Parsons Capital Management Inc. RI lifted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 4.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,695 shares of the network technology company’s stock after buying an additional 116 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Palo Alto Networks were worth $914,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of PANW. Western Wealth Management LLC grew its position in shares of Palo Alto Networks by 21.5% during the 4th quarter. Western Wealth Management LLC now owns 3,082 shares of the network technology company’s stock worth $909,000 after purchasing an additional 545 shares in the last quarter. HTLF Bank acquired a new position in Palo Alto Networks in the 4th quarter valued at $444,000. Knights of Columbus Asset Advisors LLC lifted its position in shares of Palo Alto Networks by 1.5% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 10,597 shares of the network technology company’s stock valued at $3,125,000 after acquiring an additional 153 shares during the period. Resonant Capital Advisors LLC grew its holdings in shares of Palo Alto Networks by 52.2% during the 4th quarter. Resonant Capital Advisors LLC now owns 6,311 shares of the network technology company’s stock worth $1,861,000 after purchasing an additional 2,165 shares in the last quarter. Finally, John G Ullman & Associates Inc. increased its position in shares of Palo Alto Networks by 4.0% in the fourth quarter. John G Ullman & Associates Inc. now owns 1,078 shares of the network technology company’s stock worth $318,000 after purchasing an additional 41 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.
Palo Alto Networks Stock Performance
NASDAQ:PANW opened at $365.70 on Tuesday. Palo Alto Networks, Inc. has a 52 week low of $224.64 and a 52 week high of $380.84. The firm has a 50-day moving average price of $327.00 and a two-hundred day moving average price of $310.68. The firm has a market cap of $118.41 billion, a price-to-earnings ratio of 52.94, a price-to-earnings-growth ratio of 4.48 and a beta of 1.14.
Palo Alto Networks (NASDAQ:PANW – Get Free Report) last issued its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. Palo Alto Networks’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the business posted $0.80 earnings per share. As a group, sell-side analysts forecast that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. Needham & Company LLC increased their price objective on shares of Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a research note on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $350.00 price objective on shares of Palo Alto Networks in a research note on Monday. BMO Capital Markets upped their target price on Palo Alto Networks from $334.00 to $390.00 and gave the stock an “outperform” rating in a research note on Tuesday. Macquarie lifted their price target on Palo Alto Networks from $270.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, May 21st. Finally, Wedbush reissued an “outperform” rating and set a $375.00 price target on shares of Palo Alto Networks in a report on Friday. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $350.78.
View Our Latest Report on Palo Alto Networks
Insider Activity
In related news, President William D. Jenkins, Jr. sold 1,621 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total value of $497,517.32. Following the transaction, the president now directly owns 20,501 shares of the company’s stock, valued at approximately $6,292,166.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 shares were sold at an average price of $306.92, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Aparna Bawa sold 322 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total value of $99,820.00. Following the transaction, the director now directly owns 3,767 shares of the company’s stock, valued at $1,167,770. The disclosure for this sale can be found here. Insiders sold a total of 367,315 shares of company stock valued at $118,696,590 in the last ninety days. 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.
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