BlackRock Inc. raised its position in shares of Palo Alto Networks Inc (NYSE:PANW) by 4.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,683,627 shares of the network technology company’s stock after buying an additional 230,170 shares during the period. BlackRock Inc. owned about 5.92% of Palo Alto Networks worth $1,158,096,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC purchased a new position in shares of Palo Alto Networks during the second quarter worth $30,000. CSat Investment Advisory L.P. acquired a new stake in shares of Palo Alto Networks in the second quarter valued at $33,000. Commonwealth Bank of Australia raised its stake in shares of Palo Alto Networks by 35.3% in the second quarter. Commonwealth Bank of Australia now owns 253 shares of the network technology company’s stock valued at $49,000 after acquiring an additional 66 shares in the last quarter. Cypress Capital Management LLC WY acquired a new stake in shares of Palo Alto Networks in the second quarter valued at $51,000. Finally, Kings Point Capital Management raised its stake in shares of Palo Alto Networks by 64.9% in the second quarter. Kings Point Capital Management now owns 254 shares of the network technology company’s stock valued at $52,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds own 78.77% of the company’s stock.
Palo Alto Networks stock opened at $232.69 on Thursday. Palo Alto Networks Inc has a 1-year low of $160.08 and a 1-year high of $260.63. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.78 and a quick ratio of 1.78. The stock has a market cap of $22.65 billion, a PE ratio of 369.35 and a beta of 0.99. The stock’s fifty day moving average is $214.77 and its two-hundred day moving average is $215.75.
Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings results on Wednesday, September 4th. The network technology company reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.08). Palo Alto Networks had a negative net margin of 2.82% and a positive return on equity of 4.82%. The business had revenue of $805.80 million during the quarter, compared to analyst estimates of $803.56 million. During the same quarter in the prior year, the business earned $1.28 earnings per share. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. On average, research analysts expect that Palo Alto Networks Inc will post -0.05 earnings per share for the current fiscal year.
In other news, Director Mark D. Mclaughlin sold 40,000 shares of Palo Alto Networks stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $207.78, for a total transaction of $8,311,200.00. Following the sale, the director now owns 240,236 shares in the company, valued at $49,916,236.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $210.66, for a total value of $2,527,920.00. Following the sale, the executive vice president now owns 924,695 shares in the company, valued at approximately $194,796,248.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 77,610 shares of company stock worth $16,437,971. 2.30% of the stock is owned by insiders.
Several analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Palo Alto Networks from $270.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Credit Suisse Group increased their price objective on Palo Alto Networks from $185.00 to $195.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Wells Fargo & Co reduced their price objective on Palo Alto Networks from $300.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. ValuEngine upgraded Palo Alto Networks from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Finally, SunTrust Banks assumed coverage on Palo Alto Networks in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $246.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $260.74.
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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