Allworth Financial LP grew its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) by 62.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,962 shares of the network technology company’s stock after buying an additional 751 shares during the quarter. Allworth Financial LP’s holdings in Palo Alto Networks were worth $321,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of PANW. Winslow Capital Management LLC acquired a new position in Palo Alto Networks during the first quarter worth $410,696,000. Jennison Associates LLC raised its holdings in Palo Alto Networks by 388.4% during the second quarter. Jennison Associates LLC now owns 639,039 shares of the network technology company’s stock worth $315,647,000 after purchasing an additional 508,194 shares during the last quarter. National Bank of Canada FI raised its holdings in Palo Alto Networks by 3,935.7% during the third quarter. National Bank of Canada FI now owns 446,146 shares of the network technology company’s stock worth $73,192,000 after purchasing an additional 435,091 shares during the last quarter. Atalanta Sosnoff Capital LLC raised its holdings in Palo Alto Networks by 368.8% during the third quarter. Atalanta Sosnoff Capital LLC now owns 483,600 shares of the network technology company’s stock worth $79,209,000 after purchasing an additional 380,439 shares during the last quarter. Finally, Artisan Partners Limited Partnership acquired a new position in Palo Alto Networks during the second quarter worth $149,767,000. 81.82% of the stock is owned by institutional investors and hedge funds.
Palo Alto Networks Price Performance
Shares of PANW opened at $137.33 on Thursday. The stock’s 50-day moving average is $160.93 and its two-hundred day moving average is $176.64. The stock has a market cap of $41.25 billion, a PE ratio of -278.37, a P/E/G ratio of 5.70 and a beta of 1.10. Palo Alto Networks, Inc. has a 12 month low of $136.74 and a 12 month high of $213.63.
Palo Alto Networks (NASDAQ:PANW – Get Rating) last released its quarterly earnings results on Thursday, November 17th. The network technology company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. Palo Alto Networks had a negative return on equity of 5.02% and a negative net margin of 2.46%. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.55 billion. On average, research analysts anticipate that Palo Alto Networks, Inc. will post 0.79 earnings per share for the current year.
Analyst Upgrades and Downgrades
PANW has been the subject of several research reports. Morgan Stanley reduced their price objective on Palo Alto Networks from $274.00 to $268.00 and set an “overweight” rating for the company in a report on Monday, November 14th. Deutsche Bank Aktiengesellschaft raised their price target on Palo Alto Networks from $209.00 to $217.00 and gave the stock a “buy” rating in a research report on Friday, November 18th. Cantor Fitzgerald assumed coverage on Palo Alto Networks in a research report on Friday, October 21st. They set an “overweight” rating and a $220.00 price target for the company. Atlantic Securities assumed coverage on Palo Alto Networks in a research report on Friday, September 2nd. They set a “neutral” rating and a $165.00 price target for the company. Finally, Redburn Partners assumed coverage on Palo Alto Networks in a research report on Thursday, December 1st. They set a “buy” rating and a $270.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $232.92.
Insider Buying and Selling
In related news, EVP Lee Klarich sold 15,000 shares of the business’s stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $166.74, for a total value of $2,501,100.00. Following the transaction, the executive vice president now owns 634,905 shares in the company, valued at $105,864,059.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Lee Klarich sold 15,000 shares of the business’s stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $166.74, for a total value of $2,501,100.00. Following the completion of the sale, the executive vice president now directly owns 634,905 shares of the company’s stock, valued at $105,864,059.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $168.45, for a total value of $6,064,200.00. Following the completion of the sale, the executive vice president now directly owns 1,943,436 shares of the company’s stock, valued at $327,371,794.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 379,977 shares of company stock worth $63,892,566. 3.90% of the stock is currently owned by corporate insiders.
Palo Alto Networks Company Profile
Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on a customer’s network, as well as their instances in public or private cloud environments, 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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