Cibc World Market Inc. Sells 32,720 Shares of Palo Alto Networks, Inc. $PANW

Cibc World Market Inc. reduced its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 10.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 289,109 shares of the network technology company’s stock after selling 32,720 shares during the quarter. Cibc World Market Inc.’s holdings in Palo Alto Networks were worth $58,868,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Darwin Wealth Management LLC bought a new position in Palo Alto Networks during the 2nd quarter worth approximately $25,000. Whipplewood Advisors LLC boosted its stake in shares of Palo Alto Networks by 6,400.0% during the second quarter. Whipplewood Advisors LLC now owns 130 shares of the network technology company’s stock valued at $27,000 after purchasing an additional 128 shares during the period. Briaud Financial Planning Inc bought a new position in shares of Palo Alto Networks in the second quarter worth approximately $28,000. Howard Hughes Medical Institute purchased a new position in shares of Palo Alto Networks in the second quarter worth $29,000. Finally, MTM Investment Management LLC bought a new stake in Palo Alto Networks during the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Stock Performance

PANW stock opened at $165.51 on Wednesday. Palo Alto Networks, Inc. has a fifty-two week low of $144.15 and a fifty-two week high of $223.61. The company has a market capitalization of $115.36 billion, a price-to-earnings ratio of 104.75, a price-to-earnings-growth ratio of 3.96 and a beta of 0.75. The business’s 50 day moving average price is $184.12 and its two-hundred day moving average price is $192.93.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Thursday, November 20th. The network technology company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.04. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.46 billion. Palo Alto Networks had a return on equity of 17.05% and a net margin of 11.69%.The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.56 EPS. Sell-side analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on PANW. Mizuho set a $220.00 price target on shares of Palo Alto Networks in a report on Tuesday, December 16th. BTIG Research reissued a “buy” rating on shares of Palo Alto Networks in a research note on Wednesday, December 17th. JMP Securities boosted their price target on Palo Alto Networks from $212.00 to $250.00 and gave the company a “market outperform” rating in a report on Monday, October 27th. Citigroup reiterated a “buy” rating on shares of Palo Alto Networks in a report on Monday, January 12th. Finally, Royal Bank Of Canada lifted their price objective on Palo Alto Networks from $232.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 12th. Thirty-one analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Palo Alto Networks presently has an average rating of “Moderate Buy” and a consensus target price of $227.36.

Insider Buying and Selling at Palo Alto Networks

In related news, CAO Josh D. Paul sold 800 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $184.81, for a total transaction of $147,848.00. Following the sale, the chief accounting officer owned 46,005 shares of the company’s stock, valued at $8,502,184.05. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Dipak Golechha sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $188.18, for a total transaction of $940,900.00. Following the transaction, the executive vice president directly owned 155,119 shares of the company’s stock, valued at $29,190,293.42. This represents a 3.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 260,542 shares of company stock valued at $49,910,995 over the last 90 days. 1.40% of the stock is owned by corporate insiders.

Palo Alto Networks Company Profile

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.