Swiss National Bank increased its position in shares of Palo Alto Networks Inc (NYSE:PANW) by 24.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 427,786 shares of the network technology company’s stock after buying an additional 83,200 shares during the quarter. Swiss National Bank’s holdings in Palo Alto Networks were worth $70,140,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of PANW. Huntington National Bank boosted its position in Palo Alto Networks by 61.9% during the fourth quarter. Huntington National Bank now owns 437 shares of the network technology company’s stock valued at $101,000 after purchasing an additional 167 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Palo Alto Networks by 50.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 7,968 shares of the network technology company’s stock valued at $1,843,000 after purchasing an additional 2,668 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Palo Alto Networks by 5.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 8,079 shares of the network technology company’s stock valued at $1,868,000 after purchasing an additional 437 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in Palo Alto Networks during the fourth quarter valued at approximately $459,000. Finally, SeaCrest Wealth Management LLC boosted its position in Palo Alto Networks by 6.1% during the fourth quarter. SeaCrest Wealth Management LLC now owns 1,286 shares of the network technology company’s stock valued at $297,000 after purchasing an additional 74 shares during the last quarter. 77.99% of the stock is owned by hedge funds and other institutional investors.
Shares of PANW opened at $229.50 on Friday. Palo Alto Networks Inc has a 52-week low of $125.47 and a 52-week high of $251.10. The business’s fifty day moving average is $194.57 and its 200-day moving average is $214.23. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.78 and a current ratio of 1.78. The firm has a market cap of $23.38 billion, a price-to-earnings ratio of -127.50 and a beta of 1.14.
Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Thursday, May 21st. The network technology company reported $1.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $1.54. Palo Alto Networks had a negative return on equity of 2.19% and a negative net margin of 5.58%. The company had revenue of $869.40 million for the quarter, compared to analyst estimates of $831.52 million. During the same quarter last year, the company posted $1.31 EPS. The company’s revenue for the quarter was up 19.7% compared to the same quarter last year. As a group, research analysts forecast that Palo Alto Networks Inc will post -0.77 EPS for the current fiscal year.
In related news, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $194.20, for a total transaction of $2,330,400.00. Following the sale, the executive vice president now owns 986,875 shares of the company’s stock, valued at approximately $191,651,125. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Donovan acquired 8,127 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $184.62 per share, for a total transaction of $1,500,406.74. Following the acquisition, the director now owns 11,222 shares in the company, valued at $2,071,805.64. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company’s stock.
Several research analysts recently commented on PANW shares. Northland Securities raised Palo Alto Networks from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 6th. Wells Fargo & Co raised their price objective on Palo Alto Networks from $225.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays raised their price objective on Palo Alto Networks from $236.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday. BTIG Research began coverage on Palo Alto Networks in a research report on Friday, March 27th. They issued a “neutral” rating for the company. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Palo Alto Networks in a research report on Friday. Twelve analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $248.00.
About Palo Alto Networks
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.
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