Regent Investment Management LLC cut its holdings in Palo Alto Networks Inc (NYSE:PANW) by 41.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,775 shares of the network technology company’s stock after selling 1,250 shares during the period. Regent Investment Management LLC’s holdings in Palo Alto Networks were worth $408,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Eminence Capital LP purchased a new position in Palo Alto Networks in the first quarter valued at approximately $87,267,000. Harvard Management Co. Inc. raised its position in shares of Palo Alto Networks by 31.6% in the first quarter. Harvard Management Co. Inc. now owns 1,181,983 shares of the network technology company’s stock worth $193,798,000 after buying an additional 283,710 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Palo Alto Networks by 455.9% in the second quarter. Assenagon Asset Management S.A. now owns 280,529 shares of the network technology company’s stock worth $64,429,000 after buying an additional 230,065 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in shares of Palo Alto Networks in the first quarter worth $24,353,000. Finally, First Trust Advisors LP raised its position in shares of Palo Alto Networks by 41.1% in the first quarter. First Trust Advisors LP now owns 509,155 shares of the network technology company’s stock worth $83,481,000 after buying an additional 148,373 shares in the last quarter. 77.40% of the stock is owned by institutional investors.
A number of equities research analysts recently issued reports on the company. Piper Sandler increased their price objective on Palo Alto Networks from $200.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. UBS Group downgraded Palo Alto Networks from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $216.00 to $221.00 in a research report on Monday, May 18th. Rosenblatt Securities reissued a “buy” rating and issued a $270.00 target price on shares of Palo Alto Networks in a research note on Tuesday. SunTrust Banks increased their target price on Palo Alto Networks from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Finally, Oppenheimer increased their target price on Palo Alto Networks from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 22nd. Twelve analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Palo Alto Networks has a consensus rating of “Buy” and an average target price of $256.60.
Shares of PANW opened at $255.92 on Friday. The company has a debt-to-equity ratio of 2.45, a quick ratio of 1.29 and a current ratio of 1.29. Palo Alto Networks Inc has a one year low of $125.47 and a one year high of $255.84. The company has a 50-day simple moving average of $236.17 and a two-hundred day simple moving average of $214.78.
Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings data on Thursday, May 21st. The network technology company reported $1.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $1.54. Palo Alto Networks had a negative net margin of 7.01% and a negative return on equity of 6.50%. The business had revenue of $869.40 million during the quarter, compared to analyst estimates of $831.52 million. During the same period last year, the business posted $1.31 earnings per share. Palo Alto Networks’s quarterly revenue was up 19.7% compared to the same quarter last year. As a group, equities research analysts predict that Palo Alto Networks Inc will post -0.55 EPS for the current year.
In other news, Director Mark D. Mclaughlin sold 950 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $249.00, for a total transaction of $236,550.00. Following the completion of the transaction, the director now directly owns 97,304 shares in the company, valued at $24,228,696. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $229.47, for a total transaction of $2,753,640.00. Following the transaction, the executive vice president now owns 960,501 shares of the company’s stock, valued at $220,406,164.47. The disclosure for this sale can be found here. Insiders have sold 24,950 shares of company stock valued at $5,835,270 over the last quarter. Company 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.
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