Oppenheimer & Co. Inc. trimmed its position in Palo Alto Networks Inc (NYSE:PANW) by 23.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,298 shares of the network technology company’s stock after selling 1,894 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Palo Alto Networks were worth $1,033,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Farallon Capital Management LLC raised its stake in Palo Alto Networks by 81.7% during the fourth quarter. Farallon Capital Management LLC now owns 1,108,416 shares of the network technology company’s stock worth $256,321,000 after acquiring an additional 498,416 shares in the last quarter. Pictet Asset Management Ltd. raised its stake in Palo Alto Networks by 26.5% during the fourth quarter. Pictet Asset Management Ltd. now owns 1,072,438 shares of the network technology company’s stock worth $248,002,000 after acquiring an additional 224,630 shares in the last quarter. Norges Bank acquired a new position in Palo Alto Networks during the fourth quarter worth $222,274,000. Geode Capital Management LLC raised its stake in Palo Alto Networks by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 951,680 shares of the network technology company’s stock worth $219,852,000 after acquiring an additional 52,752 shares in the last quarter. Finally, Altshuler Shaham Ltd raised its stake in Palo Alto Networks by 1.2% during the fourth quarter. Altshuler Shaham Ltd now owns 950,252 shares of the network technology company’s stock worth $219,746,000 after acquiring an additional 11,594 shares in the last quarter. Institutional investors and hedge funds own 77.99% of the company’s stock.
Several research firms have issued reports on PANW. Citigroup dropped their price objective on Palo Alto Networks from $283.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Dougherty & Co upgraded Palo Alto Networks from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a research note on Tuesday. JPMorgan Chase & Co. lowered Palo Alto Networks from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $284.00 to $236.00 in a research note on Tuesday, February 25th. Zacks Investment Research upgraded Palo Alto Networks from a “strong sell” rating to a “hold” rating and set a $201.00 target price on the stock in a report on Tuesday, January 28th. Finally, Goldman Sachs Group increased their target price on Palo Alto Networks from $219.00 to $250.00 and gave the stock a “buy” rating in a report on Friday. Twelve research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $254.48.
Shares of PANW opened at $237.93 on Friday. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.13. Palo Alto Networks Inc has a 1 year low of $125.47 and a 1 year high of $251.10. The stock has a market cap of $22.88 billion, a P/E ratio of -100.82 and a beta of 1.14. The stock’s 50-day moving average price is $195.88 and its two-hundred day moving average price is $214.24.
Palo Alto Networks (NYSE:PANW) last issued its earnings results on Thursday, May 21st. The network technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $1.54. Palo Alto Networks had a negative return on equity of 5.65% and a negative net margin of 7.01%. The firm had revenue of $869.40 million for the quarter, compared to analysts’ expectations of $831.52 million. During the same quarter last year, the business earned $1.31 earnings per share. The company’s revenue was up 19.7% compared to the same quarter last year. As a group, equities analysts forecast that Palo Alto Networks Inc will post -0.77 EPS for the current year.
In other Palo Alto Networks news, Director John Donovan purchased 8,102 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were bought at an average price of $185.35 per share, with a total value of $1,501,705.70. Following the completion of the transaction, the director now directly owns 11,222 shares in the company, valued at approximately $2,079,997.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $165.75, for a total value of $1,989,000.00. Following the sale, the executive vice president now directly owns 838,699 shares in the company, valued at approximately $139,014,359.25. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.
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.
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