Palo Alto Networks, Inc. (NYSE:PANW) Stock Position Lifted by Cim Investment Management Inc.

Cim Investment Management Inc. grew its position in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 84.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,219 shares of the network technology company’s stock after buying an additional 1,015 shares during the period. Cim Investment Management Inc.’s holdings in Palo Alto Networks were worth $823,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Seeyond lifted its holdings in Palo Alto Networks by 0.4% during the 2nd quarter. Seeyond now owns 9,396 shares of the network technology company’s stock worth $3,486,000 after buying an additional 42 shares during the last quarter. Covington Capital Management lifted its holdings in Palo Alto Networks by 22.4% during the 2nd quarter. Covington Capital Management now owns 9,589 shares of the network technology company’s stock worth $3,558,000 after buying an additional 1,756 shares during the last quarter. Elmwood Wealth Management Inc. lifted its holdings in Palo Alto Networks by 26.3% during the 2nd quarter. Elmwood Wealth Management Inc. now owns 360 shares of the network technology company’s stock worth $134,000 after buying an additional 75 shares during the last quarter. Johnson Investment Counsel Inc. lifted its holdings in shares of Palo Alto Networks by 17.0% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 3,505 shares of the network technology company’s stock worth $1,301,000 after purchasing an additional 509 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in shares of Palo Alto Networks by 43.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 331 shares of the network technology company’s stock worth $123,000 after purchasing an additional 100 shares during the last quarter. 82.39% of the stock is currently owned by institutional investors.

In other Palo Alto Networks news, Director Mark D. Mclaughlin sold 1,500 shares of the business’s stock in a transaction dated Monday, October 4th. The stock was sold at an average price of $479.57, for a total value of $719,355.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction dated Wednesday, September 1st. The stock was sold at an average price of $459.40, for a total value of $5,512,800.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,753 shares of company stock valued at $19,418,103. Insiders own 2.30% of the company’s stock.

Several brokerages recently issued reports on PANW. Credit Suisse Group raised their price target on Palo Alto Networks from $425.00 to $463.00 and gave the stock an “outperform” rating in a report on Tuesday, August 24th. BTIG Research raised their price target on Palo Alto Networks from $509.00 to $555.00 and gave the stock a “buy” rating in a report on Tuesday, September 14th. Colliers Securities reaffirmed a “buy” rating and set a $600.00 target price on shares of Palo Alto Networks in a research note on Tuesday, September 14th. Stifel Nicolaus lifted their target price on Palo Alto Networks from $490.00 to $560.00 and gave the company a “buy” rating in a research note on Tuesday, September 14th. Finally, The Goldman Sachs Group lifted their target price on Palo Alto Networks from $515.00 to $535.00 and gave the company a “buy” rating in a research note on Monday, September 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $510.19.

Shares of Palo Alto Networks stock traded up $0.31 during midday trading on Thursday, hitting $504.80. The company’s stock had a trading volume of 19,201 shares, compared to its average volume of 1,150,634. The firm has a market capitalization of $49.17 billion, a P/E ratio of -98.11 and a beta of 1.40. The stock has a 50-day simple moving average of $448.89 and a 200-day simple moving average of $393.59. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.63. Palo Alto Networks, Inc. has a 1-year low of $219.34 and a 1-year high of $510.00.

Palo Alto Networks (NYSE:PANW) last released its quarterly earnings data on Sunday, August 22nd. The network technology company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.16. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Palo Alto Networks had a negative return on equity of 17.08% and a negative net margin of 11.72%. The business’s revenue for the quarter was up 28.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.48 earnings per share. As a group, sell-side analysts predict that Palo Alto Networks, Inc. will post -0.47 earnings per share for the current year.

Palo Alto Networks Profile

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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

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