Elequin Capital LP Sells 4,267,673 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Elequin Capital LP reduced its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 100.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 327 shares of the network technology company’s stock after selling 4,267,673 shares during the quarter. Elequin Capital LP’s holdings in Palo Alto Networks were worth $60,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Focus Partners Advisor Solutions LLC raised its stake in shares of Palo Alto Networks by 214.3% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 10,823 shares of the network technology company’s stock worth $1,969,000 after acquiring an additional 7,379 shares in the last quarter. First Heartland Consultants Inc. acquired a new stake in Palo Alto Networks in the fourth quarter valued at approximately $234,000. Kolinsky Wealth Management LLC grew its holdings in Palo Alto Networks by 100.2% in the fourth quarter. Kolinsky Wealth Management LLC now owns 1,243 shares of the network technology company’s stock worth $226,000 after purchasing an additional 622 shares during the last quarter. Continuum Advisory LLC grew its holdings in Palo Alto Networks by 106.6% in the fourth quarter. Continuum Advisory LLC now owns 1,667 shares of the network technology company’s stock worth $303,000 after purchasing an additional 860 shares during the last quarter. Finally, NCM Capital Management LLC increased its position in shares of Palo Alto Networks by 100.0% during the fourth quarter. NCM Capital Management LLC now owns 1,432 shares of the network technology company’s stock worth $261,000 after purchasing an additional 716 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insiders Place Their Bets

In other Palo Alto Networks news, EVP Nir Zuk sold 100,000 shares of the business’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the sale, the executive vice president now owns 3,543,516 shares of the company’s stock, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $151.13, for a total value of $18,252,574.62. Following the sale, the executive vice president now directly owns 321,774 shares in the company, valued at $48,629,704.62. The trade was a 27.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 568,962 shares of company stock worth $96,933,690 in the last quarter. Corporate insiders own 2.50% of the company’s stock.

Palo Alto Networks Stock Up 0.1%

NASDAQ PANW opened at $194.48 on Wednesday. The firm’s 50 day moving average is $178.03 and its 200-day moving average is $185.32. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39. The company has a market capitalization of $128.77 billion, a PE ratio of 109.57, a price-to-earnings-growth ratio of 5.64 and a beta of 1.02.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. During the same period last year, the business earned $0.66 EPS. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on PANW. Stephens cut Palo Alto Networks from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 1st. Truist Financial cut their price objective on shares of Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating on the stock in a report on Monday, March 31st. KeyCorp lowered their target price on shares of Palo Alto Networks from $240.00 to $205.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Scotiabank boosted their target price on shares of Palo Alto Networks from $200.00 to $225.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, January 21st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $223.00 price target on shares of Palo Alto Networks in a research note on Monday. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $203.46.

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.