Mackenzie Financial Corp Sells 2,632 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Mackenzie Financial Corp reduced its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,272 shares of the network technology company’s stock after selling 2,632 shares during the quarter. Mackenzie Financial Corp’s holdings in Palo Alto Networks were worth $14,824,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PANW. Covestor Ltd lifted its holdings in shares of Palo Alto Networks by 61.8% in the first quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after purchasing an additional 21 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Palo Alto Networks by 0.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,961 shares of the network technology company’s stock valued at $1,843,000 after acquiring an additional 23 shares in the last quarter. Brighton Jones LLC boosted its position in Palo Alto Networks by 6.5% during the 1st quarter. Brighton Jones LLC now owns 425 shares of the network technology company’s stock worth $265,000 after acquiring an additional 26 shares during the last quarter. Penserra Capital Management LLC grew its stake in shares of Palo Alto Networks by 6.4% during the 1st quarter. Penserra Capital Management LLC now owns 452 shares of the network technology company’s stock worth $281,000 after acquiring an additional 27 shares in the last quarter. Finally, MV Capital Management Inc. raised its holdings in shares of Palo Alto Networks by 37.2% in the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock valued at $32,000 after purchasing an additional 29 shares during the last quarter. 79.82% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the sale, the executive vice president now owns 174,075 shares in the company, valued at approximately $46,659,063. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,867 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $280.13, for a total transaction of $523,002.71. Following the completion of the transaction, the president now owns 25,812 shares of the company’s stock, valued at $7,230,715.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the completion of the sale, the executive vice president now owns 174,075 shares in the company, valued at $46,659,063. The disclosure for this sale can be found here. In the last ninety days, insiders sold 167,917 shares of company stock worth $49,395,553. 3.30% of the stock is currently owned by corporate insiders.

Palo Alto Networks Price Performance

Shares of NASDAQ PANW opened at $281.14 on Friday. The stock has a market capitalization of $90.84 billion, a PE ratio of 43.93, a P/E/G ratio of 3.78 and a beta of 1.19. Palo Alto Networks, Inc. has a fifty-two week low of $176.30 and a fifty-two week high of $380.84. The business has a fifty day moving average price of $297.44 and a two-hundred day moving average price of $290.12.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. On average, equities analysts expect that Palo Alto Networks, Inc. will post 2.76 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Scotiabank reduced their target price on shares of Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating for the company in a report on Wednesday, February 21st. Wedbush lifted their target price on Palo Alto Networks from $350.00 to $425.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. Capital One Financial lowered Palo Alto Networks from an “overweight” rating to an “equal weight” rating and set a $302.00 target price on the stock. in a report on Wednesday, February 21st. Stifel Nicolaus restated a “buy” rating and issued a $330.00 price target on shares of Palo Alto Networks in a research note on Wednesday, March 13th. Finally, Sanford C. Bernstein began coverage on Palo Alto Networks in a research note on Thursday, January 18th. They set an “outperform” rating on the stock. Eleven research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average price target of $314.82.

About Palo Alto Networks

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.