State of New Jersey Common Pension Fund D Sells 5,039 Shares of Palo Alto Networks, Inc. (NYSE:PANW)

State of New Jersey Common Pension Fund D cut its position in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 7.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 62,312 shares of the network technology company’s stock after selling 5,039 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.07% of Palo Alto Networks worth $15,251,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PANW. Cresset Asset Management LLC boosted its position in Palo Alto Networks by 1.0% during the second quarter. Cresset Asset Management LLC now owns 3,907 shares of the network technology company’s stock valued at $897,000 after purchasing an additional 40 shares during the last quarter. Newman Dignan & Sheerar Inc. lifted its position in shares of Palo Alto Networks by 1.7% in the second quarter. Newman Dignan & Sheerar Inc. now owns 2,417 shares of the network technology company’s stock valued at $609,000 after buying an additional 40 shares during the last quarter. IBM Retirement Fund lifted its holdings in Palo Alto Networks by 1.5% during the 2nd quarter. IBM Retirement Fund now owns 2,969 shares of the network technology company’s stock worth $682,000 after purchasing an additional 44 shares during the last quarter. Smithfield Trust Co. lifted its holdings in Palo Alto Networks by 3.7% during the 2nd quarter. Smithfield Trust Co. now owns 1,300 shares of the network technology company’s stock worth $298,000 after purchasing an additional 46 shares during the last quarter. Finally, Wellington Shields Capital Management LLC lifted its holdings in Palo Alto Networks by 0.7% during the 2nd quarter. Wellington Shields Capital Management LLC now owns 7,500 shares of the network technology company’s stock worth $1,723,000 after purchasing an additional 50 shares during the last quarter. Institutional investors and hedge funds own 78.50% of the company’s stock.

Several equities analysts have recently issued reports on the company. DA Davidson lifted their price target on Palo Alto Networks from $290.00 to $310.00 in a research note on Tuesday, August 18th. JPMorgan Chase & Co. raised their price objective on Palo Alto Networks from $236.00 to $268.00 and gave the company a “neutral” rating in a report on Tuesday, August 25th. FBN Securities lifted their target price on Palo Alto Networks from $265.00 to $300.00 in a report on Tuesday, August 25th. Barclays lifted their target price on Palo Alto Networks from $280.00 to $299.00 and gave the stock an “overweight” rating in a report on Tuesday, August 25th. Finally, Wedbush lifted their target price on Palo Alto Networks from $270.00 to $300.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $291.32.

In other news, President Amit K. Singh sold 1,378 shares of the company’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $247.88, for a total value of $341,578.64. Following the transaction, the president now owns 103,637 shares of the company’s stock, valued at $25,689,539.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Jean Compeau sold 2,000 shares of the company’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $265.11, for a total transaction of $530,220.00. In the last 90 days, insiders have sold 72,756 shares of company stock worth $18,569,240. Company insiders own 2.30% of the company’s stock.

Palo Alto Networks stock opened at $228.77 on Friday. Palo Alto Networks, Inc. has a 12 month low of $125.47 and a 12 month high of $275.03. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 2.80. The business’s 50 day simple moving average is $243.79 and its 200 day simple moving average is $235.30. The company has a market cap of $21.73 billion, a price-to-earnings ratio of -83.19 and a beta of 1.17.

Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings data on Monday, August 24th. The network technology company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.39 by $0.09. The business had revenue of $950.40 million for the quarter, compared to the consensus estimate of $924.29 million. Palo Alto Networks had a negative return on equity of 9.61% and a negative net margin of 7.83%. Palo Alto Networks’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.47 earnings per share. As a group, equities research analysts forecast that Palo Alto Networks, Inc. will post -0.21 earnings per share for the current fiscal year.

About Palo Alto Networks

Palo Alto Networks, Inc provides cybersecurity platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances and software 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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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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