Palo Alto Networks Inc (NYSE:PANW) Shares Sold by Pillar Pacific Capital Management LLC

Pillar Pacific Capital Management LLC reduced its stake in Palo Alto Networks Inc (NYSE:PANW) by 5.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,660 shares of the network technology company’s stock after selling 210 shares during the period. Pillar Pacific Capital Management LLC’s holdings in Palo Alto Networks were worth $746,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Palo Alto Networks by 2.2% in the second quarter. Vanguard Group Inc. now owns 8,343,076 shares of the network technology company’s stock valued at $1,699,985,000 after buying an additional 179,388 shares during the last quarter. BlackRock Inc. increased its holdings in Palo Alto Networks by 4.2% in the second quarter. BlackRock Inc. now owns 5,683,627 shares of the network technology company’s stock valued at $1,158,096,000 after buying an additional 230,170 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Palo Alto Networks by 13.2% in the second quarter. Renaissance Technologies LLC now owns 5,074,350 shares of the network technology company’s stock valued at $1,033,950,000 after buying an additional 590,200 shares during the last quarter. Morgan Stanley increased its holdings in Palo Alto Networks by 10.1% in the second quarter. Morgan Stanley now owns 1,568,639 shares of the network technology company’s stock valued at $319,627,000 after buying an additional 144,406 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in shares of Palo Alto Networks by 29.5% during the second quarter. UBS Asset Management Americas Inc. now owns 1,460,690 shares of the network technology company’s stock worth $297,630,000 after purchasing an additional 332,680 shares during the last quarter. Institutional investors and hedge funds own 78.77% of the company’s stock.

Shares of NYSE PANW traded up $1.89 during midday trading on Thursday, reaching $234.58. 158,923 shares of the company were exchanged, compared to its average volume of 943,384. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.90. Palo Alto Networks Inc has a 1 year low of $160.08 and a 1 year high of $260.63. The stock has a fifty day simple moving average of $214.77 and a 200 day simple moving average of $215.75. The stock has a market cap of $22.70 billion, a P/E ratio of 372.35 and a beta of 0.99.

Palo Alto Networks (NYSE:PANW) last released its quarterly 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). Palo Alto Networks had a positive return on equity of 4.82% and a negative net margin of 2.82%. The company had revenue of $805.80 million for the quarter, compared to analysts’ expectations of $803.56 million. During the same period in the prior year, the business earned $1.28 EPS. The business’s quarterly revenue was up 22.4% compared to the same quarter last year. As a group, analysts forecast that Palo Alto Networks Inc will post -0.05 earnings per share for the current year.

Several brokerages have issued reports on PANW. Credit Suisse Group raised their price objective on Palo Alto Networks from $185.00 to $195.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. raised their price objective on Palo Alto Networks from $270.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Bank of America dropped their price objective on Palo Alto Networks from $307.00 to $275.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Robert W. Baird set a $275.00 price objective on Palo Alto Networks and gave the stock a “buy” rating in a report on Sunday, September 15th. Finally, BMO Capital Markets dropped their price objective on Palo Alto Networks from $250.00 to $245.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $260.74.

In related news, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $232.10, for a total value of $2,785,200.00. Following the completion of the sale, the executive vice president now owns 900,546 shares in the company, valued at $209,016,726.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mark D. Mclaughlin sold 40,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $207.78, for a total transaction of $8,311,200.00. Following the completion of the sale, the director now owns 240,236 shares of the company’s stock, valued at approximately $49,916,236.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 77,610 shares of company stock worth $16,437,971. Corporate insiders own 2.30% of the company’s stock.

Palo Alto Networks 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.

See Also: Understanding the Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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