Perpetual Ltd bought a new stake in Palo Alto Networks Inc (NYSE:PANW) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,800 shares of the network technology company’s stock, valued at approximately $978,000.
A number of other hedge funds have also recently made changes to their positions in the stock. Bogart Wealth LLC raised its stake in Palo Alto Networks by 9.5% in the 3rd quarter. Bogart Wealth LLC now owns 1,249 shares of the network technology company’s stock valued at $255,000 after purchasing an additional 108 shares during the last quarter. Cerebellum GP LLC acquired a new position in Palo Alto Networks in the 3rd quarter valued at about $127,000. TIAA FSB acquired a new position in Palo Alto Networks in the 3rd quarter valued at about $6,371,000. Front Row Advisors LLC raised its stake in Palo Alto Networks by 9.5% in the 2nd quarter. Front Row Advisors LLC now owns 6,639 shares of the network technology company’s stock valued at $1,353,000 after purchasing an additional 574 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Palo Alto Networks by 4.2% in the 2nd quarter. BlackRock Inc. now owns 5,683,627 shares of the network technology company’s stock valued at $1,158,096,000 after purchasing an additional 230,170 shares during the last quarter. 78.53% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on PANW. JPMorgan Chase & Co. boosted their target price on shares of Palo Alto Networks from $270.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Bank of America cut their target price on shares of Palo Alto Networks from $307.00 to $275.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. Morgan Stanley set a $290.00 target price on shares of Palo Alto Networks and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Northland Securities reissued a “hold” rating and issued a $240.00 target price on shares of Palo Alto Networks in a research note on Monday, September 16th. Finally, Rosenblatt Securities assumed coverage on shares of Palo Alto Networks in a research note on Monday, September 9th. They set a “hold” rating and a $220.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. Palo Alto Networks presently has an average rating of “Buy” and an average target price of $260.74.
In other Palo Alto Networks news, EVP Nir Zuk sold 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $205.66, for a total value of $2,467,920.00. Following the completion of the transaction, the executive vice president now owns 907,131 shares in the company, valued at approximately $186,560,561.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Rene Bonvanie sold 9,611 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $220.00, for a total value of $2,114,420.00. Following the completion of the transaction, the executive vice president now owns 32,082 shares of the company’s stock, valued at approximately $7,058,040. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,220 shares of company stock valued at $27,600,676. 3.10% of the stock is owned by company insiders.
Shares of NYSE:PANW traded down $0.44 during trading on Thursday, reaching $208.97. 52,842 shares of the stock were exchanged, compared to its average volume of 1,232,799. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.78 and a current ratio of 1.78. Palo Alto Networks Inc has a 12-month low of $160.08 and a 12-month high of $260.63. The firm has a market cap of $20.31 billion, a price-to-earnings ratio of 331.90 and a beta of 0.99. The firm’s 50-day moving average price is $206.77 and its 200 day moving average price is $218.71.
Palo Alto Networks (NYSE:PANW) last issued its earnings results on Wednesday, September 4th. The network technology company reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.08). The firm had revenue of $805.80 million for the quarter, compared to analysts’ expectations of $803.56 million. Palo Alto Networks had a positive return on equity of 4.82% and a negative net margin of 2.82%. The firm’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. As a group, equities research analysts forecast that Palo Alto Networks Inc will post -0.05 EPS for the current year.
Palo Alto Networks Company Profile
Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
Recommended Story: What is Liquidity?
Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks Inc (NYSE:PANW).
Receive News & Ratings for Palo Alto Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks and related companies with MarketBeat.com's FREE daily email newsletter.