Wealth Management LLC lessened its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 18.3% in the first quarter, HoldingsChannel.com reports. The firm owned 1,783 shares of the network technology company’s stock after selling 400 shares during the quarter. ZRC Wealth Management LLC’s holdings in Palo Alto Networks were worth $507,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Frank Rimerman Advisors LLC bought a new position in shares of Palo Alto Networks during the fourth quarter valued at approximately $27,000. Webster Bank N. A. lifted its holdings in Palo Alto Networks by 607.1% in the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock worth $29,000 after buying an additional 85 shares during the period. Financial Synergies Wealth Advisors Inc. grew its holdings in shares of Palo Alto Networks by 3,200.0% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock worth $28,000 after acquiring an additional 96 shares during the period. Cedar Mountain Advisors LLC lifted its stake in shares of Palo Alto Networks by 87.0% in the 4th quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after purchasing an additional 47 shares during the period. Finally, ICA Group Wealth Management LLC purchased a new stake in Palo Alto Networks in the fourth quarter worth $31,000. Institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Up 0.2 %

NASDAQ:PANW traded up $0.76 during trading hours on Thursday, hitting $341.20. 1,022,648 shares of the stock traded hands, compared to its average volume of 2,980,896. The stock has a 50 day moving average price of $310.13 and a 200 day moving average price of $307.86. The company has a market cap of $110.48 billion, a price-to-earnings ratio of 49.59, a price-to-earnings-growth ratio of 5.21 and a beta of 1.14. Palo Alto Networks, Inc. has a 1 year low of $201.17 and a 1 year high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the previous year, the company earned $0.38 EPS. Palo Alto Networks’s revenue for the quarter was up 15.3% on a year-over-year basis. Equities analysts forecast that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current fiscal year.

Insider Transactions at Palo Alto Networks

In related news, President William D. Jenkins, Jr. sold 1,621 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total transaction of $497,517.32. Following the sale, the president now owns 20,501 shares of the company’s stock, valued at approximately $6,292,166.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Lee Klarich sold 121,276 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $299.60, for a total transaction of $36,334,289.60. Following the completion of the transaction, the executive vice president now owns 166,542 shares in the company, valued at $49,895,983.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President William D. Jenkins, Jr. sold 1,621 shares of Palo Alto Networks stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total value of $497,517.32. Following the completion of the sale, the president now directly owns 20,501 shares in the company, valued at $6,292,166.92. The disclosure for this sale can be found here. Insiders sold a total of 362,525 shares of company stock valued at $110,064,607 over the last 90 days. Company insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. KeyCorp upped their target price on shares of Palo Alto Networks from $355.00 to $384.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. Royal Bank of Canada lowered their price objective on Palo Alto Networks from $365.00 to $360.00 and set an “outperform” rating for the company in a research note on Tuesday, May 21st. Sanford C. Bernstein raised their price target on Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a report on Tuesday, May 21st. BMO Capital Markets increased their price objective on shares of Palo Alto Networks from $327.00 to $334.00 and gave the company an “outperform” rating in a research report on Tuesday, May 21st. Finally, Redburn Atlantic increased their price target on shares of Palo Alto Networks from $275.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Twelve research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $326.29.

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.